LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Artificial Intelligence In E-Commerce Global Market Report 2024, the artificial intelligence in e-commerce market has witnessed rapid growth, surging from $7.01 billion in 2023 to $8.06 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 15.1%. The momentum in the historic period is accredited to the escalating demand for personalized shopping experiences, advancements in search and discovery capabilities, widespread adoption of chatbots and virtual assistants, and government support fostering AI development.
Anticipated Surge in the Coming Years
Forecasts for the artificial intelligence in e-commerce market project an even steeper growth trajectory, with expectations to reach $14.07 billion in 2028, driven by a robust CAGR of 14.9%. The projected surge in the forecast period can be attributed to a heightened emphasis on customer data analytics, escalating investments in AI in e-commerce, a growing appetite for AI-powered product recommendations, increased integration of AI in supply chain management, and a rising focus on fraud detection. Key trends in the forecast period encompass technological advancements in AI, the expansion of voice commerce, supply chain optimization, AI-enhanced customer support, and conversational e-commerce.
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Fueling Growth: Spike in Online Shopping
The artificial intelligence in e-commerce market is poised for substantial growth, propelled by the surge in online shopping activities. Online shopping, a prevalent trend, involves the purchase of goods or services from a seller over the Internet. The integration of artificial intelligence in e-commerce is enhancing the customer experience, streamlining pricing optimization, and improving inventory management processes. According to the Adobe Digital Economy Index, online retail sales in the United States accounted for 40% in the first quarter of 2021, up from 36% during the same period in 2020. This spike in online shopping is a key driver steering the growth of artificial intelligence in e-commerce market.
Strategic Insights for Stakeholders
Major players in the artificial intelligence in e-commerce market, including industry giants like Apple Inc., Google LLC, and Microsoft Corporation, are at the forefront of transformative technologies. The adoption of generative AI e-commerce Software-as-a-Service (SaaS) platforms, exemplified by Hype, demonstrates a commitment to innovation. This advanced technology empowers merchants to create, optimize, and manage online stores, offering a personalized and automated approach to inventory control and product discovery. Stakeholders, ranging from tech companies and retailers to investors, can leverage the insights provided by the Artificial Intelligence in E-Commerce Global Market Report to navigate the dynamic landscape, make informed decisions, and harness the immense opportunities within the artificial intelligence in e-commerce market.
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In conclusion, the Artificial Intelligence in E-Commerce Global Market Report serves as an invaluable resource for stakeholders seeking to capitalize on the transformative potential of AI in shaping the future of e-commerce. The artificial intelligence in e-commerce market report offers comprehensive insights into market dynamics, trends, and competitive landscapes, enabling stakeholders to stay ahead in an increasingly competitive and technology-driven market.
Artificial Intelligence In E-commerce Global Market Report 2024 by The Business Research Company provides insights on the artificial intelligence in e-commerce market size, artificial intelligence in e-commerce market segments, artificial intelligence in e-commerce market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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