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Leveraging A.I. for Retail Business Expected to Drive the Market Size to $38 Billion by 2029

February 21, 2024 9:00 AM

PALM BEACH. Fla., Feb. 21, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Artificial Intelligence (AI) is in every facet of our world today. The retail business is employing it more and more. A recent report from Mordor Intelligence said that: “AI in retail is undergoing significant transformations with the integration of Retail AI. Companies are leveraging Artificial Intelligence in Retail to enhance strategies, improve outcomes, and boost online customer engagement. AI Retail Solutions like machine learning and deep learning are commonly used, providing a personalized user experience. AI for Retail, including computer vision, is improving customer experience and inventory management. The use of AI Retail Technology is expected to surge, with investments in AI-Powered Retail analytics increasing.” It projected that the AI in Retail Business Market size is estimated at USD 9.65 billion in 2024, and is expected to reach USD 38.92 billion by 2029, growing at a CAGR of 32.17% during the forecast period (2024-2029). The report added: “The sector is changing due to the introduction of artificial intelligence in retail. Businesses are now tracking their operations to support corporate plans, deliver better results, and communicate with customers online. A growing number of smart devices and internet users, rising awareness of AI and big data and analytics, and government initiatives toward digitalization are fueling the expansion of global artificial intelligence in the retail market.” Active Tech Companies in today’s markets include: VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY), Microsoft Corporation (NASDAQ: MSFT), Amazon.com, Inc. (NASDAQ: AMZN), NVIDIA Corporation (NASDAQ: NVDA).

Mordor Intelligence continued: “Digital transformation in retail is about more than just connecting things. It involves turning data into insights that guide decisions and lead to improved business results. AI largely produces these insights in retail, specifically machine learning and deep learning. For retailers, this results in fantastic customer experiences, chances to increase revenue, rapid innovation, and intelligent operations-all of which help set you apart from your rivals. The most commonly used AI technologies are machine learning and deep learning. Organizations in the retail industry use machine learning and deep learning technology to offer a more personalized experience to end-users and provide an interactive environment for them. Brick-and-mortar stores are embracing computer vision, a subset of deep learning in artificial intelligence used in retail. Computer vision "sees" and decodes visual information, giving your eyes in the right places. New retail use cases in customer experience, demand forecasting, inventory management, and other areas are becoming possible.”

VSBLTY (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) ANNOUNCES the ASSUMPTION OF WINKEL MEDIA FIELD DEPOYMENT and support CONTRACT TO DRIVE immediate profitability to the media network - VSBLTY Groupe Technologies Corp., a leading AI software provider of security and retail analytics technology, announced today that it has reached an agreement to acquire the delivery contract for Winkel Media in LATAM. The contract, which was assumed on February 1st and will be captured in definitive contract in the next 45 days includes installation, monitoring, and other monthly servicing components for the network.

In an effort to expeditiously drive the network to profitability as the revenues increase the joint venture partners have agreed to split the services elements among them for greater efficiency and lower costs. This restructuring of the service elements ensures that Winkel Media becomes immediately EBITDA positive. VSBLTY will assume the balance of the debt obligation for the contract for a total of approximately $1.5M. The debt will be renegotiated with the willing assistance of the lender but is expected to be extinguished within 28 months.

CEO Jay Hutton explained “We are hyper focused on driving VSBLTY to profitability this year. This is all about fine tuning the delivery model and fortifying VSBLTY as a more comprehensive full suite provider. VSBLTY has had a team Mexico City for some time. This restructuring has come about due to the re-allocation of various tasks among the Joint Venture partners. The deal has a total contract value of $4.6M in recurring revenue to VSBLTY. The cumulative EBITDA is approximately $2M over the life of the contract. In addition, this deal fixes operational and infrastructure costs so that further growth of the network can be accomplished without significant incremental infrastructure cost.“ CONTINUED… Read the full Press Release for VSBLTY Groupe Technologies at: https://www.financialnewsmedia.com/news-vsby/

In other active tech company developments in the tech market include:

NVIDIA Corporation (NASDAQ: NVDA) recently announced that Australia’s Pawsey Supercomputing Research Centre will add the NVIDIA® CUDA Quantum platform accelerated by NVIDIA Grace Hopper™ Superchips to its National Supercomputing and Quantum Computing Innovation Hub, furthering its work driving breakthroughs in quantum computing.

Researchers at the Perth-based center will leverage CUDA Quantum— an open-source hybrid quantum computing platform that features powerful simulation tools, and capabilities to program hybrid CPU, GPU and QPU systems — as well as, the NVIDIA cuQuantum software development kit of optimized libraries and tools for accelerating quantum computing workflows.

The NVIDIA Grace Hopper Superchip — which combines the NVIDIA Grace CPU and Hopper GPU architectures — provides extreme performance to run high-fidelity and scalable quantum simulations on accelerators and seamlessly interface with future quantum hardware infrastructure.

Amazon.com, Inc. (NASDAQ: AMZN) recently announced the Buy with Prime for Salesforce Commerce Cloud integration. This solution helps Salesforce merchants seamlessly integrate Buy with Prime into their existing shopping experience. Buy with Prime for Salesforce also offers merchants several new features, including the ability for shoppers to search and filter for Prime eligible items, and purchase Prime eligible and other items in the same order. This integration helps Salesforce merchants connect with new shoppers and increase conversion by offering the convenient shopping benefits of Prime, including fast, free delivery, a trusted checkout experience, 24/7 live chat support, and hassle-free returns. Buy with Prime for Salesforce will start rolling out today as invitation only to select Salesforce merchants, and it will be available to all U.S.-based Salesforce Commerce Cloud merchants via the Salesforce AppExchange later this year.

"The Buy with Prime integration with Salesforce Commerce Cloud empowers merchants to offer their shoppers a new yet familiar purchasing option directly within their digital storefronts," said Peter Larsen, Amazon vice president of Buy with Prime. "Now with new features that build Buy with Prime seamlessly into search, cart, and checkout, Salesforce merchants have even more flexibility and functionality to provide Buy with Prime while maintaining control over their stores’ look and feel."

Microsoft Corp. (NASDAQ: MSFT) and Vodafone on last month announced a new, far-reaching 10-year strategic partnership that leverages their respective strengths in offering scaled digital platforms to more than 300 million businesses, public sector organizations, and consumers across Europe and Africa.

Through the partnership, the companies will collaborate to transform Vodafone's customer experience using Microsoft's generative AI; hyperscale Vodafone's leading managed IoT connectivity platform; develop new digital and financial services for businesses, particularly SMEs across Europe and Africa; and overhaul its global data center cloud strategy.

Vodafone will invest $1.5 billion over the next 10 years in cloud and customer-focused AI services developed in conjunction with Microsoft. Additionally, Microsoft will use Vodafone's fixed and mobile connectivity services.

VMware, Inc. ( VMW) and Google Cloud (NASDAQ: GOOG) recently announced an expanded partnership to deliver Google Cloud’s AlloyDB Omni database on VMware Cloud Foundation, starting with on-premises private clouds. The powerful combination of AlloyDB Omni, a PostgreSQL-compatible database that runs anywhere and offers built-in support for generative AI, and the highly performant, more secure, reliable VMware Cloud Foundation, will enable enterprises to modernize their more demanding databases and applications. The solution will allow customers to simplify their management of PostgreSQL, modernize their existing databases, and help accelerate their Al journey with a powerful, proven platform for building transformative generative AI applications.

Many VMware Cloud customers are looking to standardize on open technologies such as PostgreSQL and embrace modern application development. AlloyDB Omni will be the first third-party PostgreSQL-compatible database natively integrated with VMware Cloud Foundation through VMware Data Services Manager and VMware vSAN. The upcoming delivery of AlloyDB Omni on VMware Cloud Foundation will give customers access to an enterprise-grade version of PostgreSQL with full enterprise support from Google Cloud. AlloyDB Omni will be tightly integrated with VMware Data Services Manager and VMware vSAN to deliver the performance, scalability, and manageability required for demanding enterprise workloads. Data Services Manager will enable customers to deliver database-as-a-service (DBaaS) on-premises to their lines of business, and will provide administrators with a vSphere native experience for managing AlloyDB Omni on VMware Cloud Foundation.

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty six hundred dollars for news coverage of current press release issued by VSBLTY Groupe Technologies Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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