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Global Video Commerce Market Report 2023: Growing Integration of AR and VR in Video Commerce Presents Opportunities

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Dublin, May 12, 2023 (GLOBE NEWSWIRE) — The “Global Video Commerce Market: Analysis By Product Category (Apparels, Personal & Beauty Care, Accessories, Home Product, Health, Food & Beverages, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global video commerce market was valued at US$526.72 billion in 2022. The market value is expected to reach US$2.79 trillion by 2028. Video Commerce”, or “Live Video Shopping” or “Live Streaming E-com”, is a form of e-commerce where a host showcases and demonstrates products in real-time through a live video stream, and viewers can interact with the host and make purchases directly from the stream. It can be used across various channels, including social media, e-commerce platforms, and mobile apps.

The growth of the video commerce market is underpinned by young adults (Gen Z and younger cohorts), which generally favor new technologies, have more confidence in social platforms and online transactions, and use their smartphones to a far greater extent than older generations.

On the other hand, video e-commerce is rapidly growing, with big e-commerce brands like Amazon, Pinduoduo, Alibaba, and JD.com taking advantage of this marketing strategy to dominate the e-commerce market. Video commerce has essentially become part of daily life in China, where more than two-third of consumers said that they bought products from a Video Commerce broadcast in 2022. The market is expected to grow at a CAGR of approx. 32% during the forecasted period of 2023-2028.

Market Segmentation Analysis:

By Product Category: The report provides the video commerce market analysis based on following product categories: Apparel, Personal & Beauty Care, Accessories, Home Products, Health, Food & Beverages, and Others. The apparel segment held the highest share in the market, whereas personal & beauty care is expected to be the fastest-growing segment in the forecasted period.

Apparel is a highly visual product, and video commerce provides a way for customers to see how the product looks and fits a real person, which can be more informative and engaging than just seeing a photo.

On the other hand, video commerce can be used to provide personalized recommendations for products based on a customer’s skin type, hair type, or other characteristics. This can help to create a more personalized shopping experience and increase customer loyalty. Thus, owing to these benefits, video commerce in the personal and beauty care segment is expected to grow significantly in the coming years.

By Region: The report provides insight into the video commerce market based on the regions, namely, Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacifc held the highest share of the market. In China, live commerce has transformed the retail industry and established itself as a major sales channel in less than five years.

China’s video commerce leadership is also manifested in much higher e-commerce penetration rates. Many of the major e-commerce platforms in China, such as Alibaba’s Taobao and JD.com, have integrated video commerce into their platforms.

The video commerce market has also been flourishing in India as the number of video commerce consumers are increasing in India over the years. For instance, WATConsult reported 146 million video commerce users in 2020 in India, a number expected to grow to 216 million by the end of 2022.

In North America, the video commerce market is still in its infancy. But in the coming years, the market is expected to grow significantly. In the US, the penetration rate of video commerce is increasing in the past few years owing to the rise of smartphones, improved technology (e.g., logistics and supply chain management), convenience, and better and more convenient payment options.

It can also be seen that the maturity level of the US video commerce is currently equivalent to where China was back in 2018. This means that the US market is lagging the Chinese market by at least five to six years. It is expected that the US and other Western markets are bound to follow the Chinese adoption curve of video commerce considering Gen Z smartphone usage and video consumption trends, to give some examples.

In Europe, the popularity of video commerce has increased in the past few years. For instance, according to an independent study conducted by Forrester in December 2020, which surveyed over 12,000 consumers in the UK, Spain, France, and Poland, 70% of consumers showed a keen interest in video commerce.

Market Dynamics:

Growth Drivers: The global video commerce market growth is predicted to be supported by numerous growth drivers such as increasing video commerce penetration in e-commerce, increased adoption of video commerce technology by the fashion industry, escalating social commerce market, an increasing number of internet users, surging gen Z and millennial population, advantages of video commerce over other forms of commerce, and many other factors.

The penetration of video commerce in e-commerce is increasing gradually around the world. An increasing penetration rate means that a large number of e-commerce websites are using video content to promote their products and engage with customers. As more e-commerce retailers adopt video commerce, it can lead to increased demand for video production and distribution services, and create new opportunities for video commerce companies to expand their business.

Challenges: However, the market growth would be negatively impacted by various challenges such as lack of awareness, regulatory challenges, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as the growing integration of AR and VR in video commerce, an increase in mobile 5G subscriptions, escalating role of AI, rising trend of interactive videos, personalization, increasing trend of short-form videos, etc.

AI-powered chatbots can help to provide customer service and support by answering questions and resolving issues in real-time. This can improve customer satisfaction and reduce the workload of customer service teams. Furthermore, AI can help businesses to analyze customer data and behavior to better understand their needs and preferences. This can inform product development and marketing strategies, leading to increased sales and customer loyalty.

The key players in the global video commerce market are:

  • Alibaba Group (Taobao)
  • Shopify Inc.
  • Amazon.com, Inc. (Amazon Live)
  • Alphabet Inc. (Youtube)
  • Wayfair Inc.
  • Bambuser
  • Channelize.io
  • Firework
  • LiSA
  • BuyWith
  • ShopShops
  • LiveScale

Some of the strategies among key players in the market are new launch, mergers, acquisitions, and collaborations. TikTok has launched TikTok Shop in the US, which enables in-app purchases. TikTok did this in collaboration with TalkShopLive, which provides the underlying tech and supports the streams. TikTok Shop also announced a partnership recently with Bambuser in the US.

On the other hand, as of August 2022, and March 2023, Meta would no longer continue with their live streaming services on Facebook and Instagram, respectively. These announcements come as part of Meta’s decision to focus on reels on the social media platforms. Moreover, in 2023, Google’s YouTube announced that the company would incorporate new generative AI features into the company’s video-sharing platform, as the internet giant hastens to keep up with artificial intelligence rivals such as OpenAI Inc. and Microsoft Corp.

Key Attributes:

Report Attribute Details
No. of Pages 139
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $0.7 Trillion
Forecasted Market Value (USD) by 2028 $2.79 Trillion
Compound Annual Growth Rate 31.9%
Regions Covered Global

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Video Commerce Penetration in E-Commerce
6.1.2 Increased Adoption of Video Commerce Technology by the Fashion Industry
6.1.3 Escalating Social Commerce Market
6.1.4 Increasing Number of Internet Users
6.1.5 Surging Gen Z and Millennial Population
6.1.6 Advantages of Video Commerce Over Other Form of Commerce
6.2 Challenges
6.2.1 Lack of Awareness
6.2.2 Regulatory Challenge
6.2.3 Slower-Than-Expected Technology Adoption
6.3 Market Trends
6.3.1 Growing Integration of AR and VR in Video Commerce
6.3.2 Increase in Mobile 5G Subscriptions
6.3.3 Increasing Trend of Short-Form Videos
6.3.4 Escalating Role of AI
6.3.5 Rising Trend of Interactive Videos
6.3.6 Personalization

7. Competitive Landscape

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/u0dcoq

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Artificial Intelligence

First Comprehensive Report on Public Web Data Released by Bright Data

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Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.

Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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Artificial Intelligence

OSIA becomes an official International Telecoms Union (ITU) standard

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ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).

The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html 
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor.  More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/ 
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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SciBase will present at the Redeye Medtech Event on April 24th

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STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.

On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
 

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