Digital Commerce Market Skyrockets: Projected to Reach $17.53 Trillion by 2030
The global digital commerce market is experiencing growth due to the widespread adoption of the Internet and smartphones, the rising prevalence of social media and social commerce, and the continuous evolution of diverse payment methods. Nevertheless, the expansion is hindered to a certain degree by online frauds and various cybersecurity challenges. Despite these constraints, the industry is anticipated to benefit from opportunities generated by digital commerce automation and the increasing scope of cross-border e-commerce.
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The market's expansion is attributed to advancements in industrial-grade digital technology, a growing preference for mobile and tablet digital commerce software, and an increased demand for enhanced e-commerce visibility. The widespread use of smartphones with high-speed internet has also played a pivotal role in the global adoption of e-commerce.
By browsing medium, the mobile/table segment held the highest market share in 2020, holding more nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 16.5% from 2021 to 2030.
By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifts of the global digital commerce market. The market across Asia-Pacific, however, is expected to showcase the fastest CAGR of 17.7% throughout the forecast period. The other provinces discussed in the report Europe and LAMEA.
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Regarding payment modes, the digital wallets segment claimed a significant share in 2020, representing around two-fifths of the global digital commerce market. It is poised to maintain its leading position during the forecast period, with an anticipated CAGR of 17.4% from 2021 to 2030.
In 2020, the solution segment dominated the global market and is expected to maintain its lead, driven by the increased use of digital commerce solutions across various industry verticals. However, the service segment exhibited the highest growth in 2020 due to a surge in demand for professional and managed services.
By business type, business-to-business (B2B) transactions led the digital commerce market in 2020 and are anticipated to continue this trend. This is attributed to the rising adoption of digital commerce software integrating with existing software and inventory management solutions, offering insightful information. Nonetheless, the business-to-consumer (B2C) segment is forecasted to achieve the highest CAGR during the projection period due to the increased adoption of digital commerce and e-commerce solutions by cost-effective and efficient retail customers.
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Covid-19 Imapact Analysis:
Considering the impact of COVID-19, the global digital commerce market is expected to grow from $4.21 trillion in 2021 to $17.53 trillion by 2030, maintaining a CAGR of 15.1%. The pandemic has accelerated the adoption of advanced technologies such as artificial intelligence, automation, and virtualization to control costs and enhance customer experience. A significant surge in online shopping demand has led food & beverage, manufacturing, and logistics companies to invest more in automating supply chains. In 2020, there was a notable 28% increase in global online purchases, largely driven by the pandemic.
Additionally, a 60% increase in the trend of online purchases with in-store pick-up services was observed. The pandemic-induced shift to online spending has alleviated shipping challenges for retailers and consumers, prompting increased investments in digital commerce solutions. For example, in July 2021, Amazon collaborated with Big Commerce to streamline online order fulfillment for merchants, integrating the open SaaS e-commerce platform with Amazon's Multi-Channel Fulfillment. Such investments are expected to drive the continued growth of the digital commerce market.
The Asia-Pacific region is anticipated to experience significant growth in the upcoming forecast period. This growth is attributed to robust technological advancements and continuous progress in the gaming industry, prompting organizations to make substantial investments in digital commerce. This strategic approach aims to sustain growth and enhance the efficiency of online gaming service providers.
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Additionally, factors such as relatively high internet penetration, ongoing enhancements in broadband infrastructure, a notable shift towards digital transformation, increased cloud deployment, technological advancements in online commodity trading, and the ongoing modernization of E-commerce, especially in the realm of smartphone-driven online shopping, are driving substantial investments in digital commerce within emerging economies. Moreover, key players in the Asia-Pacific region are actively engaged in improving their operations and overall efficiency to maintain competitiveness in the digital commerce market. This concerted effort is expected to offer lucrative opportunities for market growth throughout the forecast period.
The key digital commerce industry players profiled in the report are Alibaba Group Holding Limited, Amazon.com, Inc., Best Buy, eBay, Inc., JD.com, Inc., Otto GmbH & Co, Rakuten, Inc., Shopify, Inc., The Home Depot, Walmart, Inc. This study includes market trends, digital commerce market analysis, and future estimations to determine the imminent investment pockets.
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