Commerce artificial intelligence (AI) involves the application of AI technology for commercial purposes. AI, a field within computer science, focuses on creating programmable machines that mimic human intelligence. Businesses can leverage AI-integrated devices to enhance their operations by integrating AI capabilities such as human-like speech recognition, learning, planning, and problem-solving. The market for commerce AI is driven by the increasing demand for intelligent systems that can automate tasks, improve decision-making, and deliver personalized experiences, fueling the growth and adoption of AI technologies in commercial applications.
According to Data Bridge Market Research the Commerce Artificial Intelligence Market accounted for USD 13.31 billion in 2021, and expected to reach CAGR of 7.87% in 2022 to 2029.
“Cost reduction solutions drive the market”
Cost reduction is a critical driver in the commerce artificial intelligence (AI) market. AI technologies enable automation, optimization, and streamlining of various business processes, resulting in major cost savings. Via leveraging AI-powered solutions, businesses can automate repetitive tasks, enhance operational efficiency, and minimize manual errors. AI-driven analytics and forecasting enable better inventory management and demand planning, reducing inventory costs. Overall, the cost reduction benefits associated with AI implementation incentivize businesses to adopt and integrate AI technologies, driving the growth of the commerce AI market.
What restraints the growth of the commerce artificial intelligence market?
“Risk of data security hinder the market”
Data security is a significant restraint in the commerce artificial intelligence (AI) market. As artificial intelligence relies on extensive data analysis, safeguarding the privacy and protection of sensitive information becomes crucial. The risk of data breaches, illegal access, and misuse of personal data raises concerns among businesses and consumers alike. Compliance with data protection regulations and implementing strong security measures pose challenges for AI adoption.
Segmentation: Commerce Artificial Intelligence Market
The commerce artificial intelligence market is segmented on the basis of offering, platform, application, technology, implementation, and end user.
- On the basis of offering, the commerce artificial intelligence market is segmented into hardware, software and services.
- On the basis of platform, the commerce artificial intelligence market is segmented into ecommerce, and in-store.
- On the basis of application, the commerce artificial intelligence market is segmented into Customer Relationship Management, internet of things (IoT), supply chain analysis, virtual personal assistants, fake review analysis, merchandising, warehouse automation, product recommendation, customer service, ecommerce marketing, product catalogue optimization, and fleet management.
- On the basis of technology, the commerce artificial intelligence market is segmented into deep learning, machine learning, natural language processing (NLP), and others.
- On the basis of implementation, the commerce artificial intelligence market is segmented into cloud-hosting, and on premise.
- On the basis of end user, the commerce artificial intelligence market is segmented into retail, electronics, food and beverages, fashion, logistics and BFSI.
Regional Insights: North America dominates the commerce artificial intelligence market
North America's dominance in the commerce artificial intelligence market is attributed to the concentration of key companies and substantial investments in the artificial intelligence industry. With a favorable ecosystem for innovation and technological advancements, North America is expected to lead in adopting and implementing commerce AI solutions, driving market growth from 2022 to 2029.
Asia-Pacific is poised for lucrative growth in the commerce artificial intelligence market due to factors such as a rising ratio of disposable earnings, the expansion of distribution channels, and the entry of leading market players in E-commerce trading. These developments create favorable conditions for the industry to flourish in the region, driving market growth and adoption of AI solutions.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-commerce-artificial-intelligence-market
Recent Developments in Commerce Artificial Intelligence Market
- In December 2020, IBM enhanced the capabilities of Watson to assist businesses in scaling AI adoption. The upgraded features focused on improving AI automation and enhancing the accuracy of AI predictions. Leveraging natural language processing (NLP), IBM Discovery was empowered to deliver more precise responses to client queries, improving the overall effectiveness and efficiency of Watson's AI capabilities.
The Prominent Key Players Operating in the Commerce Artificial Intelligence Market Include:
- Huawei Technologies Co., Ltd. (China)
- SAMSUNG (South Korea)
- Qualcomm Technologies, Inc. (U.S.)
- NVIDIA Corporation (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Cisco Systems, Inc. (U.S.)
- IBM (U.S.)
- Amazon Web Services Inc. (U.S.)
- Oracle (U.S.)
- Google LLC (U.S.)
- Broadcom (U.S.)
- Descartes Labs, Inc. (U.S.)
- Wipro Limited (India)
- Deere & Company (U.S.)
- Granular, Inc. (U.S.)
- aWhere Inc. (U.S.)
- Apple Inc. (U.S.)
- Microsoft (U.S.)
- MediaTek Inc. (Taiwan)
- ANKI (U.S.)
- SoundHound Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of commerce artificial intelligence market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Commerce Artificial Intelligence Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
