Technology

Artificial Intelligence (AI) in Retail Market to Surpass USD 71.23 Billion by 2031| SkyQuest Technology

Published

2 years ago

July 4, 2024

WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence (AI) in Retail Market is valued at USD 5.59 Billion in 2022 and is expected to grow from USD 7.42 Billion in 2023 to reach USD 71.23 Billion by 2031, at a CAGR of 32.68% during the forecast period (2024-2031).

People expect a big change in the next few years in global artificial intelligence (AI) in retail market due to AI. This breakthrough technology will have a major impact on the way we shop, moving the industry away from issues connected with prices towards customer engagement. Consequently, traders should hurry up and accept AI now that it works together with e-commerce which has been accelerated due to the recent outbreak of Coronavirus disease. Technology and business strategy must be taken into consideration while planning the integration of AI. AI’s primary benefit to the retail sector is its capacity to assist customers by handling boring, repetitive chores.

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Artificial Intelligence (AI) in Retail Market Overview:

Report Coverage

Details

Market Revenue in 2023

$ 7.42 billion

Estimated Value by 2031

$ 71.23 billion

Growth Rate

Poised to grow at a CAGR of 32.68%

Forecast Period

2024–2031

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Technology, Solution, Service, Deployment Mode, and Application

Geographies Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights

Development of novel blockchain AI solutions that give benefits of both technologies involved

Key Market Opportunities

Personalized Customer Experience

Key Market Drivers

Rising Use of AI-powered Chatbots for Improved Customer Experience

Segments covered in Artificial Intelligence (AI) in Retail Market are as follows:

TypeOnline Retail, Offline RetailTechnologyMachine Learning & Deep Learning (Facial Recognition, Emotion Detection), Natural Language Processing, Chatbots, Image and Video Analytics, Swarm IntelligenceSolutionProduct Recommendation and Planning, Customer Relationship Management, Visual Search, Virtual Assistant, Chatbots, Price Optimization, Payment Services Management, Supply Chain Management and Demand Planning, OthersServiceProfessional Services, Managed ServicesDeployment ModeCloud, On-PremisesApplicationPredictive Merchandising, Programmatic Advertising, Market Forecasting, In-Store Visual Monitoring & Surveillance, Location-Based Marketing, and Others (Real-Time Pricing and Incentives, Real-Time Product Targeting)

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From Physical to Virtual Storefronts, Maximizing Efficiency and Customer Delight

Available categories of AI in the global AI retail market are robotics, computer vision, machine learning, and natural language processing. These artificial intelligence (AI) technologies are indispensable for reducing complexity in operations, enhancing customer interactions and personalizing shopping experience; thereby making the retail sector more effective and competitive.

Computer vision and robots are two AI kinds that greatly benefit offline retail, according to the Global Artificial Intelligence (AI) in Retail Market. Physical and digital efficiency in the offline retail department is very important for the consumer. In-store consumer experiences are the main reason why these technologies are improving this retail segment, with check-out procedures being faster and inventory management optimized.

In global AI in retail market, online retail would be impossible without such AI technologies as natural language processing and machine learning. They improve user experience and boost revenue by streamlining logistics, optimising product recommendations, and customising marketing efforts. The significance of online retail resides in its capacity to effectively reach audiences throughout the world.

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Unveiling the Impact of AI Technologies on Customer Interactions and Operational Efficiency

AI technology in the Global Artificial Intelligence (AI) in Retail Market encompasses robotics, computer vision, machine learning, and natural language processing. In the retail sector, it is important to use such technologies for automation of work, improvement of customer relations and making shopping individual, thus ensuring greater productivity coupled with competition.

Key artificial intelligence (AI) technologies in the global artificial intelligence (AI) retail market are machine learning and deep learning. Merchants can customise customer experiences, optimise pricing strategies, and analyse vast amounts of data for insights by using them. They play a very critical role as far as improved decision-making, boosted productivity, and a more customised buying experience is concerned.

Natural Language Processing (NLP) is an essential technology in the worldwide retail artificial intelligence sector. It leads to the development of sentiment analysis, improvements in search features, and powers chatbots that possess high level of sophistication when providing customer service. Utilizing NLP technology in customer dealings as well as providing personalized suggestions can elevate customer satisfaction levels and increase their allegiance.

Revolutionizing Operational Excellence with Robotics, Computer Vision and Natural Language Processing

In this transformative era of the retail sector, artificial intelligence (AI) integration heralds revolutionary times in which such technologies as robotics, computer vision, machine learning and natural language processing redefine operations and customer engagement; offline or online, it optimizes processes, enhances customer interactions, and personalizes shopping experiences. Such change increases efficacy and competition, besides it accommodates the changing needs of a digital-first market. While retailers move through such a field, AI strategic incorporation becomes very important by linking technology to business strategies to take advantage of expansion prospects and boost the performance level in retail, conforming to a future where every detail of selling belongs to AI.

Related Report:

AI Market

Artificial Intelligence (AI) in Healthcare Market

Artificial Intelligence (AI) Platform Market

Artificial Intelligence (AI) in Manufacturing Market

Artificial Intelligence (AI) Robots Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

54 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

SALT LAKE CITY, June 18, 2026 /PRNewswire/ — Monnit announced new NIST Standard and Low Temperature and Humidity Detachable Leads for compatible ALTA® Sensor Bases designed to simplify sensor recertification, reduce downtime, and support continuous compliance monitoring.

“Organizations shouldn’t have to choose between maintaining compliance and operational continuity,” said Brad Walters, Founder and CEO of Monnit. “Our detachable lead architecture allows customers to hot-swap certified leads in minutes while preserving traceability and keeping trusted monitoring programs running.”

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Rather than removing and shipping an entire sensor for recertification, customers can disconnect only the lead, connect a certified replacement, and send the original lead for recalibration. This approach is ideal for pharmaceuticals, healthcare facilities, laboratories, food storage operations, manufacturing environments, and other applications that require calibration records.

In addition to these hot-swappable, removable leads or cables with probes, we offer short Monnit Standard Temperature and Humidity Detachable Non-Leaded Probes that you can connect to compatible sensor bases.

Each NIST Detachable Lead or Probe connects to compatible ALTA Industrial and Enterprise Sensor Bases via sealed, keyed M8 6-pin connectors designed for field installation. Embedded memory within the lead stores unique lead and sensor identification, calibration data, certification information, and traceability records.

Key features and benefits include:

Hot-swappable lead replacement that minimizes downtime and monitoring interruptionsNIST-traceable calibration support and ISO 17025-accredited lab certificationSupport for FDA 21 CFR Part 11 workflows and audit programsAutomatic synchronization of calibration information with iMonnit® SoftwareLogging of lead connection and disconnection events in iMonnitHot-swapping capability while powered on or off for easier servicing

Monnit and its accredited lab partner, Sensor Calibrations, provide 25-month certificates for NIST Detachable Standard Temperature Leads and 13-month certificates for NIST Detachable Low Temperature and Humidity Leads.

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

About Monnit Corporation
The origin story of the Internet of Things (IoT) begins with Monnit. Before our inception in 2010, we were already at the forefront of embedding technology into machines and devices to enable them to talk and deliver valuable data to business leaders. Monnit Remote Monitoring Solutions for nearly any industry use case have delivered 72B+ data points in 130+ countries for 90K+ customers. Monnit’s 80+ long-range IoT sensors remotely monitor many conditions such as temperature, light, humidity, water, vibration, pressure, and more. You can analyze data using iMonnit cloud software and get alerts via email, text, push notification, or call when our sensors detect a change you should know.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

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SOURCE Monnit

Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

54 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Key features and benefits include:

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/monnit-introduces-nist-detachable-leads-to-streamline-compliance-monitoring-302803906.html

SOURCE Monnit

Technology

deepset Joins HPE’s Unleash AI Program to Accelerate Sovereign Agentic AI

Published

54 minutes ago

June 18, 2026

SAN JOSE, Calif., June 18, 2026 /PRNewswire/ — deepset, the company behind Haystack, the production-ready open-source AI agent framework and platform, today announced it has joined the HPE Unleash AI partner program to help government, defense, and regulated enterprises deploy production-grade AI systems in sovereign, self-hosted, and air-gapped environments.

As part of the collaboration, deepset will leverage the Haystack Enterprise Platform, deepset’s platform for building, orchestrating, and governing AI agents and applications, and HPE’s AI ecosystem and infrastructure portfolio to help organizations rapidly identify and operationalize high-value AI use cases while reducing deployment complexity and risk. This enables customers to access AI-ready infrastructure, strategic guidance, and accelerated pilot execution to address their most challenging AI adoption and operationalization needs.

Together, the companies enable organizations to deploy AI agents, multi-agent systems, and Retrieval-Augmented Generation (RAG) applications on self-hosted, sovereign, and air-gapped infrastructure while maintaining full ownership over sensitive and classified data, models, and AI operations.

Customers can leverage the joint architecture to operationalize governed AI applications faster while maintaining the security, compliance, and deployment flexibility required for sovereign and mission-critical environments.

The HPE Unleash AI partner program is a curated ecosystem, combining ISV solutions that go through comprehensive validation testing with engineered HPE AI systems, including HPE Private Cloud AI and the broader HPE AI Factory with NVIDIA solutions, to deliver the performance, security, and scalability enterprises need for production AI. By joining the program, deepset expands access to governed AI platform capabilities designed for organizations operating in highly regulated environments, including public sector, defense, cybersecurity, and enterprise industries.

The Haystack Enterprise Platform enables organizations to:

Build and govern AI agents, multi-agent systems, and RAG applicationsDeploy AI on self-hosted, private cloud, and air-gapped infrastructureOrchestrate modular AI pipelines across models, databases, and enterprise systemsEnforce governance, auditability, and lifecycle management for production AISupport sovereign AI initiatives aligned with European and national security requirements

The collaboration builds on deepset’s experience supporting sovereign AI initiatives with organizations including the European Commission, the German Ministry of Research, Technology and Space (BMFTR), and other government, defense, and enterprise organizations deploying sovereign AI systems under strict governance and security requirements.

“With agentic AI moving into operational deployment, organizations need infrastructure and AI platforms they can control and trust,” said Milos Rusic, CEO and co-founder of deepset. “The challenge is getting agentic systems into production while maintaining control over infrastructure, governance, and sensitive data. Together with HPE, we’re helping customers deploy governed AI systems faster across highly regulated and mission-critical environments.”

Use cases supported through the joint architecture include:

Sovereign AI platform for public sector & regulated industry institutionsSovereign AI intelligence and decision-support systems for classified operationsCybersecurity investigation and threat analysisAI agents for technology, manufacturing, research, legal, and financial workflows

“The Unleash AI program is designed to help organizations deploy AI solutions faster and with greater operational confidence,” said Robin Braun, Vice President of AI Business Development, Hybrid Cloud, HPE. “Together, HPE and deepset are delivering secure, governed AI solutions that combine enterprise-grade infrastructure with flexible and governed AI agent capabilities to help customers operationalize AI across hybrid, sovereign, and classified environments.”

For more information, visit https://www.deepset.ai

About deepset

deepset is the company behind Haystack, the leading open-source framework and platform for building production-grade AI applications and agentic systems. deepset enables enterprises and public sector organizations to develop, deploy, and govern flexible AI applications powered by their choice of large language models, enterprise data, infrastructure, and governance policies across cloud, hybrid, and sovereign environments.

Media Contact
Steph McGuirk
417109@email4pr.com
845.269.8868

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SOURCE deepset