Digital commerce platform market to reach $7.85 billion
The digital commerce platform market is set to display phenomenal growth with a CAGR of 12.6% at a global level and is estimated to surge from a valuation of US$3.41 billion in 2022 to US$7.85 billion by 2029, according to Future Market Insights.
In 2021, digital commerce platforms accounted for a 35% share of the global e-commerce market. According to the Future Market Analysis, the surge in the adoption of intelligent virtual store design solutions for seamless business encourages companies to implement online commerce platforms. The global digital commerce platform market has grown drastically, owing to increased customer digital literacy.
As per FMI analytical studies, the variation between the BPS values observed in the digital commerce platform market in H1, 2022 - Outlook over H1, 2022 Projected reflects a spike of 40 units. Moreover, compared to H1, 2021, the market is expected to propel by 27 BPS in H1 -2022. Businesses are effectively leveraging cloud-based and on-premises digital commerce solutions to sustain their businesses as the COVID-19 pandemic intensifies.
Over the last few years, digital commerce platforms have proven to have a positive impact resulting in acquiring a large customer basis, allowing service providers and retailers to increase sales and influence existing trends.
To streamline business processes, big data analytics has been widely used over the years. In the retail analytics market and eCommerce market, data analytics applications are growing at an exponential rate due to ascertaining profits, losses, and purchases, and attracting a large number of customers based on their purchasing behaviour.
The global digital commerce platform market has witnessed opulent growth, attributed to widening digital literacy among customers across the globe. With the spectacular surge in digitalisation, demand for virtual platforms for easy business conduct is driving companies to encourage online commerce platforms.
The Covid pandemic intensified the use of digital commerce platforms at an exponential rate as businesses are effectively leveraging on-premises and cloud-based digital commerce solutions to sustain their businesses. Moreover, growth is likely to perpetuate even in the post-pandemic scenario.
A major application is in designing recommendation engines. Digital commerce platforms have proven highly useful in garnering massive customer bases, thus helping retailers and service providers expand their sales and dictate existing trends.
The historical period of 2014 to 2021 witnessed impressive growth in the digital commerce platform market with a surging CAGR of 12.2%. The market is anticipated to rise at a CAGR of 12.6% from 2022 to 2029.
Shopify Inc., SAP SE, Oracle Corporation, Magento Commerce, Salesforce.com Inc., Big Commerce, WooCommerce, Sitecore, Kentico Software, and Unilog Content Solutions Pvt Ltd. are some of the key companies profiled in the full version of the report.
Business entities are leveraging digital commerce platforms to further virtual learning programs to better equip employees for future uncertainties. As the global virtual space expands, business entities are scrambling to incorporate the most advanced digital commerce software within their scope of operations. Compelling solution providers to constantly launch new products equipped with contemporary advancements.
More Insights into the Digital Commerce Platform Market
North America is anticipated to dominate the global digital commerce platform market, owing to the deep internet penetration and access to smart devices. As per estimations, around 70% of households have multiple streaming subscription services in the U.S.
The surge in demand for software maintenance, generation of green spaces for key vendors, and implementation services are on the rise in the U.S. A large existing base of digital media users and growing usage of smartphones is fuelling the growth of the market in the U.S.
The East Asia digital commerce platform market is expected to portray to highlight lucrative growth opportunities in the digital commerce platform market. China comprises the world’s largest manufacturing hub with over 600 million internet users. Hence bolstering growth in the market.
Rise in shifting consumer preferences due to the increased use of digital commerce platforms by the urban population, the digital commerce platform market in China is growing at a rapid pace.