The global Digital commerce Platform Market was valued at US$ 8.9 Billion in 2022, and is projected to reach US$ 19.57 Billion by 2030, exhibiting a CAGR of 10.3% over the forecast period (2023-2030). According to Global Digital Commerce Platform Market Report, "By Business Model (Business to Consumer (B2C), Business to Business (B2B), Consumer to Business (C2B), and Consumer to Consumer (C2C)), By Deployment Model (On-premises, Software as a Service, and Fully Managed), By Verticals (BFSI, Retail Communication, Airline + Travel, and Others) and By Region (North America, Latin America, Europe, APAC and Middle East & Africa).
The commercial sector is witnessing a huge shift from conventional practices to a new technology-backed approach. The traditional concept of physical markets is slowly becoming outdated as the e-commerce industry is growing substantially. The advent of technology gave rise to innovations related to virtual marketplace, online payments, and digital wallets, which further enhanced the growth prospects of the global digital commerce platform market. The convenience offered by these digital commerce platforms is attracting increasing number of users. Users of such platforms are able to browse through different categories of goods and services, compare the offerings from different sellers based on price and specifications, and avail several discounts and offers that make the use of digital commerce platform the preferred choice of the customers. Subsequently, the market players respond to these growing demand by ensuring an efficient platform is being developed to carry out varied transactions without any downtime. Owing to these factors, the global digital commerce platform market is expected to grow at a substantial pace during the forecast period.
Global Digital Commerce Platform Market- Drivers
Increased adoption of technological services in developing countries:
Developing countries such as, India, Indonesia, Brazil, etc. are focusing on rapid economic development. As a result, the technological infrastructure in these countries is developing rapidly. The people living in these countries are experiencing growth in income and hence are inclined towards the adoption of technological solutions into their daily lives as these solutions provide ease of life. For example, Asia Pacific hosts the largest population across the globe and is witnessing rapid adoption of smartphones, internet, and other portable devices. Asia Pacific is also home to highly evolved consumers with sophisticated demands where digital commerce offers the convenience of purchase. These consumers are ready to embrace technological interventions in their lives such as easy payment gateways. For instance, according to the data published by IBEF, a trust established by Ministry of Commerce, Government of India, suggests that the online retail as compared to traditional retail is expected to grow at a rate of 10.7% by 2024 in India. This shows the rapid pace at which e-commerce is growing in developing countries like India. This will act as a driving force for the global digital commerce platform market growth during the forecast period.
Global Digital Commerce Platform Market- Restraints
Growing threats regarding spyware and malware:
There aren't many regulatory laws that include technical and legal standards for security and data protection when it comes to online transactions. Additionally, it is anticipated that in the near future, data theft, rising spyware and malware incursions, and phishing attacks would hinder online commerce activities. In addition, poor logistics and a lack of trust, particularly in emerging economies like China and India, are anticipated to restrain the growth of the global digital commerce platform market throughout the forecast period. For instance, according to a report published in February 2022 by Geeks for Geeks, a community for computer science related content, Trojan viruses, phishing practices, and malware form one of the most prevalent security threats when it comes to the usage of e-commerce platforms. These threats can affect the perception of users regarding e-commerce platforms and hinder the growth of the global digital commerce platform market during the forecast period.
Global Digital Commerce Platform Market- Key Developments
On June 29, 2023, Salesforce, a U.S.-based software company, announced the launch of a new software named Sales GPT, a generative AI tool developed by the company in order to assist the sellers to monitor various activities and transactions while dealing with the customers. Sales GPT will assist in the creation of dashboards and customer0related data automatically to serve e-commerce customers effectively.
On June 29, 2023, Digital River, a global e-commerce enabler engaged in connecting brands and buyers, announced the expansion of its global logistics capabilities to include increased efficiency and streamline the customer experience. The expansion is powered by single integration that would enable buyers to ship goods to more than 240 markets worldwide.
Global Digital Commerce Platform Market - Impact of COVID-19
The COVID-19 pandemic was characterized by country-wide lockdowns and stringent social distancing norms which disrupted the functioning of several industries worldwide. The global digital commerce platform market experienced an influx of demand in services related to contactless deliveries and online payments. Consequently to compensate for the slowdown in the purchasing activities of non-essential items, the market players were seen adapting to the needs of the customers and were increasingly focused on delivering the specific requirements that allowed the market to operate during the pandemic period as well. Many merchants were forced to adopt the e-commerce platforms to reach the prospective customers in different markets. This provided an opportunity for the global digital commerce platform market to evolve further. For instance, in October 2020, OECD (Organization for Economic Co-operation & Development), published a report which stated the overall impact of the covid-19 pandemic on digital commerce market. According to the OECD report, the pandemic period accelerated the pace of technological progress in the market. The digital commerce platforms adopted new strategies to reach the customers while following social distancing norms.
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Key Trends and Analysis of the Global Digital Commerce Platform market:
- The Business to Consumer (B2C) segment held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. The growing number of individual customers on the digital commerce platforms due to factors like better offerings and convenience is expected to lead to the segment growth during the forecast period.
- Asia Pacific held the dominant position in the global digital commerce platform market in 2022 and is expected to maintain its dominance during the forecast period owing to the increasing adoption of technological solutions in daily lives
- The digital commerce platform market in North America is projected to exhibit the highest CAGR during 2023-2030. The customers in the region are technologically literate and make extensive use of digital commerce platforms in their daily lives.
- Europe is also expected to show significant growth during the forecast period owing to the increasing demand for advanced automobile solutions
- Some of the major players in the global digital commerce platform market are Magento, Inc., Elastic Path Software Inc., IBM Corporation, NetSuite Inc., Oracle Corporation, Apttus Corporation, Adobe, Inc., Hybris AG, CloudCraze Software LLC, Demandware, Inc., Salesforce.com, Inc., and Digital River, Inc.
