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Generative AI Market Set for Meteoric Rise, Expected to Reach $266 Billion by 2032
USA News Group Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, BC, May 6, 2024 /PRNewswire/ — USA News Group – Despite a lack of consensus among thousands of experts on the development of artificial intelligence (AI) as it permeates the global economy, one thing is certain, AI is here to stay. According to analysts at Fintech Futures, the Generative AI Market expected to reach a revenue of US$266 billion by 2032, growing at an explosive CAGR of 37.8%. Behind the scenes of this AI-revolution, several tech companies are jockeying for position and adding new propositions for their clients, including developments from Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Cisco Systems, Inc. (NASDAQ: CSCO), Mobileye Global Inc. (NASDAQ: MBLY), Samsara Inc. (NYSE: IOT), and Veritone, Inc. (NASDAQ: VERI).
As the landscape of deep machine learning continues to evolve and reveal its potential across various sectors, Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) has recently rebranded and expanded its target market to serve an expanding range of industries. Built upon its proprietary technology, GEM (General Enterprise Machine Learning), Scope recently updated the market regarding GEM’s latest advancements, which now include a one-stop web solution for developers and individuals, as well as businesses, large and small, to create, build, and use their own image detection, behavior analysis and neural network systems for their individual customer business cases.
The newly updated GEM Platform is a SaaS web application equipped with advanced user management tools for administrators or supervisors (CRM), enhanced security for logins and accounts, and comprehensive data encryption built directly into the system. Scope has initially targeted the advertising, gaming, and healthcare industries. The platform’s intuitive web interface allows businesses of any size to easily start and create tailored solutions. Additionally, a sophisticated Application Programming Interface (API) is set to be released later this year.
The new GEM system, set to launch its beta version in late May 2024, offers a comprehensive solution for businesses of any size to develop their own AI-driven object detection and visual information systems. This platform enables companies to experiment with how variations in visuals and user flows impact performance, leveraging the power of neural networks for a wide range of industry-specific applications.
In the field of AI-focused security, Cisco Systems, Inc. (NASDAQ: CSCO) recently launched its latest offering following its $28-billion acquisition of Splunk earlier this year. Dubbed ‘Hypershield‘, the product employs AI to protect applications, devices and data across public and private data centers, clouds, and physical locations.
“Cisco Hypershield is one of the most significant security innovations in our history,” said Chuck Robbins, Chair and CEO of Cisco. “With our data advantage and strength in security, infrastructure and observability platforms, Cisco is uniquely positioned to help our customers harness the power of AI.”
Hypershield’s security enforcement operates at three distinct layers: within the software, across virtual machines, and throughout network and compute servers and appliances. This system utilizes the same advanced hardware accelerators that are commonly employed in high-performance computing environments and large-scale public clouds.
Helping to move the auto industry closer to universal automated assistance and navigation functionality, technology developed by Mobileye Global Inc. (NASDAQ: MBLY) will now be incorporated into vehicles made by both Volkswagen and Porsche. In the case of the Volkswagen deal, VW became the first vehicle manufacturer to develop an autonomous Level 4 service vehicle for large-scale production, after pulling out of its planned investment in Argo AI last year.
“Bringing autonomous shuttles on the road in large quantities requires cooperation from strong partners,” says Christian Senger, member of the Board of Management at Volkswagen Commercial Vehicles, responsible for Autonomous Driving. “We are developing the first fully autonomous large- scale production vehicle, and Mobileye brings its digital driver on board.”
By contrast, Porsche will implement Mobileye’s “Supervision” system, which allows drivers to take their hands off the wheel while traveling on certain road types, and allows the vehicle to follow navigation routes, change lanes, and even overtake slower vehicles ahead.
Quest Waste Management recently selected Samsara Inc. (NYSE: IOT) to provide its industry-leading AI dash cams to improve fleet safety. Samsara’s platform leverages Internet of Things (IoT) data to enable organizations involved in physical operations to gain insights and enhance their operational efficiency. Samsara’s AI Dash Cams and driver coaching tools are designed to provide significant benefits, such as reducing accidents, preventing false claims, and lowering operational costs.
“We look forward to providing [Quest] with the insights and real-time data they need to create a real-world impact on safety, for their employees, customers and the community within which they operate,” said Philip van der Wilt, senior vice president and general manager for Europe, Middle East and Africa (EMEA) at Samsara.
Quest reports having tens of thousands of clients throughout North America and Europe in various sectors, including construction, transportation and warehousing, field services, manufacturing, retail, logistics, and the public sector. In addition to establishing this new comprehensive fleet safety programme, Quest said it plans to also harness the capabilities of Samsara’s Connected Operations Platform in the future.
Looking to help bolster the media industry’s ability to measure its audience sizes, Veritone, Inc. (NASDAQ: VERI) claims that AI can help. During a webinar titled “An Exclusive Debrief: Using AI to Solve Broadcast Media’s Measurement Issue”, Paul Cramer, Managing Director of Media and Broadcast at Veritone spoke to several media members in the audience, to address how AI can help through content intelligence, and advertising intelligence.
“For those of you who aren’t familiar with Veritone, we help you manage and monetize your content using AI, and we work with over 2, 000 media brands in six countries across cultural environments,” said Cramer, noting those brands include CBS News, CNBC, CNN, CNBC, Cox Radio and Television, Hearst Television, iHeartMedia and NBCUniversal.
Veritone recently announced it had enhanced its Advertising and Content Intelligence Suite to support future-proofing of client broadcast revenues. Their Advertising and Content Intelligence Suite offers a robust collection of AI-driven tools that enhance content management, advertising strategies, and audience engagement for media companies, advertisers, and broadcasters. The suite utilizes the aiWARE enterprise AI platform to deliver comprehensive capabilities in media monitoring, content discovery, ad verification, and analytics.
“Veritone’s latest enhancements to our Advertising Content and Intelligence Suite empower our clients to adapt to new AI-powered media management methodologies and lead with sophisticated tools that help them to increase their ad revenue,” said Sean King, General Manager for Veritone Media and Entertainment. “Our new enhancements prioritize data privacy and security and provide broadcasters with nearly instant insights, enabling them to make data-driven connections between ad placement and audience impact.”
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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Revio, a burgeoning fintech startup, has been making waves in the financial technology sector with its innovative solutions and rapid growth. This dynamic company, founded just a few years ago, has successfully garnered the attention and backing of industry giants like Old Mutual and MTN. Their journey from inception to becoming a key player in the fintech space highlights the potential of young startups to disrupt traditional industries and capture significant market share.
Innovative Solutions
Revio’s success can largely be attributed to its cutting-edge financial solutions that address pressing needs within the market. The startup offers a range of services designed to streamline financial processes, enhance security, and improve accessibility for both individuals and businesses. By leveraging advanced technologies such as artificial intelligence and blockchain, Revio has created products that not only solve existing problems but also anticipate future financial trends.
Strategic Partnerships
The partnerships with Old Mutual and MTN are pivotal milestones in Revio’s growth trajectory. Old Mutual, a renowned financial services group, brings a wealth of experience and a broad customer base, providing Revio with an invaluable platform for scaling its operations. On the other hand, MTN, a leading telecom company, offers extensive reach across various markets, particularly in Africa, where fintech solutions are in high demand.
These alliances are more than just financial endorsements; they signify a strong vote of confidence in Revio’s vision and capabilities. By collaborating with established entities, Revio can tap into new customer segments, enhance its technological infrastructure, and accelerate its market penetration.
Market Impact
Revio’s impact on the market is already evident. The company’s solutions are being adopted by a growing number of users, ranging from individual consumers to large corporations. This widespread acceptance is a testament to the practical value and reliability of Revio’s offerings. Moreover, the startup’s commitment to continuous innovation ensures that it stays ahead of the curve, adapting to the evolving needs of the financial sector.
Future Prospects
Looking ahead, Revio’s prospects appear promising. The financial support and strategic guidance from Old Mutual and MTN position the startup for sustained growth and expansion. As Revio continues to innovate and refine its products, it is likely to attract even more interest from investors and partners. The fintech landscape is highly competitive, but Revio’s unique approach and strong backing give it a distinct edge.
In conclusion, Revio’s journey from a fledgling startup to a fintech powerhouse exemplifies the potential for innovation and strategic partnerships to drive success. With the support of industry leaders like Old Mutual and MTN, Revio is well on its way to becoming a dominant force in the financial technology sector, transforming how financial services are delivered and experienced.
Source: theafricareport.com
The post Revio, the young fintech winning over Old Mutual and MTN appeared first on HIPTHER Alerts.
The Basel Committee on Banking Supervision has recently released a comprehensive report detailing the increasing risks associated with the digitalisation of finance. As financial institutions worldwide embrace digital transformation to enhance efficiency and customer experience, the report underscores the need for vigilant risk management and regulatory oversight to address the emerging challenges in this rapidly evolving landscape.
Key Findings
The report identifies several key areas where digitalisation is contributing to heightened risks:
- Cybersecurity Threats: The proliferation of digital banking platforms and online financial services has led to a surge in cybersecurity threats. Cyberattacks, data breaches, and fraud are becoming more sophisticated, posing significant risks to both financial institutions and their customers. The Basel Committee emphasizes the importance of robust cybersecurity measures and continuous monitoring to safeguard sensitive financial data.
- Operational Risks: As banks and financial institutions integrate advanced technologies such as artificial intelligence, blockchain, and cloud computing, they face new operational risks. System failures, software bugs, and technology outages can disrupt services and lead to substantial financial losses. The report recommends that institutions develop comprehensive operational risk management frameworks to mitigate these risks.
- Regulatory Challenges: The rapid pace of digital innovation often outstrips existing regulatory frameworks, creating gaps that can be exploited. The Basel Committee calls for updated regulations that keep pace with technological advancements, ensuring that financial institutions operate within a secure and compliant environment. Harmonized global standards are essential to address the cross-border nature of digital finance.
- Third-Party Dependencies: Financial institutions increasingly rely on third-party service providers for critical functions such as cloud storage, payment processing, and cybersecurity solutions. This dependency introduces additional risks, including vendor lock-in and the potential for service disruptions. The report advises institutions to conduct thorough due diligence and implement robust third-party risk management practices.
- Consumer Protection: Digital finance has made financial services more accessible, but it also exposes consumers to new risks, such as digital fraud and identity theft. The Basel Committee highlights the need for stronger consumer protection mechanisms, including transparent communication, effective dispute resolution processes, and education initiatives to raise awareness about digital risks.
Recommendations
To address these rising risks, the Basel Committee offers several recommendations:
- Enhanced Cybersecurity Protocols: Financial institutions should invest in advanced cybersecurity technologies and adopt best practices to protect against cyber threats. Regular audits and stress testing of cybersecurity systems are crucial to ensure resilience.
- Operational Resilience: Developing and maintaining robust operational resilience frameworks is essential. This includes regular testing of disaster recovery and business continuity plans to minimize the impact of potential disruptions.
- Regulatory Innovation: Regulators need to innovate and adapt to the changing digital landscape. This involves updating existing regulations, fostering collaboration between regulators and the fintech industry, and developing new guidelines that address the unique risks of digital finance.
- Third-Party Risk Management: Financial institutions must implement rigorous third-party risk management policies, including comprehensive vendor assessments, ongoing monitoring, and contingency planning for critical service providers.
- Consumer Education and Protection: Enhancing consumer protection through education programs and transparent communication about digital risks is vital. Financial institutions should also offer robust support systems for customers affected by digital fraud or other issues.
Conclusion
The Basel Committee’s report serves as a critical reminder of the complexities and risks associated with the digitalisation of finance. While digital transformation brings numerous benefits, including greater efficiency and accessibility, it also introduces significant challenges that must be addressed proactively. By implementing the report’s recommendations, financial institutions and regulators can work together to create a secure, resilient, and inclusive digital financial ecosystem.
The post Basel Committee highlights rising risks from finance digitalisation in new report appeared first on HIPTHER Alerts.
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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