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Digital Commerce Platform Market Segmented By Business to Customer, Business to Business, Customer to Business, Customer to Customer Model with On-premise, Software as a service, Fully Managed Deployment Model
The digital commerce platform market is likely to strengthen its hold in the global market at a promising CAGR of 10.3% between 2022 and 2032.
The market is valued at US$ 11.5 bn in 2022 and is likely to reach US$ 30.6 Bn by 2032. Previously, the market was thriving at a much higher CAGR of 14.4% (2015-2021), resulting in market size of US$ 9.9 Bn in 2021.
“Highly convenient and cost-effectiveness along with the dense penetration of internet and smartphones amongst the masses is attracting people to use digital commerce platforms all around the world.”
User behavior towards digital commerce market and digital commerce platforms provides better deals with a better shopping experience. Platforms use multiple marketing tactics to enhance customer interaction with the platform, making it more convenient for the end-users.
This involves linking the mobile to the account, better home delivery, and navigating through offline and online shopping channels.
| Attributes | Details |
|---|---|
|
Digital Commerce Platform Market CAGR (2022-2032) |
10.3% |
|
Digital Commerce Platform Market Value (2022) |
US$ 11.5 Bn |
|
Digital Commerce Platform Market Value (2032) |
US$ 30.6 Bn |
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Covid-19 has impacted multiple global markets by rearranging the supply chains due to the market restrictions and logistics bans introduced by governments around the world.
The pandemic has forced people to go through these digital commerce platforms to explore and has increased the digital commerce platform’s revenue. The coronavirus pandemic has also triggered the sales of products and services, including healthcare machines and trackers, as people started keeping a real-time check on their vitals.
Apart from this, it has also increased the online shopping of daily-based groceries as the markets were shut. Covid-19 has led people to learn more about the online shopping trends that involve new platforms, better deals, coupons, and online transactions.
At the same time, covid-19 has shut down the manufacturing facilities and has disrupted the supply chain. This led to the unavailability of multiple products that were not ready because of the lack of raw materials, declining the growth of the digital commerce platform market.
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Another factor that has pushed the sales of digital commerce platforms is the optimization of web and social media marketing tools that monitor the customer’s journey from clicking on the website to navigating through different pages.
This provides different metrics regarding customers’ behavior and interaction with the platform that suggests these platforms with suitable campaigns. Another major factor behind the growth of the digital commerce platform market is the variety of categories and segments of a product, along with the easy purchase and delivery options.
The major factors that limit the growth of digital commerce platforms are the concerns regarding the safety and security of the data and phishing attacks. Governments are introducing laws that hamper third-party and first-party cookies, restricting the sales of digital commerce platforms.
Phishing attacks also restrict customers from interacting with these digital platforms as it involves faking and data stealing. Rising spyware intrusion that steals the personal data of customers also harnesses the growth of the digital commerce platform market.
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Rising demand for cloud services, including based storage systems like CRM, customer engagement, and experience management tools, are also helping the market. In most B2B and B2C operations, customer experience is a factor that digital commerce platforms never miss.
New cutting-edge technologies that push the make the customer experience better and smooth also enable new opportunities for these technological vendors. Rising demand for a one-stop-shop as a universal purchasing platform is also creating new growth opportunities for the market.
As new marketing tactics add to the digital marketing practices, the market is likely to create countless opportunities in the future.
Changing digital market dynamics and an incompetent workforce is hindering the growth of the digital commerce platform market. As the market is currently in its nascent stage, constant change and experiments are enriching the market’s structure.
Therefore, sticking to one formula for market success is almost an impossible thing. Adding to that, the incompetent workforce that is not digital market-friendly is also a big challenge for the digital commerce platform market.
Another factor that restrains the growth of the market is the no uniformity in the tax structure in multiple nations; this works as red tape to the market and hinders its growth.
| Attributes | Digital Commerce Platform Market |
|---|---|
|
CAGR (2022-2032) |
10.3% |
|
Market Value (2026) |
US$ 17.02 Bn |
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Growth Factor |
Amazing deals, multiple options and high penetration of cheap 4G and 5G networks along with technologically advanced smartphones. |
|
Opportunity |
The market is creating opportunities for digital marketing solutions vendors that keep on experimenting with these platforms. |
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Key Trends |
Digital commerce market’s latest trends involve digital commerce personalization tool that creates individual, personalized layouts for the platforms. |
| Attributes | Digital Marketing Software Market |
|---|---|
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CAGR (2022-2032) |
19% |
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Market Value (2026) |
US$ 134 Bn |
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Growth Factor |
New innovative developers develop software that create personalized campaigns and make individual dashboards for improving the capabilities. |
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Opportunity |
Digital marketing software market creates opportunities regarding new experiments with software and social media tactics, fuelling the developers market. |
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Key Trends |
Small and Medium Enterprises (SMEs) are using this software to market their product and services amongst masses, including SEO, SMO practices. |
| Attributes | Digital Experience Platform Market |
|---|---|
|
CAGR (2022-2032) |
12.4% |
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Market Value (2026) |
US$ 17.50 Bn |
|
Growth Factor |
Digital experience platform integrating with artificial intelligence, machine learning and predictive decision making is helping the market grow. |
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Opportunity |
Digital experience platform enables opportunities for other markets such digital engagement market, adding more flexibility to the market. |
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Key Trends |
Digital experience platforms include omnichannel touchpoints, which monitors the customer journey `and shows where he/she has trouble. |
Most of the business and market tools are now integrating with the latest technology like artificial intelligence, Enterprise resource planning (ERP) solutions, machine learning, and predictive decision making.
This includes digital commerce platforms, too, integrating with the latest tech to give their customers a personalized experience that helps them navigate through the platform and drives the sales.
Another major trend is the use of digital commerce personalization tools that manage each component of the digital commerce platforms, such as digital customer, co-creation, self-service, and personalization. Integration of AI and ML is making it easy for the vendors to make the operations smooth.
Digital commerce platforms also use feedback features like automated email service that enhance the customer experience, fueling the sales of digital commerce platforms.
The digital commerce platform market is categorized by Business Model, Deployment Model, and Verticals. These categories are further divided into small segments that hold different market spaces in various regions.
The Business model category has four segments; Business to Consumer, Business to Business, Consumer to Business, Consumer to Consumer, while the Deployment Model category holds On-premises, Software as a service (SaaS), Fully managed, Open-source technology comparison matrix, while the vertical category has BFSI, Retail, Communication, Airline + Travel.
By business model, business to consumer (B2C) holds the biggest portion of the digital commerce platform market and is likely to generate the highest revenue in the forecast period, flourishing at a CAGR of 9.8% between 2022 and 2032.
The factors attributing to the growth of this segment are its high demand and commonness. As customers are the biggest on the end-users list, they consume most from the digital commerce platform, fueling the growth of the market.
By deployment model, on-premises segment is the biggest segment in the digital commerce platform market that thrives on a CAGR of 9.9% between 2022 and 2032. Factors driving the high sales of this segment are the easy implementation, data security and easy access.
The On-premises deployment allows end user to store the data according to the need and use it in order to hit the customers with the right type of campaigns, fueling the sales of digital commerce platforms.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
8.5% |
|
United Kingdom |
13.0% |
|
China |
13.5% |
|
Japan |
13.1% |
|
India |
12.3% |
The digital commerce platform market is divided into regions; North America, Latin America, Asia Pacific, Middle East and Africa (MEA) and Europe. The biggest market is United States, thriving at a CAGR of 8.5% between 2022-2032.
The factors behind this excessive growth in this region are growing online businesses, convenient shopping and covid-19's impact on the traditional market. It is expected to hold a market revenue of US$ 7.1 Bn by the end of 2032.
Apart from this, China holds the highest growth potential in the digital commerce platform market as it thrives on a CAGR of 13.5% (2022-2032) and is likely to hold US$ 6 Bn by 2032. Japan follows China and flourishes at a CAGR of 13.1% and is likely to hold US$ 2.5 Bn by 2032. India is also growing at a strong CAGR of 12.3% and is expected to hold US$ 1.9 Bn by the end of 2032.
The global study on digital commerce platform market at PMR explains that the market holds diversified interests as the new cutting edge technology integrates, allowing new key players to compete.
Companies focus on strengthening the distribution channels and integrating it with new technologies like AI and Machine learning (ML). Key players also do collaborations and mergers with other significant brands that help them in enhancing customer experience along with easy purchase as there is a tough competition in the market. This expands the digital commerce platform market in new regions.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Bn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Business Model
By Deployment Model
By Vertical
Digital commerce platform market is projected to have a CAGR of 10.3% through 2032.
United States is the leading region with an anticipated value of US$ 7.1 Bn by 2032.
B2C segment lead the market by business model type with the projected CAGR of 9.8% by the end of the forecast period.
The Digital commerce platform market is predicted to grow US$ 30.6 Bn by 2032.
On-Premises segment leads the market with the projected CAGR of 9.9% from 2022-2032.
