Commerce Artificial Intelligence Market Drivers is raising the stakes in the growing eCommerce sector
HYDERABAD, TELANGANA, INDIA, Nov. 23, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, forecasts that the artificial intelligence in commerce market will be worth US$1,524.3 million in 2020 and 2026 is expected to reach US$10,164.7 million, growing at a CAGR of 40.10% over the forecast period 2021-2026. Artificial intelligence in retail enables faster business decisions based on the results of cognitive technologies, saving time and money by automating and streamlining routine processes and tasks. Executives are looking for ways to increase their competitive advantage and are implementing AI to improve standards, customer experience, revenue and speed of processing. Commerce Artificial Intelligence (AI) aims to pave the way for intelligent commerce in industries such as food and beverage, electronics, fashion and any other sector where processes can be optimized through machine learning and human behavior prediction. The Commerce AI Market is mainly driven by the increased use of artificial intelligence in customer relationship management, warehouse automation and online shops, especially in the apparel industry. The increasing investments in AI-based solutions along with the increasing machine ability to generate judgments from trillions of bytes of online data are estimated to drive the market growth during the forecast period 2021-2026. The report offers a complete analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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The central theses:
1. Pending implementation, cloud hosting segment is the major segment with revenue of US$916.26 million in 2020 and is expected to generate US$6,993 million by 2026. This is mainly due to its agility, which helps depending on upscale and downscale
2. By technology, Machine Learning segment held the largest share with revenue US$698.83M in 2020 and is expected to grow at CAGR 40.90% during forecast period 2021-2026.
3. The Natural Language Processing (NLP) segment is projected to grow at the fastest CAGR of 42.75% during the forecast period 2021-2026. NLP is gaining popularity due to its ability to help machines read, understand, and derive meaning from human language.
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1. The in-store segment held the largest share with revenue of 943.78 million in 2020 and is expected to reach 5,407.55 million during the forecast period 2021-2026, growing at a CAGR of 36.60%. However, it is estimated that the e-commerce segment will grow the fastest at a CAGR rate of 44.84% during the forecast period 2021-2026.
2. The bearing segment is the top-grossing segment with $403.53 million in 2020 and is expected to generate $2,969.39 million by 2026. This is mainly due to the use of robots to automate and speed up work.
3. North America is the major region dominating the Artificial Intelligence in Retail market with revenue of US$561.27 million in 2020 and is estimated to grow at fastest CAGR of 39 will grow .55% to achieve revenue of $3,656.34 million in 2026.
4. In North America region, USA will dominate the Artificial Intelligence in Retail market with revenue of US$397.74M in 2020 and is expected to grow at a CAGR of 40.03% by revenue during the forecast period 2021-2026 of US$2,644.99 million to be achieved in 2026. Mexico is expected to outperform the US in terms of CAGR at 42.56% for the forecast period 2021-2026.
5. Europe is the second major region dominating the Artificial Intelligence in Commerce market with revenue of US$420.79 million in 2020 and is expected to grow at a CAGR of 41.53% during the forecast period 2021-2026, to achieve revenue of $2,984.57 million in 2026. The market is fragmented with key players accounting for approximately 44.54% of the market revenue in 2020.
The Top 5 Players in Artificial Intelligence in Retail are:
1. Amazon web service
4. IBM Corporation
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