Press release
Digital Commerce Platform Market Anticipated To Witness Robust Growth, Surpassing $26.68 Billion By 2029
Digital Commerce Platform
What Is the Current Digital Commerce Platform Market Size and Its Estimated Growth Rate?
The digital commerce platform market will grow from $12.43 billion in 2024 to $14.51 billion in 2025 at a CAGR of 16.7%. The growth in the historical period is attributed to the increase in internet usage, rise in smartphone adoption, social media growth, greater consumer convenience, and the shift to subscription-based models.
The digital commerce platform market is expected to reach $26.68 billion by 2029, growing at a CAGR of 16.4%. The increase is driven by mobile commerce adoption, cloud solutions, personalized shopping experiences, and the demand for digital payments. Trends include AI adoption, blockchain implementation, renewable energy storage, 5G, and AR technology.
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How Are Emerging Segments Shaping the Digital Commerce Platform Market Landscape?
The digital commerce platform market covered in this report is segmented -
1) By Component: Digital Commerce Platform Solutions, Digital Commerce Platform Services
2) By Business Model: Business To Consumer (B2C), Business To Business (B2B), Consumer To Business (C2B), Consumer To Consumer (C2C)
3) By Deployment Model: On Premises, Software As A Service, Fully Managed
4) By End Use: Food And Beverages, Fashion And Apparels, Health And Beauty, Electronics, Automotive, Home And Furniture, Media And Entertainment, Other End Users
Subsegments:
1) By Digital Commerce Platform Solutions: E-Commerce Platforms (B2B, B2C, C2C), Mobile Commerce Solutions, Payment Gateway Solutions, Shopping Cart And Checkout Solutions, Digital Product And Content Management Systems, Customer Relationship Management (Crm) Solutions, Personalization And Recommendation Engines, Marketing Automation Solutions
2) By Digital Commerce Platform Services: Implementation And Integration Services, Managed Services, Support And Maintenance Services, Consulting Services, Data Analytics And Reporting Services, Security And Compliance Services, Digital Marketing Services, Custom Development Services
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Which Growth Factors Are Influencing Digital Commerce Platform Market Expansion?
The rise of online shopping is expected to accelerate the growth of the digital commerce platform market. Online shopping involves buying goods and services over the internet, driven by convenience, a wide selection of products, and competitive prices. Digital commerce platforms offer businesses a centralized system to manage products, orders, inventory, and customer data, improving operational efficiency. For instance, in May 2024, the United States Census Bureau reported that e-commerce sales in the U.S. increased by 7.6% from Q3 2022 to Q3 2023. The surge in online shopping is fueling the growth of the digital commerce platform market.
Who Are the Dominant Players Across Different Digital Commerce Platform Market Segments?
Major companies operating in the digital commerce platform market are International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Tata Consultancy Services Limited, HCL Technologies Limited, Sappi Limited, Shopify Inc., Radial Inc., Sitecore Holding II A/S, Automattic Inc., BigCommerce Holdings Inc., Digital River Inc., Unilog Content Solutions Private Limited, Mirakl SAS, VTEX Commerce Cloud Solutions LLC, Spryker Systems GmbH, commercetools GmbH, Cleverbridge GmbH, Kibo Software Inc., Miva Inc., Kentico Software s.r.o., Intershop Communications AG, Elastic Path Software Inc., Oro Inc
What Are the Major Trends Shaping the Digital Commerce Platform Market?
In the digital commerce platform market, major players are enhancing secure payment gateways to improve digital transactions and ensure secure financial exchanges. For example, in January 2024, US-based LINE Next launched DOSI, a digital commerce platform. Initially focused on NFTs, it now provides various digital products, including memberships, game items, and tickets. The platform's Web3 integration aims to facilitate smooth trading, boosting accessibility and usability globally in the digital commerce industry.
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Which Geographic Regions Are Expected to Dominate the Digital Commerce Platform Market in the Coming Years?
North America was the largest region in the digital commerce platform market in 2023. The regions covered in the digital commerce platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Commerce Platform Market?
2. What is the CAGR expected in the Digital Commerce Platform Market?
3. What Are the Key Innovations Transforming the Digital Commerce Platform Industry?
4. Which Region Is Leading the Digital Commerce Platform Market?
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