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Artificial Intelligence In E-commerce Market Size, Share Analysis, Growth Trends And Forecast 2024-2033
Artificial Intelligence In E-commerce Market Size
Artificial Intelligence In E-commerce Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $14.07 billion In 2028 At A CAGR Of 14.9% :
The artificial intelligence in e-commerce market size has grown rapidly in recent years. It will grow from $7.01 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to demand for personalized shopping experiences, improved search and discovery, chatbots and virtual assistants, government support for ai development.
The artificial intelligence in e-commerce market size is expected to see rapid growth in the next few years. It will grow to $14.07 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing focus on customer data analytics, increasing investments in the ai in e-commerce, growing demand for ai-powered product recommendations, increasing use of ai in supply chain management, increasing use of ai in fraud detection. Major trends in the forecast period include technological advancements in ai, voice commerce expansion, supply chain optimization, ai-enhanced customer support, conversational e-commerce.
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Artificial Intelligence In E-commerce Market Major Segments
The artificial intelligence in e-commerce market covered in this report is segmented -
1) By Technology: Natural language processing (NLP); Deep Learning; Machine Learning
2) By Deployment: Cloud; On-Premise
3) By Application: Customer Relationship Management; Supply Chain Analysis; Fake Review Analysis; Warehouse Automation; Merchandizing; Product Recommendation; Customer Service; Other Applications
4) By End User: Information Technology(IT) And Telecommunication; Retail And E-Commerce; Banking, Financial Services and Insurance (BFSI); Healthcare; Manufacturing; Automotive; Other End User
Key Driver - Rising Online Shopping Fuels Growth Of Artificial Intelligence In E-Commerce Market
The spike in online shopping is expected to propel the growth of artificial intelligence in the e-commerce market going forward. Online shopping refers to buying goods or services from a seller over the Internet using a web browser or a mobile app. Artificial intelligence in e-commerce is used in online shopping to enhance the customer experience and streamline business processes for pricing optimization and inventory management. For instance, in June 2023, according to the Adobe Digital Economy Index published by Adobe, a US-based software company, there were 40% online retail sales in the US for the first quarter of 2021, up from 36% in the same period of 2020. Therefore, the spike in online shopping is driving the growth of artificial intelligence in the e-commerce market.
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Prominent Trend - Innovative Generative Ai E-Commerce Saas Platforms Drive Market Competitiveness
Major companies operating in artificial intelligence in the e-commerce market are developing new technologies, such as generative AI e-commerce SaaS to sustain their position in the market. Generative AI technology in e-commerce SaaS platforms allows users to experience personalized, automated inventory control, and innovative product discovery. For instance, in May 2023, Hype, an India-based e-commerce company, launched a generative AI e-commerce software-as-a-service (SaaS) platform. This platform aims to revolutionize online e-commerce by enabling merchants to create, optimize and manage online stores. This platform uses an advanced artificial intelligence and machine learning framework that continually learns and adapts to each store's unique data patterns.
Artificial Intelligence In E-commerce Market Players
Major players in the artificial intelligence in e-commerce market are Apple Inc., Google LLC, Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Intel Corporation, The International Business Machines Corporation, Oracle Corporation, SAP SE, Nvidia Corporation, Sentient Technologies, Bloomreach, Aidaptive, Coveo, Dynamic Yield, Persado, Emarsys eMarketing Systems, Syte, Bluecore, Twiggle, Kindred AI, ViSenze, Gorgias, Layer 6 Inc., Nauto.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the artificial intelligence in e-commerce market in 2023. The regions covered in artificial intelligence in the e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence In E-commerce Market Report Structure
3. Artificial Intelligence In E-commerce Market Trends And Strategies
4. Artificial Intelligence In E-commerce Market - Macro Economic Scenario
5. Artificial Intelligence In E-commerce Market Size And Growth
…..
27. Artificial Intelligence In E-commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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