AI in E-commerce Market to Witness Major Growth by 2028 | AWS, Google LLC, Microsoft, IBM
Updated · Jun 26, 2023
Published Via 11Press : According to HTF MI, “Global AI in E-commerce Market: Industry Size, Growth, Share, Opportunity, Trends, and Forecast 2023-2029“. The Global AI in E-commerce Market is expected to develop at a compound annual growth rate (CAGR) of 13.4% from 2023 to 2028, reaching USD 5.3 billion in 2023 and USD 15.9 billion by 2028.
The integration and application of artificial intelligence technologies and techniques in many elements of the e-commerce sector are referred to as AI in e-commerce. It entails enhancing and automating numerous processes within the e-commerce ecosystem via the use of sophisticated algorithms, machine learning, natural language processing, computer vision, and other AI-driven technologies. AI in e-commerce is primarily used to improve customer experience, optimize processes, and drive business development. AI algorithms can analyze massive quantities of data to deliver accurate and relevant product suggestions, assisting customers in discovering new items and enhancing e-commerce enterprises’ cross-selling and upselling prospects. Voice commerce is getting more prevalent as virtual assistants and smart speakers become more prominent. Voice assistants powered by AI, such as Amazon Alexa and Google Assistant, allow consumers to make purchases, search for items, and monitor orders using voice commands. The application of AI in e-commerce is primarily reliant on gathering and analyzing enormous volumes of customer data. Maintaining client confidence requires ensuring the privacy and security of this data. To secure sensitive client information and comply with data protection requirements, e-commerce enterprises must deploy sophisticated security measures.
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Key and Developing Players,
- Amazon Web Services (AWS)
- Google LLC
- com, Inc.
- SAP SE
- Adobe Inc
- Holding Limited
- Baidu, Inc.
- AI in the e-commerce business is being driven by personalized consumer experiences and enhanced product suggestions.
- By analyzing consumers’ interests, behavior, and purchase history, AI helps e-commerce enterprises to provide personalized and bespoke experiences.
- This customized strategy boosts client satisfaction and conversion rates.
- AI algorithms can analyze massive quantities of data to deliver accurate and relevant product suggestions, assisting customers in discovering new items and enhancing e-commerce enterprises’ cross-selling and upselling prospects.
- Artificial intelligence (AI) may automate monotonous processes like order processing, inventory management, and customer assistance, freeing up human resources to focus on more strategic and value-added activities.
- Some of the market trends in AI in the E-commerce business are Voice Commerce and Visual Search.
- Voice commerce is getting more prevalent as virtual assistants and smart speakers become more prominent.
- Voice assistants powered by AI, such as Amazon Alexa and Google Assistant, allow consumers to make purchases, search for items, and monitor orders using voice commands.
- Voice recognition and natural language processing technologies are being used by e-commerce companies to provide smooth voice-based interactions and transactions.
- Users may utilize visual search to find products rather than text-based inquiries.
- AI systems analyze photos to detect objects, patterns, and features, allowing users to visually search for comparable things or particular items.
- On e-commerce platforms, visual search technology improves user experience and product discovery.
- Fraud Detection and Security, followed by Voice and Visual Search, provide AI prospects in the E-commerce business.
- AI may be used to detect and prevent fraudulent e-commerce activity including payment fraud and account takeover.
- Machine learning algorithms can detect trends and abnormalities in real-time data, allowing proactive fraud prevention and boosting e-commerce platform security.
- AI can help e-commerce platforms to offer voice-based product searches and picture recognition capabilities with the growth of voice-activated assistants and visual search technologies.
- Customers’ search processes are simplified, and new paths for product discovery and interaction are opened up.
- AI can improve demand forecasting, inventory management, logistics, and delivery along the e-commerce supply chain.
- E-commerce enterprises may cut expenses and enhance customer happiness by simplifying these operations and increasing productivity.
- Privacy and security of data are followed by cost and implementation.
- Some of the market restrictions faced by AI in the E-commerce sector include challenges.
- The application of AI in e-commerce is primarily reliant on gathering and analyzing enormous volumes of customer data.
- Maintaining client confidence requires ensuring the privacy and security of this data.
- Compliance with data protection rules, as well as the implementation of effective security measures, are critical problems for AI-powered e-commerce platforms.
- Integrating AI technology into current e-commerce platforms may be expensive and time-consuming.
- Significant expenditures are required to develop and implement AI models, acquire the requisite infrastructure, and hire competent AI workers.
- Adopting AI technologies may provide financial and technological obstacles for small and medium-sized e-commerce firms.
- Some of the problems that AI faces in the E-commerce business include user acceptance and trust, followed by security and privacy concerns.
- Users that prefer human connection or see AI as invasive may object to AI-powered solutions such as chatbots and recommendation engines.
- Building consumer trust and confidence in AI applications is a huge problem that necessitates clear communication, openness, and demonstration of the value AI adds to the customer experience.
- Because AI relies on massive volumes of user data, data security, and privacy are crucial.
- To secure sensitive client information and comply with data protection requirements, e-commerce enterprises must deploy sophisticated security measures.
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AI in E-commerce Market Segmentation:
Market Breakdown by Applications:
- Virtual assistants
- Recommendation engines
Market Breakdown by Types:
- Personalized marketing
- Customer service
- Inventory management
- Pricing optimization
|The Market size value in 2023||USD 5.3 Billion|
|Revenue Forecast by 2033||USD 15.9 Billion|
|Growth Rate||CAGR Of 13.4%|
|Regions Covered||North America, Europe, the Middle East and Africa, Latin America, and the rest of the world|
|Short-Term Projection Year||2028|
Along with researching the profiles of the top competitors in the AI in the E-commerce market, the competitive environment of the industry is thoroughly investigated. Some of the individuals covered include Google LLC, Amazon Web Services (AWS), Microsoft Corporation, Salesforce.com, Inc., IBM Corporation, Oracle Corporation, Adobe Inc., SAP SE, Alibaba Group, Baidu, Inc, and Holding Limited.
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Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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