Artificial Intelligence
E-Commerce Market Worth $16,215.6 Billion by 2027 – Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
London, Sept. 15, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “E-Commerce Market by Business Model, Browsing Medium, Payment Mode (Card Payment, Bank Transfer, Digital Wallet), Offering (Travel, Electronics, Beauty & Fashion, Household, Pharmaceuticals, Food & Beverages), and Geography – Global Forecast to 2027”, published by Meticulous Research®, the e-commerce market is expected to reach $16,215.6 billion by 2027, at a CAGR of 22.9% during the forecast period of 2020 to 2027.
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E-commerce refers to the buying or selling goods and services through an electronic medium, largely through the Internet. The business transactions in e-commerce often occur either as business-to-consumer (B2C), business-to-business (B2B), consumer-to-business or consumer-to-consumer. The wide availability of goods and services for the customers, around-the-clock availability, easy accessibility, and international reach are some of the key benefits of e-commerce.
The growth of the e-commerce market is primarily attributed to the growth in the omnichannel business models, consistently growing use of social media, rising adoption of internet services & smartphone penetration, and advancements in the new payment modes. Growing adoption of advanced technologies, such as AR/VR and on-site customization for personalized shopping experiences, are observed as key trends contributing to the market growth. Additionally, the automation and expansion of e-commerce across different countries are anticipated to offer key growth opportunities for stakeholders and marketers in the global e-commerce market. However, online frauds and cybersecurity issues are key factors restraining the market growth to some extent.
The Impact of COVID-19 on the E-Commerce Market
The outbreak of COVID-19 has immensely affected e-commerce firms on different levels. The overall e-commerce ecosystem faced several key challenges in terms of fulfilling the consumer demand for products, disrupted supply chains, limited operations due to the lockdown imposed by governments, inventory management, and overall lack of employees. Strict measures imposed by governments, such as temporary closure of non-essential businesses, social distancing, lockdowns, and other measures in response to the COVID-19 pandemic, had led consumers to ramp up online shopping. This has resulted in spikes in e-commerce sales and thus, augmented the adoption of e-commerce.
The COVID-19 pandemic has changed consumers’ lifestyles and buying patterns, enabling them to switch from purchasing goods and services from traditional retail stores to online portals. This forced marketers to get accustomed to the new reality and revise their business strategies. Furthermore, consistently changing consumer behavior has led e-commerce companies to focus on different payment modes and promote cashless payment methods to a considerable extent. Thus, companies offering digital platforms for cashless payments also recorded high customer engagement during the pandemic.
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However, most governments from affected regions have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments have started investing in the promotion of various digital platforms to protect businesses and individual incomes. Thus, government support is also poised to play a key role in shaping the positive future of the e-commerce industry at the global level.
Rising reliance on the Internet and growing smartphone penetration to drive the growth of this market
The significant growth of e-commerce is attributed to the proliferation of the Internet, particularly in developing and underdeveloped countries. The growing affordability of internet services has benefitted a large number of people through online services, including e-commerce. According to the statistics published by Internetworldstats.com, approximately 5.05 billion people have access to some form of internet. With the consistent proliferation of the Internet, growing awareness about the Internet and e-commerce, and improving consumers’ spending capacity in developing and underdeveloped countries, e-commerce sectors are witnessing huge growth.
Furthermore, growing smartphone penetration at affordable prices is further fueling the growth of e-commerce at the global level. Growing automation in technologies associated with smartphones and ease in shopping from a remote location through smartphones further simplify the shopping experience, contributing to the e-commerce market growth. Thus, most internet users are gradually shifting from desktop/laptop to smartphone for basic internet usage. Due to this, the growth of the e-commerce sector operated through smartphones is witnessing a significant spike.
To provide efficient analysis, Meticulous Research® has segmented this market based on the business model (horizontal and vertical), /laptop), payment mode (card payment, bank transfer, digital wallet, cash on delivery, other payment modes), browsing medium (mobile/tablet, desktop offering category (travel & tourism, electronics products, beauty & fashion products, household products, pharmaceuticals products, small and medium-sized farms, food and beverages, others), and geography.
Based on business model, the e-commerce market is mainly segmented into horizontal and vertical business models. In 2021, the horizontal e-commerce segment is estimated to account for the largest share of the overall e-commerce market due to features of this model, such as better supply chain optimization and high competition on the platform results in better prices and discounts for consumers. However, the vertical e-commerce segment is expected to grow at the highest CAGR owing to the growing popularity of dedicated e-commerce portals and less time required for shopping from vertical e-commerce.
Based on browsing medium, the e-commerce market is segmented into mobile/tablet and desktop/laptop segments. In 2021, the desktop/laptop segment is estimated to account for the largest share of the global e-commerce market. The large share of this segment is primarily attributed to the growing demand for desktops & laptops during the COVID-19 pandemic due to work-from-home culture. Besides, the mobile/tablet segment is expected to grow with the highest CAGR owing to growing internet penetration across the globe, which has boosted the sale of mobiles and tablets.
Quick Buy – E-Commerce Market Research Report: https://www.meticulousresearch.com/Checkout/42644799
Based on payment mode, the e-commerce market is segmented into card payments, bank transfers, digital wallets, cash payments, and other payment modes. In 2021, the card payment segment is estimated to account for the largest share of the overall e-commerce market. The large share of this segment is mainly attributed to its extensive adoption and popularity in developed and developing countries owing to its security, convenience, and offers and rewards extended by e-commerce platforms for card payments. However, the digital wallets segment is bound to offer significant growth opportunities in the next few years due to the e-commerce portal’s encouragement to use digital wallets coupled with convenience and security factors.
Based on offering, the e-commerce market is segmented into travel & tourism, electronic products, beauty & fashion products, household products, pharmaceutical products, food & beverage, and other products. In 2021, the beauty & fashion products segment is estimated to account for the largest share of the overall e-commerce market. High demand for cosmetics and clothing and rapid change in customer behavior and buying preferences are some of the major factors driving the growth of this segment. Moreover, the increasing usage of smartphones and the growing number of small and mid-cap companies offering their products on digital platforms are further estimated to drive the segment with the fastest growth rate in the forecast period.
Geographically, the global e-commerce market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, the Asia-Pacific region is estimated to account for the largest share of the global e-commerce market. The large share of this region is primarily attributed to the increasing number of retailers focusing on an omni-channel business model and the growing adoption of smartphones and internet services at affordable prices in developing countries. This region is also estimated to grow with the highest CAGR owing to growing awareness regarding the usage of internet services, increasing number of start-ups engaged with e-commerce platforms to offer their products, and rising government initiatives in up-bringing and protecting the non-digitalized businesses by engaging them with several other digital platforms.
The key players operating in the global e-commerce market are Amazon.com, Inc. (U.S.), Alibaba Group Holding Limited (China), Walmart, Inc. (U.S.) The Home Depot, Inc. (U.S.), JD.com, Inc. (China), Rakuten, Inc. (Japan), Otto GmbH & Co KG (Germany), Zalando SE (Germany), Priceline.com (U.S.), B2W Digital (Brazil), Groupon, Inc (U.S.), Inter Ikea Systems B.V. (Netherlands), Costco Wholesale Corporation (U.S.), Shopify, Inc. (U.S.), Wayfair, Inc. (U.S.), Suning.Com Co., Ltd. (China), Best Buy Co., Inc. (U.S.), and Tesco Plc (U.K.), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/e-commerce-market-4644
Scope of the Report:
E-commerce Market, by Business Model
- Horizontal E-commerce
- Vertical E-commerce
E-commerce Market, by Browsing Medium
- Mobile/Tablet
- Application-based
- Browser
- Desktop/Laptop
E-commerce Market, by Payment Mode
- Card Payment
- Bank Transfer
- Digital Wallet
- Cash-On-Delivery (COD)
- Other Payment Mode
E-commerce Market, by Offering Category
- Travel & Tourism
- Electronics Products
- Beauty & Fashion Products
- Household Products
- Pharmaceutical Products
- Small & Medium-sized Farms
- Food & Beverages
- Others (Sports, Agriculture, and Automotive)
E-commerce Market, by Region
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Netherlands
- Norway
- Russia
- Rest of Europe (ROE)
-
- Asia-Pacific
-
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Indonesia
- Vietnam
- Malaysia
- Rest of Asia-Pacific (ROAPAC)
-
- Latin America
- The Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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About Meticulous Research®
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.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Content Source: https://www.meticulousresearch.com/pressrelease/200/e-commerce-market-2027
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
Download a detailed overview:
https://www.skyquestt.com/report/robotics-market
Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
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Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
View original content:https://www.prnewswire.co.uk/news-releases/robotics-market-to-surpass-usd-126-96-billion-by-2031–skyquest-technology-302127230.html
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