By: Sri Lekhya Mikkilineni RIG Inc Intern Researcher

 

Artificial Intelligence and Machine Learning are expected to transform the entire world step by step. Their demand is burgeoning, and they hope to help businesses by making them cost-effective, helping with risk management, fueling innovation, and increasing their growth capacity.

When we look at the global markets, North America is expected to hold a significant share. North America held a market share of 29.1% in 2017, the second largest region for AI in the food and beverage market. [3] The inclination towards adopting AI technologies is very high in the USA, and the growth potential is a major driver. The graph below shows the geographical trends related to AI’s growth in the food and beverages market.

The significant way in which AI contributes to the food and beverage industry is through predicting and forecasting new flavor profiles to increase the customer base. Historically these tasks were performed by chefs and product developers, and in some cases, they took months or years to come up with these novel products. Understanding the customer base is a very tumultuous task, and now it has been made much easier by using AI and ML algorithms to understand what the customers want. In the current years, “the answer to the next big food or flavor trend has had less to do with humans and more with the power of big data and artificial intelligence (AI”).” [5] Millions of datasets on customer orders are analyzed to mimic and predict human behavior. Food pairing is a new concept that has been introduced; it is one of the largest online food and ingredient databases available in the world. [5] Apart from predicting and innovating new products, AI is also used to curate new combinations of existing products via food pairing. Fresh food and drink combinations are recommended to various restaurants and food companies to determine what flavors to introduce next to grab new customers.

AI is also being used to develop new chatbots to help customer’s order various products and services at a restaurant. Customer personalization is one of the key goals that the food industry wants to achieve, and it is doing so through AI by analyzing customer behavior more closely. Sentiment analysis is also being performed across all social media platforms to understand trends better and introduce products specific to consumer needs. Firms can aim to improve their customer experience and grow their companies indefinitely through such thorough analysis.

Revolutionary Integration Group Inc.’s Dynamic Trust comes to aid when implementing the innovations happening in the industry. Along with AI, this service can help firms increase customer satisfaction and secure the data by executing the trust levels as per the user’s . Very few companies in the domain have the capacity to build their own AI platforms that keeps them ahead in the race with strict safety and security standards. F&B players seek providers with defined goals, budgets and needs who can produce solutions. With the advancements, it would be a wise decision to adopt AI and machine learning into their strategy to survive and remain profitable.

 

To learn more about Dynamic Trust or to schedule a demo with RIG click this link https://rigroup.co/dynamic-trust/

 

References:

  1. Artificial Intelligence (AI) in Food and Beverage Market High Demand, Recent Trends, Future Growth, Business Scenario, Product, Technology, Share and Forecasts 2020 – 2027. (2021, March 10). MarketWatch. https://www.marketwatch.com/press-release/artificial-intelligence-ai-in-food-and-beverage-market-high-demand-recent-trends-future-growth-business-scenario-product-technology-share-and-forecasts-2020—2027-2021-03-10?siteid=bigcharts&dist=bigcharts&tesla=y
  2. Artificial Intelligence in Food & Beverages Market – Global Industry Trends and Forecast to 2028 | Data Bridge Market Research. (n.d.). Data Bridge Market Research. https://www.databridgemarketresearch.com/reports/global-artificial-intelligence-in-food-beverages-market
  3. Artificial Intelligence in Food and Beverages Market | Growth, Trends, and Forecast (2020 – 2025). (2020). Mordon Intelligence. https://www.mordorintelligence.com/industry-reports/artificial-intelligence-in-food-and-beverages-market
  4. Diorio, S. (2020, May 15). Realizing the Growth Potential of AI. Forbes. https://www.forbes.com/sites/forbesinsights/2020/05/08/realizing-the-growth-potential-of-ai/?sh=5bb2c58433f3
  5. Mast, S. (2020, March 20). How Big Data And AI Are Turning The Food And Beverage Industry On Its Head. Forbes. https://www.forbes.com/sites/forbestechcouncil/2020/03/20/how-big-data-and-ai-are-turning-the-food-and-beverage-industry-on-its-head/?sh=2d3d015a9c63