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What's driving AI in Retail Market Growth? | Top Key Players: Amazon Web Services, Baidu Inc., BloomReach, Google, IBM Corporation, Intel Corporation, Microsoft, Next Ltd, Nvidia Corporation, Oracle, Salesforce, SAP SE, Interactions LLC, RetailNext
AI in Retail Market
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.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Amazon Web Services
2. Baidu Inc.
3. BloomReach
4. Google
5. IBM Corporation
6. Intel Corporation
7. Microsoft
8. Next Ltd
9. Nvidia Corporation
10. Oracle
11. Salesforce
12. SAP SE
13. Interactions LLC
14. RetailNext
15. Visenze
In an era dominated by tech advancements, AI in retail market is expected to emerge as a viable investment ground, given the pace at which AI is being incorporated in industry verticals. Amidst this backdrop, traditional retail chains have been modifying their approach, especially after 2017 witnessed the application for bankruptcy by 21 retail chains inclusive of biggies such as Toys R' Us, Aerosoles and RadioShack. Many others like Sears and Macy's had decided to close down hundreds of stores in the U.S., creating waves of panic in the global retail sector and igniting the spark of technology adoption - shocking moves that have triggered a change in artificial intelligence (AI) in retail industry trends.
Though there is a popular fear that the widespread use of AI technology can cost humans their jobs, a fact which can somewhat hinder AI in retail market growth, experts are of the opinion that AI can actually increase opportunities and even create a novel job market. For instance, though the Amazon Go store did not have a cashier there were plenty of people around the store who were needed to help customers. Therefore, AI is essentially evolving the type of jobs humans are needed to perform and increasing the scope of service on offer in the retail space.
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