Press release
Digital Commerce Applications Market Expanding at an impressive CAGR of 12.6% by 2029
Digital Commerce Applications Market
35% of the worldwide e-commerce market in 2021 was accounted for by digital commerce platforms. According to the Future Market Analysis, companies are being encouraged to implement online commerce platforms by the rise in the use of intelligent virtual store design solutions for seamless business. Due to rising customer digital literacy, the market for global digital commerce platforms has experienced dramatic growth.
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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.
Key Takeaways
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.
In order to streamline business processes, big data analytics has been widely used over the years. In the retail analytics market and e-Commerce market, data analytics applications are growing at an exponential rate due to ascertain profits, losses, and purchases, and to attract a large number of customers based on their purchasing behavior.
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 digitalization, 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.
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Competitive Landscape
Shopify Inc., SAP SE, Oracle Corporation, Magento Commerce, Salesforce.com Inc., BigCommerce, 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 fueling the growth of the market in the U.S.
The East Asia digital commerce platform market is expected to portray to showcase 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.
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Key Segments of Digital Commerce Platform Industry Survey
Digital Commerce Platform Market by Component:
Digital Commerce Platform Solutions
Digital Commerce Platforms
e-Commerce APIs
Digital Commerce Platform Services
Design & Implementation
Consulting
Support & Maintenance
Digital Commerce Platform Market by Enterprise Size:
Small and Medium Enterprises (SMEs)
Large Enterprises
Digital Commerce Platform Market by End-use Industry:
Food & Beverages
Fashion & Apparels
Health & Beauty
Electronics
Automotive
Home & Furniture
Media & Entertainment
Others
Digital Commerce Platform Market by Region:
North America Digital Commerce Platform Market
Latin America Digital Commerce Platform Market
Europe Digital Commerce Platform Market
East Asia Digital Commerce Platform Market
South Asia & Pacific Digital Commerce Platform Market
Middle East & Africa (MEA) Digital Commerce Platform Market
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