ESOMAR-certified global market research and consulting firm, Future Market Insights (FMI) has recently published an exhaustive report on the global digital commerce platform market. According to the study, global digital commerce platform market is likely to surge at over 14% CAGR through 2029, with SME adoption in SME segment driving growth.
Over the years, e-commerce has made significant strides, with consumers spending over US$ 3 trillion on online purchases as of the previous financial year. This number has expanded nearly sevenfold as of today. This is welcome development for prominent digital solution platform providers in the coming years.
Of specific importance is the emergence of subscription-based e-commerce platforms, particularly in the media & entertainment segment, is generating lucrative expansion opportunities.
- Global digital commerce platform market to surge at nearly 14% value CAGR through 2029
- Design & implementation services to register maximum incline by component type
- High uptake is likely across small & medium enterprises, expanding at over 14% volume CAGR through 2029
- Consumer electronics sales to witness maximum expansion, followed by fashion & apparel products
- North America to remain the dominant digital commerce market, East Asia to expand the fastest
“Prominent manufacturers are emphasizing on offering diversified shopping channel experience, with reliance on social media as a primary marketing source for their products and services, greatly enhancing their revenue prospects,” comments the FMI analyst.
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COVID-19 Impact Analysis
As the COVID-19 pandemic tightens its grip on the global economy, businesses are increasingly relying on virtual platforms to conduct their operations. Since the pandemic’s onset, global e-commerce sales figures have aggrandized. The United States, for instance, is likely to experience over 40% e-commerce by 2020-end.
The overall impact of the pandemic crisis is highly diffused. While categories such as ICT/electronics, pharmaceuticals, PPE and groceries have surged, segments such as sports equipment, formal clothing and travel & tourism have witnessed substantial decline. In South Korea, e-commerce transaction value rose by nearly 16% between July 2019 and July 2020.
The trend of online buying is expected to outlast the COVID-19 pandemic, with consumers finding it highly convenient to make online purchases and greater access to internet devices. Although vaccine administration has begun, it will be a while before it is available globally, prompting consumers to observe social distancing protocols.
Leading players in the global digital commerce platforms market are leveraging the ever expanding global virtual space to introduce technologically sophisticated solutions to potential clients. These players offer both B2B and B2C solutions to retain a broader customer base.
For instance, in July 2020, Unilog Content Solutions announced a partnership with Acumatica to offer the Acumatica Marketplace platform through which reselling partners can avail access to complimentary applications to enhance functionality of B2B e-Commerce solutions.
Similarly, in October 2020, Kentico Software launched the Kentico Xperience 13 digital experience platform for marketers and developers with new updates and features. The release is part and parcel of its rebranding of the Kentico EMS product to enhance content management, commerce and digital marketing capabilities.
More Valuable Insights on Digital Commerce Platform Market
In its latest report, Future Market Insights offers an unbiased analysis of the global digital commerce platform market, providing historical data for period of 2014-2018 and forecast statistics for the period of 2019-2029. To understand opportunities in the digital commerce platform market, the market is segmented on the basis of component (solution, services), enterprise size (small and medium enterprises, large enterprises), and end-use industry (food & beverages, fashion & apparel, health & beauty, electronics, home & furniture, automotive, media & entertainment, others), across seven major regions.
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Key questions answered in the report
- How will the global digital commerce platform market expand in the future?
According to Future Market Insights, the global digital commerce platform market was valued at US$ 4.7 Bn in 2018, and is expected to reach US$ 20 Bn by 2029. Growth is primarily driven by increasing preference for cloud-based platforms
- Which is the most promising digital commerce platform market?
North America is expected to remain the lucrative digital commerce platform market, attributed to surging e-commerce business volumes and growing numbers of start-ups. However, East Asia is expected to emerge as the fastest growing market, with China at the forefront
- How is COVID-19 impacting the said growth projections?
The COVID-19 pandemic has only served to uplift the digital commerce platforms market growth, as consumers increasingly rely on e-commerce websites such as Amazon and Alibaba to make their purchases. Prolific increases have been registered across emerging economies, owing to surging business volumes
- Which is the primary end-use industry for digital commerce platforms?
The electronics segment is expected to generate significant expansion opportunities, as social distancing protocols amid the pandemic crisis is compelling organizations to extend work from home arrangements, bolstering demand for gadgets such as laptops and smartphones. Moreover, increased reliance on media and entertainment is also propelling their demand
- Which prominent players operate in the digital commerce platforms market?
Some prominent players active in the global digital commerce platforms market include Shopify, Inc., SAP SE, Oracle Corporation, Magento Commerce, Salesforce.com, Inc., Apttus, Intershop Communications AG, BigCommerce, WooCommerce, Sitecore, Episerver, Kentico Software and Unilog Content Solutions Pvt. Ltd.