e-Commerce Software and Platform Market demand is projected to increase at an impressive 12.8% CAGR From 2023 to 2033

The global e-Commerce software and platform market, valued at $4.3 billion in 2023, is projected to grow at a high-value CAGR of 12.8% over the next decade. By the end of 2033, the worldwide demand for e-Commerce software and platforms is expected to reach $14.4 billion.

Due to the convenience and cost-effectiveness of online platforms, retailers have observed a growing client preference for online purchases. This trend has encouraged merchants to implement e-commerce software and platforms to enhance the customer shopping experience and expand their visibility, allowing them to reach remote customers and boost product and service sales. Additionally, e-commerce software and platforms facilitate a seamless customer experience by integrating mobile, offline, and online buying channels.

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As more retailers focus on leveraging online platforms to attract new client segments, ongoing technological advancements have intensified competition within the retail industry.

The U.S. market is anticipated to grow rapidly through 2022 and beyond. Driven by substantial order values and increasing conversion rates, sales of e-commerce software and platforms via the business-to-business model are expected to expand significantly during the assessment period.

Emerging markets in India and Greater China are projected to offer potential growth opportunities for e-commerce software and platform vendors due to the burgeoning e-commerce industry in these regions. The adoption of cryptocurrency and blockchain has significantly transformed the e-commerce market, driving demand for e-commerce software and platforms, which are expected to account for 60% of global demand.

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Vendors are now offering XaaS (Everything as a Service), which includes SaaS (Software as a Service), PaaS (Platform as a Service), and IaaS (Infrastructure as a Service), reflecting a shift from on-premise to cloud-based deployment. Industry players are focusing on cloud-based platforms, particularly SaaS, as an effective deployment mechanism for e-commerce software and platforms to maintain client loyalty.

Key Takeaways:
The implementation of SaaS-based e-commerce software and platforms will account for 80% of the overall market.
B2B e-commerce software deployment will account for 3/5th of the global market by business type.
The United States is predicted to be the most lucrative market, with a revenue share of roughly 40%.
India and China are expected to account for 60% of the worldwide market for e-commerce software and platforms.
In terms of e-commerce software and platform demand, APEJ is expected to represent a 4x rise.
In 2022, the global market for e-commerce software and platforms is expected to be worth US$ 3.81 billion.

Market Segmentations:
By Deployment Outlook : SaaS, On-premise
By End-use Outlook : Apparel, Electronics, Travel & Tourism, Home & Furnishing, Others
By Business Model : B2B, B2C, Marketplace, Others
By Region : North America, Latin America, Europe, APAC, MEA

Key Players in the E-commerce Software and Platform Market Include: Shofipy, SAP SE, IBM Corporation, Magento, Salesforce.com, Inc., WooCommerce, Intershop Communications AG, Shopware AG, Volusion LLC, BigCommerce, 3D Sellers, Infusionsoft, Jazva, Wix.com

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Competitive Landscape
Product innovation and strategic mergers and acquisitions influence the competitive landscape of the e-commerce software and platform sector. To take advantage of lucrative opportunities in developing markets, front-runners are focusing capacity increases and global footprint development.

In January 2022, YesStyle.com, a prominent e-commerce platform for fashion, beauty, and lifestyle products owned by YesAsia Holdings Ltd., chose Oracle Fusion Cloud Customer Experience (CX) to automate its marketing platform with flexible and dependable AI-driven technology.
In November 2021, The Finacle Digital Banking Solution Suite will be available on Red Hat OpenShift and IBM Cloud for Financial Services according to Infosys Finacle, a wholly-owned subsidiary of Infosys. With an on-demand range of products and services, our alliance will help banks scale business transformation, become more flexible, and propel their growth.

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This release was published on openPR.