Commerce Technology and Services Market - Industry Analysis, Size, Growth, Trends, Forecast 2024

Businesses and organizations are integrating commerce technology and services into their business processes and business models to enhance their core services. The growth of internet is a major contributor to the adoption of commerce technology and services around the globe. Commerce technology can be recognized as a combination of regulatory reforms and technological innovations such as optic fiber, and Digital Subscriber Line (DSL) etc. In addition, among all other commerce technologies, e-commerce helps in the implementation of digitally enabled commercial transactions which occur over the web between and among individuals and organizations. Furthermore, these technologies and services are often used by businesses and organizations for marketing, selling, service offering, online banking, and billing etc.

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The rising penetration of commerce technologies and services made huge impact socially and economically on individuals, businesses, retailers, and supply chain management among others. Commerce technology allows individuals and businesses to use mobile and smart-phone applications to carry out online transactions. Likewise, with increasing adoption of commerce technologies and services various retailers such as Wal-Mart Stores, Inc., and Amazon.com, Inc. are implementing Omni-channel model which allows them to integrate their separate channel to enhance customer support.

The adoption of commerce technologies and services is rapidly increasing due to reducing need for physical currency or goods to conduct transaction. Commerce technologies and services facilitate businesses and organizations in implementing low-cost advertisements, and reduce distribution, marketing, phone, postage and printing costs among many others. In addition, low capital investment and relatively relaxed entry barriers are required to establish companies on internet due to these technologies and services. Furthermore, commerce technologies allow businesses to implement cross-border markets for almost all products and services. Moreover, the increasing demand for products with less price tags are compelling businesses to adopt e-commerce technologies. All these traits are expected to drive the commerce technology and services market over the forecast period. However, hidden costs such as shipping, re-stocking fees, network unreliability/ failures, and security are major concerns for e-commerce technologies. In addition, government regulations and policies related to commerce technologies such as data protection, privacy, taxation, content, copyrights, electronic contracts and other communication, consumer protection norms are expected to restraint the large scale adoption of commerce technologies and services. However, the increasing penetration of internet around the globe and implementation of better security policies and procedures offer huge growth opportunities for the e-commerce technology market.

The commerce technologies and services market is segmented by end-use, by technology, by component, and by geography. By end-use, the commerce technology and services market is segmented into banking, financial services and insurance (BFSI), commercial and retail, corporate, media and entertainment, and others (consumer services, etc.). Based on technology, the commerce technology and services market is segmented into e-commerce, and m-commerce. By component, the commerce technology and services market is segmented into software, and services. Based on geography, the commerce technology and services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these regions, North America has seen flourishing growth in commerce technology and services due to high online population and growing popularity of remote transactions among businesses. Furthermore, Asia Pacific and Europe are expected to witness large scale adoption of commerce technology and services due to rising internet penetration among individuals, government, and businesses among others. For instance, the Indian government is emphasizing on the penetration of commerce technologies and services in businesses by initiating projects such as digital India and Aadhar.

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The major players in e-commerce technology and services market include Oracle Corporation, International Business Machines Corporation (IBM), Hybris AG, Adobe Systems Inc., PrestaShop SA, Elastic Path Software Inc., eVision Technologies Ltd, JDA Software Group, Inc., CenturyLink, Inc., Insite Software Solutions, Inc., and Cleverbridge AG.

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