North America anticipated to account for a high market share in the global digital commerce applications market
The North America digital commerce applications market is likely to exhibit a healthy CAGR during the forecast period. The region accounted for the highest value share of close to 30% in 2016. The North America regional market is estimated to lose 96 BPS in 2026 as compared to that in 2016 and is projected to account for a market value share of just a little over 28%. The region is expected to witness a significantly high market attractiveness during the predicted period in the global digital commerce applications market. The North America digital commerce applications market is estimated to be valued at more than US$ 5,350 Mn by 2026, up from almost US$ 1,285 Mn in 2016, registering a CAGR of 15.4% over the forecast period. The North America digital commerce applications market is anticipated to create absolute $ opportunity of more than US$ 3600 Mn between 2016 and 2026.
Increasing use of the internet by a large number of people in North America is likely to create a positive impact on the global digital commerce applications market
Rising mobile commerce is the key driving factor in North America. The e-commerce market is rapidly increasing in North America region due to continuously growing mobile commerce transactions. Mobile commerce is basically the use of wireless handheld devices including laptops and smartphones for recharge or online bill payments. The recent trend in North America is that social media sites and e-commerce websites are moving towards m-commerce, and this has resulted in more demand for digital commerce applications. An increasing mobile consumer base in North America is also one of the reasons for the high growth of the North America digital commerce applications market. For instance, in 2015, U.S.A. Inc. announced a plan to unveil a mobile payments program that accepts any near field communications payment service at approximately 20 Chevron-branded stations.
Growing internet connectivity is fueling the growth of the digital commerce applications market in North America. BFSI, travel and hospitality and manufacturing are the rapidly growing industry sectors in the region. Apart from this, the retail market is also moving ahead speedily due to the fast growing online grocery sales in North America. Customers in the region are also focused on finding the best prices in online shopping due to increasing shopping habits and changing lifestyles, which has resulted in the high growth of the digital commerce applications market in the North America region.
Rising mergers and acquisitions and strategic partnerships among key players are trending the digital commerce applications market in North America
Mergers and acquisitions have become the most popular trend among prominent players operating in the digital commerce applications market in North America for expansion of their businesses and to offer superior customer experiences. For instance, in the year 2016, Saleforce.com acquired Demandware to extend its cloud services portfolio and thereby capture maximum share of the digital commerce applications market. Prominent players in North America are focusing on strategic business partnerships. For example, in March 2017, IBM entered into a strategic partnership with Salesforce.com to provide better solutions designed to push artificial intelligence and enable enterprises to make smarter decisions, more efficient than ever before.
BFSI segment is expected to gain a significant BPS in the North America digital commerce applications market over the forecast period
In terms of value, the BFSI segment accounted for more than 20% value share of the North America digital commerce applications market in 2016. Among all the end use industry segments, BFSI is the relatively attractive segment in the North America digital commerce applications market. The BFSI segment is expected to gain a significant BPS in the North America digital commerce applications market over the forecast period.
Market consolidation through mergers and acquisitions is the strategy adopted by leading players in the global digital commerce applications market according to the findings of a new report by Persistence Market Research titled “Digital Commerce Applications Market: Global Industry Analysis and Forecast, 2016–2026.” The expert team of analysts have observed that top companies are focusing on strategic mergers and acquisitions to enhance their global market share and expand customer base. The digital commerce applications market across the globe is fragmented in the medium to low price range. While studying product expertise and innovation, the analysts have found that key companies in the global digital commerce applications market are focusing on offering new and customized digital commerce applications. Companies are focusing on offering cloud-based solutions as cloud-based solutions have high demand across the globe.
Key report highlights:
Trained and qualified digital commerce resources are in high demand globally, which is a major driving factor of the global digital commerce applications market. The best providers are considered top employers where people choose to work and typically have well-defined recruitment, talent management, compensation, and retention programs and where the development, sales, and customer service teams are fully staffed. A good employee strategy will help providers emerge profitable and also help provide better solutions to customers. Solution providers are focusing on providing micro vertical-specific business processes, best practices and implementation methodologies to help enterprises get started. These best practices and methodologies are supported and maintained as part of the release cycle and professional services staff (including partners) are trained and certified on these tools.
Key development of Tata Consulting Services Limited
In May 2016, Tata Consulting Services Limited and Siemens enlarged their strategic partnership to deliver big data analytics to manufacturing industries across the globe and subsequently, Tata Consulting Services merged with GE Digital and GE Healthcare to develop digital solutions to deliver benefits to customers.
Report Structure and Research Methodology
Macroeconomic indicators such as GDP, wholesale and retail trade, merchandise trade and prices have been considered to arrive at the indicated market numbers. Yearly change in inflation rate has not been considered while forecasting market numbers. Top-down approach has been used to assess market numbers for each category, while bottom-up approach has been used to counter-validate the reached market numbers. The report commences with an executive summary, market definition and taxonomy. Market value chain and business overview and strategy are two important focus areas of this report. Drivers, restraints, regional trends and forecast factors along with their relevance and impact are included in market dynamics.
The analysts have devoted the last section of the report to study the market performance of some of the top companies operating in the global digital commerce applications market. The researchers have profiled a few of the leading market players and presented a detailed analysis of their overall business performance and a comprehensive evaluation of their short-term and long-term business and go-to-market strategies. The analysts have adopted a systematic research approach where in-depth secondary research is used to ascertain overall market size, top industry players, top products and industry association. In order to conduct expert and industry interviews, Persistence Market Research has formulated a detailed discussion guide. Data acquired through research is validated using the triangulation method, in which secondary and primary research data and Persistence Market Research analysis contribute to the final data.