The generative artificial intelligence (ai) in e-commerce global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative Artificial Intelligence (AI) In E-Commerce Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative artificial intelligence (AI) in e-commerce market size has grown rapidly in recent years. It will grow from $0.74 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to increasing consumer expectations for personalized experiences, the growth of cloud computing infrastructure, improvements in natural language processing, the need for efficient content generation, and the integration of AI with existing e-commerce platforms.
The generative artificial intelligence (AI) in e-commerce market size is expected to see rapid growth in the next few years. It will grow to $1.74 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to the expansion of omnichannel retail strategies, advances in AI ethics and regulations, increased investment in AI-driven startups, the development of more sophisticated recommendation systems, and growing consumer demand for real-time customization. Major trends in the forecast period include use of AI for dynamic pricing strategies, automation in customer service through advanced chatbots, greater integration of AI with augmented reality for virtual try-ons, expanded deployment of AI-driven content creation tools, the development of sophisticated AI models for predictive analytics.
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Scope Of Generative Artificial Intelligence (AI) In E-Commerce Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative Artificial Intelligence (AI) In E-Commerce Market Overview
Market Drivers –
The increasing penetration of 5G networks is expected to propel the growth of generative artificial intelligence (AI) in e-commerce market going forward. The 5G network is the fifth generation of mobile network technology, offering faster speeds, lower latency, and more reliable connections than its predecessors. The growth in 5G network adoption is driven by the demand for faster internet, improved connectivity, and new applications that require higher speeds and lower latency. 5G networks enhance generative AI in e-commerce by enabling faster data processing, real-time personalization, and seamless customer experiences through low-latency, high-speed connectivity. For instance, in September 2023, according to 5G Americas, a US-based industry trade organization, the 5G penetration rate in North America reached an exceptional 40%, with a growth rate of 25.5% in the first half of 2023. Projections indicate that North America’s 5G connections will reach a remarkable 669 million by 2028. Therefore, the increasing penetration of 5G networks is driving the growth of artificial intelligence (AI) in e-commerce market.
Market Trends –
Major companies operating in generative artificial intelligence (AI) in e-commerce are developing generative artificial intelligence (AI) chatbot tools to enhance various aspects of the shopping experience. Generative artificial intelligence (AI) chatbots are advanced software programs designed to simulate human conversation through text or voice interactions. For instance, in July 2023, Shopify Inc., a Canada-based e-commerce company, launched Sidekick. It is a chatbot that utilizes advanced generative AI models to engage customers in natural, human-like conversations. It offers personalized product recommendations, assists with order tracking, and provides real-time customer support. Sidekick aims to improve customer satisfaction, streamline interactions, and help merchants optimize their e-commerce operations.
The generative artificial intelligence (AI) in e-commerce market covered in this report is segmented –
1) By Technology: Natural Language Processing, Computer Vision, Machine Learning, Speech Recognition, Augmented Reality
2) By Deployment Mode: Cloud-Based, On-Premises, Hybrid
3) By Application: Business To Business (B2B), Business To Consumer (B2C), Personal, Business Use, Seasonal Use, Other Applications
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Regional Insights –
North America was the largest region in the generative artificial intelligence (AI) in the e-commerce market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in e-commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative artificial intelligence (AI) in e-commerce market are Wal-Mart Inc., Amazon Inc., Kroger Co, Alibaba Cloud LLC, Best Buy Co. Inc., Nvidia Corporation, Salesforce Inc., Zalando SE, Ebay Inc., Shopify Inc., Farfetch Ltd, LivePerson Inc., Grid Dynamics Holdings Inc., Bloomreach Inc., Algolia Inc., Coveo Solutions Inc, Magento Inc., Dynamic Yield Ltd, Leewayhertz Technologies Private Limited, MAVERICK Technologies LLC, QSS Technosoft Pvt. Ltd., Bluebash Consulting Pvt Ltd.
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In E-Commerce Market Report Structure
3. Generative Artificial Intelligence (AI) In E-Commerce Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In E-Commerce Market – Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In E-Commerce Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In E-Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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