The Commerce Cloud Market is expected to reach during the forecast period at a 20 % CAGR.
The market size for the global Commerce Cloud is anticipated to reach USD 48 billion By 2028. A rising number of businesses switching into online platforms is expected to offer lucrative opportunities in the industry.
On the other hand, several advantages delivered By Commerce Cloud deployment that include increased performance and flexibility, reduced cost and time, that are likely to promote its adoption across various industry verticals in the coming few years. New entrants, along with the traditional players, within the industry, are developing new solutions to tap into the evolving market.
Unified commerce and social media are observed to be one of the substantial industry trends. The disruption of 5G technology is anticipated to predominantly drive the industry growth for Commerce Cloud. Moreover, collaborations and social partnerships between platform companies and local governments are playing an essential role in crisis management. Online delivery services offered By various verticals would encourage enterprises to implement cloud-enabled digital platforms wherein the customers can view and purchase their services and products.
Key Segment Of The Commerce Cloud Market
By Solution, 2021-2031 (USD Million)
• Commerce Cloud Platform
• Integration and Deployment
• Support and Maintenance
By Enterprise Size, 2021-2031 (USD Million)
• Large enterprises
• Small and Medium-sized Enterprises (SMEs)
By Application, 2021-2031 (USD Million)
• Electronics & Electricals
• Pharmaceutical & Healthcare
• Fashion and Apparel
• Travel and Hospitality
• Food & Beverages
Regional Overview, 2022-2031 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Social commerce and social media analytics are unsurprisingly rising in the market, having a growing impact on digital commerce. As per the Shopping Index, the retail sites experienced traffic of over 35 percent from social media in the year 2019, whereas the orders increased By 52 percent. Thus, it is becoming important for e-commerce vendors to facilitate customers to engage and discover with services and products on social media platforms.
Brands are leveraging social media platforms such as Facebook and Instagram to connect with the consumers. The incorporation of Commerce Cloud with the social media platforms enables merchants to offer a superior shopping experience By displaying the product information through the cloud directly on the apps. Moreover, retailers are using social media analytics to scrutinize the customer segments, enhance targeted advertisements, and mitigate fraud risk.
The global Commerce Cloud market contains both platform and service segments. The platform segment holds a significant market share in 2019. It enables improved customer experience throughout channels that include social media, websites, mobile, as well as offline stores. The Commerce Cloud platform facilitates a unified shared view of the inventory, customer activity, promotions, and products, that decreases the time required to synchronize the diverse data sources. Additionally, it offers capabilities that include an open development environment.
Organization Size Segment
Based on the deployment segment, the market is bifurcated into two sub-segments that are SMEs, and large enterprises. In 2019, the SMEs segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the large enterprise segment is anticipated to grow at a substantial growth rate over the forecast period. The large enterprise enables organizations with a unified platform with SaaS-based services providing improved security.
Based on the application, the market is segmented into automotive, beauty & cosmetics, electronics, furniture, & bookstores, fashion & apparel, grocery & pharmaceutical, travel & hospitality, others. The market for the grocery & pharmaceutical sector is anticipated to possess a significant market share in 2019. This sector has switched to a direct-to-consumer business model in the past few years. People prefer purchasing their groceries and other provisions as per their comfort and convenience. There is a high rivalry between several online grocery stores existing in the marketplace. They try to fascinate new customers through promotions and discounts. In the FMCG industry, goods are being bought more often By customers.
The global Commerce Cloud market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the Commerce Cloud applications, owing to an outsized presence of organizations with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the Commerce Cloud market in North America.
The major players of the global Commerce Cloud market are IBM, SAP, Apttus, Episerver, Salesforce, Oracle, Magento, BigCommerce, Digital River, Shopify, Elastic Path, commercetools, Kibo, VTEX, Sitecore, and more. The Commerce Cloud market is fragmented with the existence of well-known global and domestic players across the globe.