AI in E-commerce Market to be Worth $11.1 Billion by 2031-Exclusive Report by Meticulous Research®

According to a new market research report titled, ''Global 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-Forecast to 2031,' 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 of 2024 to 2031.

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With the evolving landscape of the e-commerce industry, AI plays a significant role in operating businesses. It enables businesses to provide personalized experiences to customers, optimize pricing, enhance search capabilities, and improve logistics operations. AI is used for recommendation engines, chatbots, fraud detection, inventory management, and optimizing supply chains to offer an efficient shopping experience. AI in e-commerce also helps businesses to make more informed decisions based on real-time data analysis to adapt quickly to changing market trends and stay ahead of the competition.

AI enables tailored product recommendations based on user behavior to enhance the customer shopping experience. Organizations are adopting AI to enhance inventory management, demand forecasting, and logistics to reduce costs and improve efficiency in the supply chain. AI algorithms also help to identify and prevent fraudulent activities, ensuring secure transactions and protecting both businesses and customers. Thus, the adoption of AI offers new opportunities for the e-commerce industry by automating processes, increasing efficiency, and boosting profits, supporting market growth.

In this market study, a comprehensive analysis of recent dynamics related to AI in e-commerce was conducted to accurately forecast the future of global AI in e-commerce market. The study also includes an in-depth profile of key stakeholders in the global AI in e-commerce market, categorized based on their market positions.

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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. 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 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. 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. 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, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small and medium-scale enterprises.

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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. 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. Moreover, the segment is also projected to register the highest CAGR during the forecast period. The growth 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.

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. Moreover, the region is also projected to register the highest CAGR during the forecast period. The growth of this region is attributed to the 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.

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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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