Managed Service

Unveiling mobile mapping market trends in terms of the strategies undertaken by competent industry players: escalating development of software-assisted solutions to stimulate product demand

Posted on

The increasing importance for geospatial technologies for visualizing and analyzing geospatial data has stimulated mobile mapping industry trends. The advent of new technologies such as Lidar, AI, and IoT has also significantly transformed mobile mapping technology over the last few years. With more innovations across this technology, it has become easier and effective to carry various tedious projects like urban development, rail-road creation, and power plant construction across inaccessible areas. Thus, the increasing use of this technology to survey numerous mobile platforms is poised to propel mobile mapping industry share.

U.S. Mobile Mapping Market Revenue, By Component
U.S. Mobile Mapping Market Revenue, By Component

The involvement of companies in novel product development activities for high efficiency and productivity will have a notable impact on the business over the years ahead. In the last few years, companies have come up with a diverse set of products that can deliver remarkable benefits to users and asset owners. Validating the aforementioned fact, in February 2018, the California based software development company, Trimble developed a next-generation mobile mapping system, which has been designed with multi-camera imaging, mobile lidar system, and field software. This newly launched Trimble MX-9 mobile mapping technology has the capability to capture 360-degree immersive geo-referenced imagery with the help of already installed laser scanning sensors, GNSS technology, and spherical camera. The improved accessibility of such newly developed mobile mapping devices via smartphones and tablets will augment the growth of mobile mapping market.

Speaking more about the recent advancements, it is prudent to mention that 3D mobile mapping is also one of the latest developments in geospatial technologies that helps users to record, measure, visualize, and understand environments. The advent of 3D mobile mapping has overcome the limitations of conventional mobile mapping systems and helps to carry out a detailed visualization of climatic conditions. In 2018, a German company which develops software and hardware to navigate, map, and digitize the indoors, NavVis made it to the headlines for generating a fully integrated product for indoor mapping aided with six cameras. NavVis has developed this product in accordance with customers’ request to have sophisticated and more versatile systems. This product is likely to prove beneficial for the end-users like construction product manufacturers, construction companies, and AEC (architecture-engineering-construction) professionals to generate high-quality data owing to its capability to capture immersive imagery.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2652

The increasing importance for geospatial technologies has also been encouraging the players in the mobile mapping market to carry out vigorous research and development activities for capturing more business space. For instance, the Italy based SITECO Infomatia SRL has been proactive in developing varieties of products from road-scanners to pave-scanners. In 2018, it has launched software assisted mobile mapping devices. The integration of software and LiDAR system has helped the company to enhance the performance of mobile mapping platform. The widespread availability of multi-scanners and high-performance mobile mapping platforms is slated to propel the industry growth over the years ahead.

In addition to higher performance, cost-effectiveness is also one of the major factors promoting mobile mapping market size. As of now, Google is one of the leading contributors of navigation applications, but due to rise in subscription amounts for accessing its Google Maps, other contributors in mobile mapping market have been able to race ahead with the launch of low-cost navigation features. For instance, a few days before, a digital mapping company, TomTom has started offering free software development kits to Android and iOS users to access maps and traffic information for free. Such initiatives will help IoT companies and autonomous vehicle manufacturers to load the traffic and routing data free of cost.

The advancement in consumer electronics and shifting trends toward the deployment of autonomous vehicles for the betterment of the environment will have a positive influence on the mobile mapping industry share. As of now, most of the automotive companies have been involved in the development of highly modernized infotainment systems for improving the driving experience that is likely to enhance the product demand. In accordance with the expanding end-use sectors, the strategies adopted by the key player will help them to strengthen their business position over the years ahead. Reportedly, driven by new product launches, mobile mapping market will generate a revenue more than USD 40 billion by the end of 2024.

Author NameSunil Hebbalkar

Advertisements

On-board diagnostics (OBD) aftermarket to be driven by a stringent regulatory landscape, global industry to chronicle itself in the billion-dollar business sphere by 2024

Posted on

Powered by a strict regulatory frame of reference formulated to control vehicular emissions, on-board diagnostics (OBD) aftermarket has emerged as a highly lucrative business sphere over the last few years. Lately, many regulatory bodies have established emission control facility centers to resolve the issues related to the effective working of OBD.  In the U.S. specifically, the National Center for Automotive Science & Technology has established the National OBD Clearinghouse for facilitating the understanding of the on-board diagnostics technology, for which U.S. Environmental Protection Agency (EPA) has even provided a grant. In order to comply with the Clean Air Act, EPA has been encouraging people to conduct vehicle maintenance and inspection that will ultimately control the vehicle emission. As of now, a majority of vehicles are incorporated with the OBD technology for meeting the national air quality standards.

Europe On-board Diagnostics (OBD) Aftermarket Share, By Application, 2017

Europe On-board Diagnostics (OBD) Aftermarket Share, By Application, 2017

The OBD system is one of the integral parts of the electronic control unit (ECU) and is used for diagnosing and repairing vehicle subsystems and rectifying the malfunctions associated with the systems. The integrity of the emission control unit is maintained with the help of external tools that re-flash and re-configure the vehicle emission parameters. The increasing use of external vehicle diagnostic tools to maintain the shelf life of the vehicle is slated to propel on-board diagnostics (OBD) aftermarket considerably.

Taking into account the strict regulatory norms formulated to curb and monitor vehicle emissions, many diagnostic equipment providers are currently developing new OBD tool facility centers to check problems associated with the engine. For instance, in 2017, the leading suppliers of test equipment and diagnostic reporting for the automotive aftermarket, Innova Electronics Corp launched a modern on-board diagnostic tool line which is totally featured with its newly invented products that will be helpful for excellent diagnostic reporting.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2839

The advent of a new range of technologies including cloud computing, Internet of Things (IoT), and smartphones have also had a remarkable influence on the on-board diagnostics aftermarket. In line with the recent product launches, many on-board diagnostics (OBD) aftermarket contenders have been developing new product portfolios comprising the modern technology aids. It has become very easy now for the vehicle owners to calibrate their vehicles’ emission control unit. Recently, one of the leading players in on-board diagnostics aftermarket, Verizon has launched a next-generation aftermarket vehicle diagnostic service device that works just by plugging into vehicle’s OBD computer port. As soon as it does, it connects to the OBD system of the vehicle and notifies the driver about any maintenance issue. In addition, Verizon has incorporated a smartphone software application as well as GPS technology that will help to resolve the mechanical issues in case of an emergency.

Though the government has mandated the deployment of vehicle health monitoring facilities, many vehicle owners are disabling and tampering on-board diagnostics and pollution control systems. They have also been tampering with laboratory test results and are bypassing emissions around monitoring devices. In U.S., the criminal office of the Environmental Protection Agency (EPA) and the Department of Justice (DOJ) in fact, had sued the employees of Rockwater Northeast LLC which provides operational services across oil and gas sector. The employees of this hydraulic fracturing firm had modified the OBD system and emission control unit of the company’s heavy-duty diesel trucks. This strict stand taken by the regulatory bodies for the infringement of Clean Air act has depicted the significance regulations have on the North America on-board diagnostics aftermarket industry growth.

The significant benefits associated with the deployment of on-board diagnostics system to improve air quality through vehicle maintenance and inspection is slated to fuel the product demand across the globe. The installation of vehicle health inspection systems ultimately helps the owners to maintain the vehicle before it violates the air quality standard set by the government. In this regard, many vehicle owners have been implementing OBD systems to monitor and maintain their vehicles which will favorably stimulate on-board diagnostics aftermarket industry size over the years ahead. For the record, driven by a strict regulatory frame of reference, the overall on-board diagnostics (OBD) aftermarket will surpass revenue collection of USD 1.5 billion by the end of 2024.

Author NameSunil Hebbalkar

Network automation market to record a staggering CAGR of 22% over 2018-2024, global industry expansion to be characterized by technological advancements and startup acquisitions

Posted on

Disrupting the conventional ways of building digital infrastructure, the network automation market has emerged as one of the most enterprising niche verticals of the sustainable and smart industry. Prominent tech giants and multinational corporations around the globe have increasingly focused on implementing new methodologies to reduce manual configuration errors which are believed to cause the majority of network outages.

China Network Automation Market Share, By Application, 2017
China Network Automation Market Share, By Application, 2017

In this context, network automation has evolved into one of the crucial technologies that have enabled businesses to decrease manual configuration errors and risk through effective compliance reporting, improved network service availability, enhanced performance and staff efficiency, and augmented data security infrastructure. As per reliable estimates, the overall network automation market size had been pegged at an appreciable USD 1.7 billion in the year 2017.

Besides providing a wide range of connectivity applications, the SD-WAN technology has assisted numerous business verticals to reduce complexities in physical network infrastructure. The advent of advanced computing technologies such as machine learning and artificial intelligence has disrupted the digital business models – a factor that can be attributed for large scale adoption of SD-WAN technology in the last few years. In fact, as per a research study compiled by Global Market Insights, Inc., the SD-WAN technology apportioned more than 67% of the total revenue share of network automation market in 2017 and is anticipated to hold a prominent spot in the overall software segment in the upcoming years.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2805

Concurrently, traditional networks are increasingly being replaced by virtual and cloud-based applications which has fundamentally transformed the growth strategies of major firms partaking in network automation market in the recent times. Numerous startups have been developing automation solutions that can configure manually-managed network devices, improve security capabilities, and supervise service offerings more efficiently. In this context, it would be prudent to mention that prominent tech giants have focused on acquiring these startups as it would assist them in augmenting their resources to deliver next-generation solutions that would serve all size and scale of customer needs. Enlisted below are a few instances that underscore how these acquisitions are shaping the network automation industry trends:

  • To strengthen its service management portfolio and optimize its digital assets, IBM acquired the California-based network automation software provider Intelliden in 2017. Reportedly, Intelliden assists telecom firms to manage, configure, and scale their networks and automate an array of other services. Apparently, the technology of Intelliden would be integrated into IBM’s Tivoli Software which is known to enable various businesses to combine service delivery and significantly accelerate the automation of networks.
  • With an aim to offer its customers an SD-WAN solution that is easy to deploy across enterprise branch offices and other WAN installations, Cisco has recently acquired an emerging WAN solutions provider Viptela for USD 610 million. Even though Cisco has a robust WAN product portfolio consisting of Intelligent WAN and Meraki SD-WAN, the addition of Viptela’s unique technology would reportedly expand and improve the overall functionality of the company’s WAN solutions in the times to come.

Implementing network automation solutions through cloud-based services has lowered capital expenditure and operational costs, enabling enterprises to scale their technological capabilities at a faster pace. Primarily driven by growing opportunities to offer enterprises with additional services like monitoring, security, and application optimization beyond basic automation tasks, the network automation industry share is anticipated to expand vigorously over the estimated timeframe. With rising investments by major tech firms coupled with innovative products being launched by startups, the network automation market size is forecast to register an excellent y-o-y growth rate of 22% over 2018-2024.

Author NameSaif Ali Bepari

Network traffic analytics market to be propelled by demand for network traffic monitoring in BFSI segment, advent of AI-based solutions to boost the industry progression

Posted on

In this age of technology, increased accessibility to the internet has dictated the augmentation of the network traffic analytics market for monitoring and managing traffic, across different platforms in several consumer driven industry verticals. Traffic analysis is crucial in gaining detailed insights into the type of data that is flowing through a network, so as to have a better understanding of a business’ network utilization, connection speeds and the type of data packets. Providing the origin and destination of a transaction enables an enterprise’s IT system to identify any suspicious data packet, promoting the utility of the network traffic analytics industry. With the growing frequency of cyberattacks threatening to disrupt operations and data security in major organizations, the network traffic analytics market will experience a tremendous uplift through enhanced network monitoring solutions.

France Network Traffic Analytics Market Size, By Services, 2017 & 2024 (USD Million)
 France Network Traffic Analytics Market Size, By Services, 2017 & 2024 (USD Million)

Real-time data analysis has proven to be vital in ensuring fast detection and investigation capabilities of a company’s network handling system. The network traffic analytics market, boasting a valuation of over USD 780 million worldwide in 2017, has evolved accordingly to provide solutions for conducting analytics on real-time network information. Essentially, the breakdown of network traffic helps to establish a normal working pattern of an organization’s functioning, allowing easier recognition of components that seem out of the ordinary, like connection of any unregistered device or unusual traffic spike. Network monitoring, in a sense, adds a level of security against a probable event and enables the implementation of proactive safety measures. The BFSI sector, particularly, stands to benefit extremely from advancements within the network traffic analytics industry.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2818

Companies in the BFSI sector need to guarantee a reliable, safe and consistent service to retain customers, making them uniquely positioned among other industry domains. A network breach or downtime can result in distrust among the customers regarding the security of their savings, investments and private information. The network traffic analytics market comprises of solution providers that offer centralized monitoring systems to track, analyze and resolve network issues on not only physical but also virtual platforms. This is also necessary as many businesses in the BFSI sector have a number of units dispersed throughout a region, requiring efficient system for collating network data from all the locations and display it on an integrated dashboard.

Similar to the thousands of external transactions that organizations such as banks monitor every day, even internal network and communication is prone to slowness, errors and malicious attacks, presenting a need for the services of the network traffic analytics industry. Network monitoring supplies extensive information on internal traffic, highlights slow applications and detects the presence of spywares that could jeopardize a company’s image. The ability to monitor suspicious activity assists in spotting outflow of personal information of customers which could lead to huge financial thefts through banking platforms. For example, in 2015 a bank in Kiev, Ukraine, was informed that their ATMs are dispensing cash without authorization, and investigation into the case led to the discovery that the bank’s internal computers are affected.

Elaborating further, it was established that a malware had infiltrated their system that was permitting cybercriminals in different regions to access records pertaining to the behaviors of bank employees and how they conducted daily tasks. Reportedly, the criminals were able to also transfer millions of dollars from the U.S., Russian, Swiss and Japanese banks into their own dummy accounts. Effective analysis of network traffic to identify unfamiliar connections can help banks and other financial institutions to prevent such a disaster, implying the compulsion of the network traffic analytics market for providing network traffic monitoring solutions.

The integration of new and innovative technologies with network monitoring and analysis systems will further improve their ability to measure performance metrics at granular levels, mitigate cyber threats and deliver faster return on investment. Lastline, a leading cybersecurity company, has recently introduced an AI-powered network traffic analysis solution. Representative of an emerging segment within the network traffic analytics market, which will create a smarter system for analyzing the traffic entering or operating inside a network. The solution applies AI (artificial intelligence) to the network traffic and could become one of the most effective threat monitoring technology available in the market.

The AI network analysis solution identifies the initial point of infection, movement within system, along with every system that has been compromised by an attack, internal communication or external outflow of data. Lastline’s product can be expected to reinvigorate the network traffic analytics industry competition, as it is more accurate and efficient in making threats visible than manual monitoring, which can be affected by lack of experience and the load of a large IT network. All in all, the global network traffic analytics market, estimated to register a 20% CAGR from 2018-2024, will witness enormous growth from advanced traffic monitoring solutions.

Author NamePankaj Singh

Network function virtualization market to register a staggering CAGR of 42% over 2018-2024, large scale deployment of NFV technology across IT and telecom sector to drive global industry progression

Posted on

Bringing about a disruptive change in the way present-day digital networks are being built, operated, and managed, the network function virtualization (NFV) market has established itself as one of the most profitable niche verticals of the sustainable and smart industry. Owing to a substantial increase in the demand for robust data management systems across various business sectors, the deployment rate of NFV technology has witnessed a massive jump over the past few years. Especially, the rising number of collaborations between IT giants and renowned cloud service providers has consequentially boosted the growth prospects of NFV industry. For instance, the recently formed partnership between Indian IT major Tech Mahindra and cloud computing behemoth VMware is a testament to the growing prominence of NFV technology in connecting virtual machines and physical interfaces.

Europe Network Function Virtualization (NFV) Market Share, By Application, 2017
Europe Network Function Virtualization (NFV) Market Share, By Application, 2017

Elaborating further, both the firms are likely to integrate VMware’s OpenStack ready NFV platform with digital transformation expertise of Tech Mahindra to assist global communication service providers in accessing new market opportunities, accelerating new service delivery, and enhancing the overall business economics. Moreover, the solutions provided by both the companies would be based on distributed micro data center architecture that will certainly lower the expenses related to network infrastructure. Apparently, the formation of such robust partnerships would optimistically impact the NFV market share in the years ahead.

Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2768

At a time when the global IT and telecommunication sector has been recording unprecedented growth owing to a major shift toward automation, next-generation technology solutions such as NFV have garnered immense significance. With the help of a robust virtualized network architecture in conjunction with NFV technology, the telecommunications companies can now launch new services in a couple of months. Moreover, the deployment of NFV enables telecom network operators to significantly reduce power consumption through consolidating equipment, lower the maturation cycle, improve the flexibility of network service provisioning, and enhance operational efficiency. As a consequence of all these advantages, the IT and telecommunication sector has emerged as the major contributor toward NFV industry share expansion in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the IT and telecommunication segment held over 32 percent of the revenue share of the overall NFV market in the year 2017.

In this regard, developing economies along the likes of India and China have emerged as the fastest growing terrains for the telecom industry in the last decade. This has, in turn, benefited the NFV market players operating in these nations as the deployment of NFV technology in the telecommunication sector has been on the rise. Testimony to the aforementioned statements is the recently organized SDN & NFV India Congress 2017 which aimed at deliberating on the opportunities and the evolving role of NFV technology on 5G networks in the context of India’s telecom industry. Held for the first time in India, the Congress has been supported by tech giants such as IBM, Juniper Networks, Ericsson, Huawei, UT Starcom, ADVA Optical Networking, and Nokia. Needless to mention, the outcomes of such proactive initiatives would aid the IT and telecom sector to retain the top spot across the application spectrum of NFV industry in the upcoming years.

Meanwhile, it would be prudent to mention that the seamless deployment of NFV technology has been facing certain challenges which includes ensuring compatibility with legacy platforms, interoperability, performance trade-off, and simplicity which might prove to be roadblocks in rapid product penetration. However, the applications of NFV technology would undoubtedly drive various business verticals toward the next phase of network evolution and would prepare an ecosystem where the advantages of 5G connectivity would be leveraged in a highly efficient and agile manner. Driven by an escalating demand for server consolidation and data center virtualization, the remuneration portfolio of the global NFV market is projected to surpass USD 70 billion by 2024.

Author NameSaif Ali Bepari

Unveiling industrial Control Systems (ICS) security market outlook from a competitive angle, global industry to register 20% CAGR over 2018-2024

Posted on

Industrial control systems (ICS) security market, tagged as one of the most revolutionary verticals of the smart & sustainable technologies space, has garnered massive remuneration in the recent years, given the increasing demand for network connectivity to support critical infrastructure. Industrial automation and digitization trends have practically computerized most of the machinery and engineering components that have undeniably changed the way operations are now performed but have however increased attack surface areas. Reports in fact claim that the industrial sector witnessed a significant increase in the number of vulnerabilities in ICS between the years 2015 and 2017. It has been estimated that the number of vulnerabilities reported by major companies offering ICS solutions were 115 in 2016 and the number rose to over 197 in 2017.

North America Industrial Control Systems (ICS) Security Market Size, By Security Type, 2017 & 2024 (USD Million)

North America Industrial Control Systems (ICS) Security Market Size, By Security Type, 2017 & 2024 (USD Million)

The growth in the ICS security industry can be attributed to these rising malware attacks that generally drain the bank accounts, steal identities, and blackmail organizations to bring services to a halt. A significant instance is that of the NotPetya ransomware that shut down several industrial IT networks across the U.S. and Europe. The gigantic outbreak resulted in losses of thousands of millions of dollars for large enterprises, from pharmaceutical company Merck to shipping firm Maersk. WannaCry was another popular ransomware that caused enormous damage, however it was later realized that this unsophisticated attack could have been easily prevented by following the basic IT security practices.

The robust prevalence of incidences similar to the aforementioned has served as a pivotal driver for ICS security market. Owing to these constantly evolving cyberattacks that are becoming more commonplace, security concerns have grown considerably in recent times, resulting into robust demand for ICS security solutions. Speaking of the growth in the commercialization potential, reports claim that the industrial control systems security market bagged USD 1.5 billion for the year 2017 and is expected to thrive further with industry players focusing on strategic collaborations and product innovation trends.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2680

Kepware’s latest release of the KEPServerEX® version 6.5 industrial connectivity platform, in this regard is quite an example of the rising product innovation & diversification trends in the industrial control systems security market. The company’s new product launch demonstrates its commitment to ICS security and its word in providing customers with best tools and services that support defense-in-depth programs. According to reports, the 6.5 version, which existing users can now avail for free, includes features such as enhanced password configuration, greater project file protection, comprehensive secure deployment guidelines, and other updated security components. Kepware, a business arm of PTC, also claims that it will introduce a Shared Responsibility Model that will enable the company to work together with its customers and address security issues experienced by industrial organizations of all sizes.

Industry experts speculate that in today’s security landscape, the real pressure on all the industrial enterprises is to secure their operational networks. And Kepware’s commitment in adding new security features and maintaining up-to-date components that would help customers reduce exposure to cyber-attacks and vulnerabilities will in turn strengthen its footprints in the competitive landscape of the global ICS security industry.

The partnership between Rockwell Automation and Claroty is another fine instance that portrays how leading industrial control systems security market players are constantly expanding their reach through such strategic collaborations. The partnership between the two is expected to develop a purpose-built anomaly detection software for the industrial network security.

Numerous other leading ICS security industry players like Cisco, Honeywell, IBM, Schneider Electric, and GE Digital are also expected to keep pace with the changing dynamics of cyberattacks while ensuring the delivery of comprehensive security solutions. On grounds of these efforts being undertaken by the industry players to innovate advanced & efficient products, industrial control systems security market is certain to tread along a lucrative roadmap in the years ahead. As per Global Market Insights, Inc., the overall industrial control systems security market size has been forecast to be pegged at USD 7 billion by 2024.

Author NameOjaswita Kutepatil

APAC AI in Retail market to witness phenomenal proceeds over 2018-2024, China to be the chief revenue pocket

Posted on

Endorsed with a rich portfolio of digitally empowered consumers, artificial intelligence in retail market has been acclaimed as one of the most progressive verticals in the recent years. In the year 2017, this business space registered a global share of USD 650 million and is forecast to record a CAGR of 40% over 2018-2024, which is indeed humongous. With retail space becoming affluent with more number of e-commerce platforms as well as startups with huge technology appetite, the adoption of AI in retail market is bound to proliferate. Add to it, the technology is witnessing a slew of opportunities in sync with the hi-tech trends including the like of blockchain, AR, and Internet of Things establishing its footprints in the retail domain. Amidst all these tech interventions, the focal point of this consumer-driven industry remains delivering unrivaled shopping experience to the customers as well as ensuring optimal management of resources and stocks.

U.S. Artificial Intelligence (AI) in Retail Market Share, By Technology, 2017 (USD Million)
U.S. Artificial Intelligence (AI) in Retail Market Share, By Technology, 2017 (USD Million)

One of the classic examples of leveraging the AI technology is of Baidu, China’s renowned artificial intelligence market player. The company grabbed the headlines with its attempt to promote its AI technology in aiding convenience stores manage their food stock more efficiently and resourcefully. For the record, the search engine giant has been supporting Ping++, an AI service provider since September 2017 to work with Today, convenience store chain with regard to a fresh food project. Under the terms, the company utilizes PaddlePaddle, a deep learning platform by Baidu along with its CTR model. Reportedly, the implementation of these technologies had a positive impact on the sales, post which Baidu introduced this model to dozens of stores for testing. In testing stores, the profits surged by 20% and food waste dropped by 30%. The instance vividly portrays the huge scope of artificial intelligence in retail industry. Since the past two years Baidu has invested over USD 1.5 billion in AI research in addition to its investment of USD 200 million for the development of a new R&D facility.

In fact, the Chinese market having the three most powerful names of the retail and tech space – Alibaba, Baidu, and Tencent (collectively touted as BAT), is betting big in the global AI in retail industry space. The three giants which are claimed to have a cut throat competition with the U.S. in terms of resources and capital are positioning themselves to become the ‘future AI platforms’. The trio is also expanding in other Asian countries and investing heavily in U.S. based AI startups to leverage the power of AI. Backed by such powerful initiatives and presence of these conglomerates, APAC AI in retail market is forecast to be the fastest growing region, with an anticipated CAGR of 45% over 2018-2024.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2568

Further elaborating on the geographical trends, North America having procured more than 50% of the global share in 2017, has been leading the regional landscape of AI in retail market. U.S. has a major credit in the phenomenal regional trends with over 65% of investments (including M&As, private equity, and venture capital) in artificial intelligence technology. Add to it, the region is a major hub for startups in tandem with the presence of tech titans such as Google, IBM, and Microsoft.

Analyzing the aforementioned trends and the penetration of AI in retail industry, it is overt that the traditional retail model is bound to witness a disruption of sorts. The technology penetration will reshape the entire inventory management and operation cycle of the retail stores, thus providing a renewed shopping experience to the customers. Not only the efficiency and sales of the retail space will see an upsurge but through the proliferation of AI in retail market, the worldwide economy will progress massively, opening doors for several hi-tech startups and a plethora of new job opportunities. In terms of profitability scope, the overall AI in retail industry share is anticipated to surpass USD 8 billion by 2024, with untapped economies gaining major traction in terms of investment.

Author NameOjaswita Kutepatil