Artificial Intelligence In E-commerce Market
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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Artificial Intelligence In E-commerce Market 2024 Key Insights:
• The Artificial Intelligence In E-commerce Market is expected to grow to$14.07 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
• Rising Online Shopping Fuels Growth Of Artificial Intelligence In E-Commerce Market
• Innovative Generative Ai E-Commerce Saas Platforms Drive Market Competitiveness
• North America was the largest region in the artificial intelligence in e-commerce market in 2023.
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