Meticulous Research®, a leading global market research company, has published a new report titled, “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 - Global Forecast to 2031.” The report projects that the global AI in e-commerce market will exceed $11.1 billion by 2031, with an impressive CAGR of 17.8% throughout the forecast period.

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The market’s expansion is primarily fueled by an increasing demand for customer retention strategies, the growth of social media, and a higher penetration of smartphones and internet access. However, challenges such as high initial investment costs may hinder growth.

Emerging technologies, particularly voice recognition, offer significant opportunities for market advancement. Nonetheless, data privacy concerns and a lack of skilled labor present challenges.

Key Insights from the Report:
• Technology: The AI in e-commerce market is segmented into machine learning (ML), natural language processing (NLP), computer vision, deep learning, and others. The ML segment is expected to hold the largest market share in 2024, while the computer vision segment is forecasted to grow at the highest CAGR.
• Business Model: The report categorizes the market into horizontal and vertical e-commerce models. The horizontal model is anticipated to dominate, appealing to a wide consumer base, while the vertical model is set to grow rapidly.
• Deployment Mode: On-premise and cloud-based deployments are key segments, with on-premise expected to lead in 2024. However, cloud-based solutions are projected to experience substantial growth due to evolving technologies.
• Product Offering: Beauty & fashion products are expected to dominate in 2024, while the electronic products segment is forecasted to register the highest CAGR.
• Geography: Asia-Pacific is projected to lead the global market, driven by large consumer bases and increasing technological advancements.

Prominent Players in the Market:
Key players include 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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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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