AI in E-commerce Market to be Worth $11.1 Billion by 2031

 

 

“AI in E-commerce Market to be Worth $11.1 Billion by 2031”

Meticulous Research^®—a leading global market research company, published a research report titled, ‘AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography - Global Forecast to 2031.’

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According to this latest publication from Meticulous Research^®, the global AI in e-commerce market is projected to reach $11.1 billion by 2031, at a CAGR of 17.8% during the forecast period. The growth of the AI in e-commerce market is attributed to the increasing need for customer retention in the e-commerce industry, growing usage of social media and social commerce, rising penetration of the internet and smartphones, and increasing need to improve and automate inventory management systems. However, the high initial investment restrains the market’s growth.

Moreover, the increasing penetration of voice recognition technology offers significant opportunities for the growth of the global AI in e-commerce market. However, data privacy concerns and a lack of skilled labor pose a challenge to the market's growth.

Meticulous Research^® has segmented this market based on technology, business model, deployment mode, product offering, end user, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on technology, the global AI in e-commerce market is segmented into machine learning (ML), natural language processing (NLP), computer vision, deep learning, and other technologies. In 2024, the machine learning (ML) segment is expected to account for the largest share of the global AI in e-commerce market. The large market share of this segment is attributed to the increasing use of machine learning technology in customer experience management, customer behavior tracking, and predictive merchandising to engage customers and increase productivity. It offers personalized product recommendations to enhance the customer shopping experience. It also helps design effective sales strategies through various pricing factors such as seasonality, supply, and demand to boost sales through real-time and dynamic price adjustments.

However, the computer vision segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing organizations' need to organize and monitor the inventory on their website and the increasing demand for better product discovery, reduced cost, better buying experience, and improved security.

Based on business model, the global AI in e-commerce market is segmented into horizontal e-commerce and vertical e-commerce. In 2024, the horizontal e-commerce segment is expected to account for the larger share of global AI in e-commerce market. The horizontal e-commerce model caters to a diverse product category and hence enjoys a large section of consumers and high sales, contributing to the high share of the segment. Horizontal e-commerce platforms often use a marketplace model, where third-party sellers can also list and sell their products on the platform. This allows for even greater product variety and selection, as well as increased competition and potentially lower prices for customers.

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However, the vertical e-commerce segment is projected to register the highest CAGR during the forecast period. The vertical E-commerce model allows businesses to offer customers a specialized and tailored shopping experience within a specific product category or industry. By focusing on a specific niche, businesses can differentiate themselves from larger, more generalized e-commerce platforms and establish a strong brand identity.

Based on deployment mode, the global AI in e-commerce market is segmented into on-premise deployment and cloud-based deployment. In 2024, the on-premise deployment segment is expected to account for the larger share of the global AI in e-commerce market. The large market share of this segment is attributed to the high preference for on-premise deployments among large enterprises and security issues associated with cloud deployments.

However, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, a decrease in the cost of cloud-enabling technology, the growing use of learning analytics, and the increasing incorporation of cloud-based solutions by small and medium-scale enterprises.

Based on product offering, the global AI in e-commerce market is segmented into beauty & fashion products, travel & tourism products, electronic products, household products, pharmaceutical products, food & beverage products, sports/fitness products, automotive products, and other products. In 2024, the beauty & fashion products segment is expected to account for the largest share of the global AI in e-commerce market. The large market share of this segment is attributed to the rapidly changing customer behavior and preference towards online shopping, the high demand for cosmetics and clothing, and the rising popularity of mobile wallets.

However, the electronic products segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the high demand for electronic devices, including smartphones, and the incorporation of advanced technologies, including chatbots, face recognition payments, and image/voice search technologies, to enhance customer engagement in online shopping platforms.

Based on end user, the global AI in e-commerce market is segmented into B2B and B2C. In 2024, the B2B segment is expected to account for the larger share of the global AI in e-commerce market. The large market share of this segment is attributed to the increasing need for B2B transaction security, the increasing focus of organizations to boost their brand name, and the increasing adoption of AI for pricing optimization, inventory management, improved efficiency, and increased profitability. Moreover, the segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the global AI in e-commerce market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global AI in e-commerce market. Factors such as large consumer groups, growing penetration of smartphones and the internet, rising disposable income, and technological advancement in various countries such as South Korea and Japan drive the growth of AI in e-commerce market. Moreover, this region is also projected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the global AI in e-commerce market are Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Alibaba Cloud (China), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Shelf.AI (Portugal), Appier Inc. (Japan), NVIDIA Corporation (U.S.), Granify, Inc. (Canada), Oracle Corporation (U.S.), Manthan Software Services Pvt. Ltd. (U.S.), SAP SE (Germany), LivePerson, Inc. (U.S.), and Twiggle Ltd. (Israel).

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Key questions answered in the report:

·  Which are the high-growth market segments in terms of technology, business model, deployment mode, product offering, end user, and geography?

·  What is the historical market for AI in e-commerce?

·  What are the market forecasts and estimates for the period 2024–2031?

·  What are the major drivers, restraints, and opportunities in the global AI in e-commerce market?

·  Who are the major players in the global AI in e-commerce market, and what are their market shares?

·  What is the competitive landscape like?

·  What are the recent developments in the global AI in e-commerce market?

·  How do major players adopt the different strategies in this market?

·  What are the geographic trends and high-growth regions in the market?

·  Who are the emerging players in the global AI in e-commerce market, and how do they compete with the other players?

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