<!– Name:DistributionId Value:8838333 –> <!– Name:EnableQuoteCarouselOnPnr Value:False –> <!– Name:IcbCode Value:2790 –> <!– Name:CustomerId Value:1026737 –> <!– Name:HasMediaSnippet Value:false –> <!– Name:AnalyticsTrackingId Value:dae8a425-797a-47a8-84c2-d2619fb26b00 –>
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.
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.
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.
|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%|
Key Topics Covered:
1. Executive Summary
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
6.2.1 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
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/u0dcoq
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.
AUTOCANADA ANNOUNCES PROMOTIONS AND EXPANDS LEADERSHIP TEAM
AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multi-location North American automobile dealership group, announced key promotions and additions to its leadership team.
Jeff Thorpe, who joined the Company as President, Canadian Operations in April 2022, will have responsibility for all operations in North America as President, North American Operations. Brian Feldman, who joined as Senior Vice President, Canadian Operations and Disruptive Technologies in April 2022, has been appointed as Chief Operating Officer of the Company.
“Jeff and Brian have proven themselves over the last year and have been instrumental in driving our strong performance through their focus on operational initiatives in Canada. We are very pleased to provide Jeff with the increased responsibility of oversight over our U.S. operations, in addition to Canadian operations, and to appoint Brian as the Chief Operating Officer of the Company,” said Paul Antony, Executive Chairman of the Company.
In addition, Drew Forret will be appointed as Chief Administrative and Transformation Officer and Michael Fera will join as Vice President, Financial Planning and Analysis, each effective in the fourth quarter of 2023. These new roles will support the Company’s renewed focus on fiscal discipline.
“We are very excited to welcome Drew and Michael to the AutoCanada team. Drew and Michael’s significant and proven experience in driving high-performance business cultures with scalable best practices and fiscal discipline will be invaluable for AutoCanada as we continue on the next leg of our journey,” said Mr. Antony.
Drew has over 20 years of experience focusing on the leadership and scaling of growth-based organizations. He most recently held the position of Chief Operating Officer and Chief Financial Officer of Voices, a platform that connects businesses with professional voice talent. Prior to Voices, Drew was the Chief Operating Officer and Chief Financial Officer of CarProof, a provider of vehicle history reports, and President of Activplant, an originator of manufacturing intelligence software. Michael has over a decade of experience in financial planning and analysis. He joins us from Tim Hortons, Canada’s leading quick-service restaurant chain, where he served as Head of Finance for the Canadian business. In addition, Michael held several operational roles spanning development, franchising, non-traditional business and real estate during his tenure with Tim Hortons.
Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries
SHANGHAI, Sept. 25, 2023 /PRNewswire/ — In parallel with HUAWEI CONNECT 2023, Huawei’s Aviation & Rail BU held three global summits specifically oriented to the BU’s niche.
Using an upgraded digital and intelligent foundation, Huawei dives deep into a wide variety of industry scenarios and expedites the intelligent development of aviation and rail through multi-dimensional awareness, ubiquitous connectivity, and open platforms.
China West Airport Group (CWAG) chose Huawei to jointly develop a comprehensive intelligent transformation strategy.
According to Lin Bin, CWAG’s Deputy General Manager, his company has created 35 intelligent solutions for security, operations, services, and other scenarios using Huawei’s high-performance computing power and open intelligent platforms, as well as advanced algorithms for the industry.
For airport operations, digital and intelligent ground handling solutions forecast the real-time status of flights, passengers, and resources, as well as promptly generating warnings. They also intelligently dispatch ground handlers as needed. The solutions increase ground support efficiency by 20% and shorten the time support takes by 17%. In addition, smart airport operation solutions have introduced the optimal flight plan result model to achieve best supply-demand matching and AI-assisted operation command.
Ever-evolving technologies have brought both challenges and opportunities to enterprise digital transformation and intelligent upgrade. Li Junfeng, Vice President of Huawei and CEO of Huawei’s Aviation & Rail BU, delivered an opening speech at the global railway summit. He explained that as GSM-R gradually exits the market, the railway industry requires a next-generation mobile communications system to ensure efficiency and benefits, as well as maintain high-quality development. In response, Huawei is thinking about how it can leverage AI to better serve the railway industry, and have built practices and made remarkable achievements during its journey.
Huawei teamed up with Huitie Technology to develop the Smart Railway TFDS Solution, which uses the Pangu Railway Model with 3 billion parameters. The solution covers all TFDS scenarios and effectively identifies over 430 types of faults on 67 vehicle models with a comprehensive fault identification rate exceeding 99.3%. It ensures near-zero missed inspections for critical faults and triples the operational efficiency.”
Photo – https://mma.prnewswire.com/media/2219738/image_986294_22595231.jpgPhoto – https://mma.prnewswire.com/media/2219739/image_986294_22595309.jpg
View original content:https://www.prnewswire.co.uk/news-releases/huaweis-brand-new-digital-and-intelligent-foundation-upgrades-aviation-and-rail-industries-301937371.html
Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality
Selected innovators leading the charge in reshaping manufacturing for a sustainable future
COBHAM, England, Sept. 25, 2023 /PRNewswire/ — Today, Hexagon’s Manufacturing Intelligence division announced the nine manufacturing startups chosen for its third Sixth Sense cohort. The selected companies were chosen from a highly competitive pool of hundreds of applicants, distinguishing themselves with groundbreaking solutions addressing critical manufacturing challenges, with a focus on sustainability and digital reality.
The selected startups, which hail from seven countries, bring unique approaches to some of today’s most critical manufacturing challenges, such as improving product sustainability, eliminating waste, capturing real-time data, automating design, and incorporating cobots into production lines. As part of the Sixth Sense program, they will gain access to Hexagon’s invaluable market insights, accumulated over decades of collaboration with industry-leading technology giants, which will accelerate their journey to commercial success.
Hexagon, the industrial software leader that plays a pivotal role in manufacturing 90% of aircraft, 75% of smartphones, and 95% of all automobiles worldwide, launched Sixth Sense in January 2022. This initiative is designed to nurture startups within the manufacturing industry by supporting them with Hexagon’s extensive resources.
The nine startups are:
Acerta Analytics, Canada: Acerta Analytics provides advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights. The solution enables automakers and suppliers of complex vehicle parts to improve quality in manufacturing processes and supports early defect detection.Circularise, Netherlands: Circularise offers digital product passports for end-to-end traceability and secure data exchange in industrial supply chains. Its technology helps companies achieve transparency and sustainability by tracking the lifecycle of products and materials.Dessia, France: Dessia offers a platform featuring virtual “bots” that serve as companions to assist engineers in designing mechanical systems. These virtual assistants provide support and insights throughout the design process.Flexxbotics, Boston, US: Flexxbotics specialises in enabling high-mix automation-intensive manufacturers to create flexible next-generation machining environments. It utilises breakthrough FlexxCORE™ technology to seamlessly connect and coordinate collaborative robots with existing automation equipment, IT systems, and personnel to deliver autonomous process control.Launchpad, Los Angeles, US: Launchpad utilises AI and advanced simulation technologies to automate aspects of the design, procurement, and manufacturing process. Its focus is on concepts like mass customization, micro-factories, and software-defined robotics to create shorter supply chains, reduce waste, and deliver new features faster in the manufacturing industry.Rafinex, Luxembourg: Rafinex’s stochastic AI topology optimization for safe, lightweight designs. This technology actively manages uncertainty and risks of real-life variability to create uniquely robust designs that remain safe even in off-design load conditions for application in safety-critical performance sectors such as aerospace, automotive, and tooling.RV Magnetics, Slovakia: RV Magnetics has developed the world’s smallest passive sensor based on MicroWire technology. This sensor combines unique capabilities from electromechanics, electronics, chemistry, physics, applied magnetism, and industrial design, offering diverse applications.ToffeeAM, London, UK: ToffeeAM provides state-of-the-art multi-physics generative design software for engineering. Its mission is to empower engineers to optimise engineering components and systems efficiently, enabling them to go further and faster in design processes.Zaptic, Manchester, UK: Zaptic provides job instruction and collaboration tools for frontline teams, along with a no-code toolkit designed to accelerate the digital transformation of daily operations. The solutions help organizations streamline processes and improve communication among frontline workers.These startups will embark on an intensive 16-week journey as part of the Sixth Sense program, collaborating closely with Hexagon to refine their offerings. Ultimately, up to three winners will be selected from the cohort, granting them access to Hexagon’s extensive resources for global expansion, including potential funding, worldwide office space, and Hexagon’s comprehensive suite of products and services. Additionally, they will be showcased on Hexagon’s open digital reality platform for manufacturing, Nexus, providing them access to world-class companies.
“For this third cohort, we’ve been on the hunt for new innovations that enable manufacturing leaders to lead the net-zero transition – especially with sustainable product design – and we’re thrilled with the caliber of the startups we’ve found to participate,” said Josh Weiss, president of Hexagon’s Manufacturing Intelligence division. “Sixth Sense is designed to pinpoint emerging opportunities for greater innovation, and we’re thrilled to give these companies that are poised for high-growth access to resources and customers that they typically wouldn’t have at this stage in their lifecycle.”
“Hexagon’s commitment to nurturing innovation and driving sustainable manufacturing practices continues to shine through,” said Milan Kocić, head of Sixth Sense, Hexagon. “Each of these startups has demonstrated their capacity to address pressing manufacturing challenges with creativity and determination. Much like our previous cohorts have addressed critical industry challenges, we believe these innovators will play a crucial role in shaping a sustainable future for the manufacturing industry.”
About Sixth SenseHexagon technologies are used to manufacture 90% of aircraft, 75% of smartphones, and 95% of every automobile produced worldwide. It has the scale, the network, and the ambition to make a difference. As we enter the era of Industry 4.0, Sixth Sense was launched to discover smart and efficient solutions that will boost performance and benefit people and the planet. By inviting the next generation of innovators to the table, Hexagon aims to share its resources and make connections that accelerate progress – pushing the boundaries of design, manufacturing, and engineering and starting to imagine a better future for the benefit of everyone. To follow Sixth Sense, and learn about the ecosystem and opportunities for participation, visit https://sixthsense.hexagon.com/.
About HexagonHexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon’s Manufacturing Intelligence division provides solutions that use data from design and engineering, production and metrology to make manufacturing smarter. For more information, visit hexagon.com/mi.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,000 employees in 50 countries and net sales of approximately 5.2bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
View original content:https://www.prnewswire.co.uk/news-releases/hexagons-sixth-sense-announces-nine-startups-to-transform-manufacturing-sustainability-and-digital-reality-301936427.html
- AUTOCANADA ANNOUNCES PROMOTIONS AND EXPANDS LEADERSHIP TEAM
- Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries
- Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality
- Queclink Introduces Future-Ready Industrial Routers at SIDO Lyon
- Huawei Launches the Global Intelligent Education Showcase to Accelerate Digitalization in Education
- CMC Invest Disrupts Online Brokerage Market by Bringing Significant Savings and Long-Term Value to Investors
- Global Metaverse Strategic Market Analysis Report 2023-2030: “Phygital” is the New Era – Metaverse Job Openings on the Rise as Companies Begin to Warm Up to the Concept & Its Promised Potential
- Industry Catapults Revolutionizing the Pharmaceutical Industry in Vietnam. Are they enough? : Ken Research
- Pudu Robotics Debuts at CMS Berlin, Showcasing Latest Autonomous Cleaning Solution
- VVDN Technologies and Axiado Collaborate on Open Compute Platform Compliant data center and Telco O-RAN servers
- Xinhua Silk Road: China int’l service trade fair highlights new features of China’s trade, open economy
- Huawei Accelerates Intelligent Healthcare with the Innovative Digital Medical Technology Solution
- SciBase initiates pilot with Bare Dermatology to advance skin cancer detection in Texas
- Dye & Durham launches revolutionary Unity® Global Platform, offering first-of-its-kind user experience to UK law firms
- Corvallis and Finastra extend partnership to help Italian banks accelerate their instant payments offerings
Artificial Intelligence2 weeks ago
Augnito Announces Significant Upgrades for On-Premises Hosting in The Kingdom of Saudi Arabia as Part of Distinct Strategy Move
Artificial Intelligence6 days ago
NightDragon, CyberKnight Partner to Continue Bringing Leading Cyber Innovation to Middle East, Turkey and Africa
Artificial Intelligence1 week ago
BingX Sponsored Hackathons in APAC for Web3 Talent Development
Artificial Intelligence1 week ago
Unleashing the Power of AI and Machine Learning: GamingTech CEE Panel Explores Advancements in the CEE Region
Artificial Intelligence2 weeks ago
Rockwell Automation reinforces its commitment to Saudi Arabia with the opening of a Digital Center of Excellence
Artificial Intelligence1 week ago
Fraud Detection and Prevention Market size worth USD 146.54 Billion, Globally, by 2030 at 16.98% CAGR: Verified Market Research®
Artificial Intelligence1 week ago
First AlUla World Archaeology Summit wraps up with wide-ranging explorations of what modern society can learn from the past
Artificial Intelligence1 week ago
Are companies contributing to the Sustainable Development Goals?