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Commerce Cloud Market Opportunities and Strategies 2024-2033 | Insights, Demand, and Outlook
Commerce Cloud Market Demand
As per the report, the commerce cloud market size has grown rapidly in recent years. It will grow from $21.78 billion in 2023 to $25.75 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The commerce cloud market size is expected to see rapid growth in the next few years. It will grow to $50.67 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%.
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E-Commerce Industry Growth Fuels Expansion Of The Commerce Cloud Market
The increase in the growth of e-commerce industries is expected to propel the growth of the commerce cloud market going forward. The e-commerce industry is the economic sector that involves buying and selling goods and services over the internet. The growth of e-commerce industries is propelled by the increasing demand for convenience, accessibility, and efficiency in shopping, which significantly contributes to the expansion of commerce cloud solutions. As more businesses embrace online selling to cater to consumer demands, a parallel need arises for robust digital infrastructure to support these operations efficiently. For instance, in November 2023, according to the United States Census Bureau, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the increase in the growth of e-commerce industries in several countries is driving the growth of the commerce cloud market.
Salesforce Launches Einstein GPT for Commerce Cloud
Major companies operating in the commerce cloud market are developing innovative technologies, such as Einstein GPT, to increase demand in the market. Einstein GPT uses a network of models from leading generative AI providers in the industry and from Salesforce's AI research. For instance, in March 2023, Salesforce Inc., a US-based software company, launched Einstein GPT, a new AI tool designed to help customers automate and tailor recommendations in Commerce Cloud. It can be used for training, insights, and data analysis and can be integrated with different Salesforce apps. It can be used across multiple Salesforce clouds, including marketing cloud, sales cloud, and commerce cloud, and it seamlessly integrates with Salesforce CRM, combining powerful features with advanced AI capabilities.
The commerce cloud market covered in this report is segmented -
1) By Type: Commerce Cloud Platforms, Commerce Cloud Services
2) By Platform : Business To Business Commerce, Business To Customer Commerce
3) By Service : Training And Consulting , Integration And Deployment , Support And Maintenance
4) By End User : Fashion And Apparel , Pharmaceutical And Grocery, Electronics And Appliances , Food And Beverage
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Major companies operating in the commerce cloud market are Google LLC, Alibaba Group Holding Limited, Amazon Web Services, IBM Coporation , Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe, HCL Technologies, Shopify Inc., Magento (Adobe) Inc., Episerver, Sitecore, Digital River Inc., BigCommerce Pty Ltd., Optimizely Inc., VTEX, Commercetools, Apttus Corporation , Kibo Commerce, Lightwell Inc, Voyado Lund AB, Elastic Path, Shopgate, Squareup eCommerce, TradeGecko.
Contents of the report:
1. Executive Summary
2. Commerce Cloud Market Report Structure
3. Commerce Cloud Market Trends And Strategies
4. Commerce Cloud Market - Macro Economic Scenario
5. Commerce Cloud Market Size And Growth
…..
27. Commerce Cloud Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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