Overview and Scope
Artificial intelligence in e-commerce refers to applying AI technologies and techniques to enhance various aspects of online shopping and improve the overall customer experience in electronic commerce. AI is used in e-commerce to improve the customer experience, increase sales, optimize operations and reduce costs
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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.
The artificial intelligence in e-commerce market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence In E-commerce Market Characteristics
3. Artificial Intelligence In E-commerce Market Trends And Strategies
4. Artificial Intelligence In E-commerce Market – Macro Economic Scenario
5. Global Artificial Intelligence In E-commerce Market Size and Growth
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26. South America Artificial Intelligence In E-commerce Market
27. Brazil Artificial Intelligence In E-commerce Market
28. Middle East Artificial Intelligence In E-commerce Market
29. Africa Artificial Intelligence In E-commerce Market
30. Artificial Intelligence In E-commerce Market Competitive Landscape And Company Profiles
Top Major Players:
- Apple Inc
- Google LLC
- Microsoft Corporation
- Amazon Web Services Inc
- Siemens AG
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