The global digital commerce platform industry is at an important juncture on its journey to attaining a sustainable revenue mark. The presence of a sound e-commerce industry complements digital commerce, creating a bilateral pathway for revenue generation and profit sharing. Development of robust e-commerce channels has given increased confidence to the masses to conduct all their commerce operations across virtual channels. The trend of virtual shopping has gained momentum as sellers provide quality assurance to the end-users. Furthermore, the busy lifestyles of a large population leave little room for offline shopping. In this scenario, online shopping has emerged as sound and effective mode of buying and subscribing to services.
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- The coronavirus disease has caused panic across large parts of the world as people focus on remaining isolated in their homes. This has further minimized traditional shopping across malls and shopping arcades. Henceforth, online shopping is expected to gather momentum in the times to follow. This shall also intensify the momentum generated across the global digital commerce platform market in recent years.
- The availability of internet connectivity across smartphones and other portable devices has also propelled demand within the global digital commerce platform market. There has been an increase in the use of e-commerce apps to choose and buy products and services.
- E-commerce companies have increased the bar of choice for the masses by hosting products of several companies and brands. Besides, the option of trying and buying has also become a popular resort for e-commerce buyers. Henceforth, the global digital commerce platform market is projected to grow at a sound pace in the years to follow.
Online shopping experiences are enhanced through improved user experiences and user interfaces across buying platforms. Therefore, digital sellers are focusing on driving ease in buying across online or virtual channels. This has also played a central role in market expansion.
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Global Digital Commerce Platform Market: Snapshot
The global digital commerce platform market is currently being driven by the rise in use of consumer electronics and internet connectivity, which is the primary factor facilitating the growth of digital media and the ecommerce sector. The global digital commerce platform market is also finding a massive scope of growth due to the evolving cloud computing services that are making it easier and faster for consumers to avail digital content. The players in this market are also focusing on Asia Pacific for a greater scope of opportunities due to the current digital revolution in this region, coupled with the giant consumer electronics users in China. However, the global digital commerce platform market is being restricted by factors such as a lack of marketing skills shown by players due to the nascent stage of the market, and the growing safety and security concerns regarding the use of spyware and malware.
The global digital commerce platform market was valued at US$4.44 bn in 2015. After expanding at a CAGR of 14.8% within a forecast period from 2016 to 2024, this market is expected to reach US$15.30 bn by the end of 2024.
North America Leads Demand Volume in Global Digital Commerce Platform Market
The global digital commerce platform market can be segmented on the basis of regions, into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America. Of these, North America provided the market with the leading demand volume as well as revenue generation for 2015. The market for digital commerce platforms in North America is projected at a CAGR of 13.7% within a forecast period from 2016 to 2024. This region owes its lead to a massive existing base of digital media users, powered by a high use of smartphones and high-speed data networks and internet services. This region is currently showing a phenomenal growth within the global digital commerce platform market in its B2B business model segment, while the North American retail segment has already been a prominent source of revenue for the market players.
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In 2015, Asia Pacific came second in terms of revenue generation in the global digital commerce platform market, followed by Europe, South America, and the Middle East and Africa respectively. The digital commerce platform market in Asia Pacific is growing at a very fast pace due to changing consumer preferences and improved path to purchase due to the growing use of digital commerce platforms by its urban populace. Asia Pacific is also expected to maintain its growth due to a growing demand for advanced digital commerce technologies.
SaaS Shows Great Promise in Digital Commerce Platform Deployment
Based on business model, the global digital commerce platform market is segmented into business to consumer, consumer to business, business to business, and consumer to consumer. In 2015, business to consumer segment was a highly preferred business model in digital commerce and accounted for close to 68.5% of the total market’s revenue. Based on deployment models, the market for digital commerce platform is segmented into on-premise, software as a service, fully managed and open source. In 2015, the on-premise segment held the leading share of 68.2% of the total revenue. This segment is also expected to retain its lead over the coming years. Software as a service is expected to show a high grade of promise in the global digital commerce platform market and is likely to continue expanding at the leading CAGR in terms of revenue from 2016 to 2024.
In 2015, the leaders of the global warehouse management systems market included IBM Corporation, Hybris AG, Oracle Corporation, Magento, Inc., Demandware, Inc., CloudCraze Software LLC, Digital River, Inc., NetSuite Inc., Apttus Corporation, and Elastic Path Software Inc.
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