AI Eye Episode 425: Mastercard Integrates Vehicle Recognition Tech from Rekor for AI Powered Drive Through Platform

Point Roberts, WA and Vancouver, BC - September 3, 2020 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's edition of The AI Eye - watching stock news, deal tracker and advancements in artificial intelligence.

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AI Eye Episode 425: Mastercard (NYSE: $MA) Integrates Vehicle Recognition Tech from Rekor (NasdaqGS: $REKR) for AI Powered Drive Through Platform

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Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NYSE:MA) (NasdaqGS:REKR) (NYSE:SPXC)

Mastercard (NYSE:MA) is integrating Edge proprietary vehicle recognition technology from AI firm Rekor Systems, Inc. (NasdaqGS:REKR) into its AI Powered Drive Through platform. This platform leverages vehicle recognition, voice ordering, and AI, to help fast food restaurants "transform their drive through or drive in interactions." Mastercard's AI powered drive through platform will, according to the press release, begin on-location pilots at White Castle locations in October 2020 and will also be rolling out with other quick service restaurants later in the year. Stephane Wyper, senior vice president, retail innovation, Mastercard, explained:

"As retailers and consumers navigate through one of the most disruptive periods in modern history, it's clear that traditional business operations will need to evolve quickly. Technologies like Rekor's give us the ability to help our retail partners meet the challenges posed by this new normal and provide their customers with a more digitally enabled, touchless, and secure retail experience."

SPX Corporation (NYSE:SPXC) has acquired ULC Robotics, described as a "leading developer of robotic systems, machine learning applications and inspection technology for the energy, utility and industrial sectors." Gene Lowe, SPX Corporation's President and CEO, commented:

"We are excited to welcome the ULC Robotics team to SPX. ULC's Robotics-as-a-Service business is a strong complement to SPX's world-class suite of solutions for the location, inspection and maintenance of underground infrastructure. The addition of ULC's R&D business further enhances SPX's capacity to develop advanced technology solutions, such as artificial intelligence (AI) and machine-learning, for customers across our platforms. The combination of ULC Robotics' expertise in technology and solutions development with SPX's market-leading capabilities in product commercialization, market development, and brand and channel management creates strong growth opportunities for our employees, customers and shareholders."

Global Conversational AI to Reach $14.26 Billion by 2026

A report published by Research and Markets finds that the global Conversational AI market will reach $14.26 billion by 2026 with a compound annual growth rate (CAGR) of 19.9 percent in the forecast period 2019-2026. An excerpt from the report description reads:

Conversational AI accounts for an important place in personal assistance activities. It can analyze the open interactions when relating it with the scenario or case. Companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for an increased time to market.

Factors such as increasing demand for AI-powered customer support services and rising demand for AI-based chatbots to stay connected and informed during the COVID-19 are driving the market growth. However, lack of awareness about conversational AI solutions is hampering the market growth.

Sam Mowers, Investorideas.com

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