USD 21.72 billion
Report ID:
SQMIG45B2102 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
96 |
Figures:
76
Global Commerce Cloud Market size was valued at USD 21.72 billion in 2021 and is poised to grow from USD 26.23 billion in 2022 to USD 118.96 billion by 2030, growing at a CAGR of 20.8% in the forecast period (2023-2030).
Global commerce cloud market has been on the increase due to the growing e-commerce sector coupled with an increasing use of cloud-based technologies.
They also help businesses improve customer experience online and simplify operational procedures of business as well as boost their sales.
This is partly driven by the move towards digitalization, in which businesses require agile and expandable solutions for ever-changing customer needs.
The momentum in the market is mainly driven by factors such as the surge of omnichannel retailing, consumers’ increasing expectations for personalised, real-time, and seamless engagements, and the penetration of new technologies including artificial intelligence.
Moreover, the competitive environment is ever-changing as well where major participants continuously launch the strong, robust, and functional Commerce cloud products and thus the market can be predicted to have a substantial upswing over the coming period.
Global Market Size
USD 21.72 billion
Largest Segment
Order Management
Fastest Growth
Payment Processing
Growth Rate
20.8% CAGR
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The global commerce cloud market is segmented into four major segments i.e. by deployment model, solution, end user, and region. Based on the deployment model, it is divided into public cloud, private cloud, hybrid cloud. Based on the solution, it is bifurcated as order management, payment processing, customer relationship management (CRM), E-commerce hosting, and others. Based on end users it is segregated into, retail, BFSI (Banking, Financial Services, and Insurance), healthcare, IT and telecom, others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Type
It is likely that the order management solution will take over the market. Effective e-commerce entails the ability to process orders efficiently and manage them effectively, which businesses value in solutions designed for better order fulfilment. Order Management solution helps to improve process performance across the complete order cycle – from receiving orders to fulfilment, thereby enhancing operations productivity as well as client satisfaction.
The most promising solution is likely payment processing. E—commerce transactions continue to increase in number globally, therefore a strong and safe payment process should exist. With increased use of digital payments, businesses invest more into modern payment technology which provides hassle-free and secure transactions giving space for quick development of the solution.
Analysis by End-User
The retail sector may be the most dominant force in the field. Businesses in this sector have been investing in commerce cloud solutions to optimize the experience for online shoppers, manage their stocks effectively, and satisfy the increasing demand by digital buyers that is brought about by e-commerce platforms.
Among all the end users’ segments, healthcare might be the most rapidly developing one. Growing digitization of the healthcare and e-commerce market requires adopting commerce cloud solutions. The need for better health care, patient experience and process improvement are reasons why high- technology e- commerce solutions will increase at a fast rate in this sector.
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The commerce cloud market will probably be dominated by North America alone. The dominance is due to the maturity of the business environment, wide technological adoption, and strong digital facilities. Some of the major economies like the United States and Canada have propelled a majority of their investments into Commerce cloud that aims at boosting online business as well as increasing consumer enjoyment.
The fastest- growing region can be the Asia-Pacific. Indeed, the Asia-Pacific region has witnessed increased e-commerce activities on account of the fast-expanding virtual economy, burgeoning internet access and rising disposable income among the more affluent middle class population. Chinese, Indian, and most nations in SouthEast Asia have gone digital and this results in an increased demand for online products.
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Drivers
Increasing Demand for Personalized Customer Experiences
Restraints
High Concern Over Data Security and Privacy
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The competitive environment of the commerce cloud market is dynamic and marked by the presence of key players competing to establish market dominance. E-commerce platform providers, including Shopify and Magento, contribute to the competition by offering specialized services. The market also witnesses the entry of innovative startups focusing on niche segments or introducing novel features. Competition is characterized by continuous technological advancements, with an emphasis on enhancing user experiences, scalability, and integration capabilities. Partnerships, mergers, and acquisitions are common strategies employed by key players to expand their offerings and global reach.
Top Player’s Company Profiles
Recent Developments
Rising Importance of Headless Commerce Architecture
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global commerce cloud market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by the demand for seamless customer experiences and the global expansion of e-commerce. However, concerns over data security, integration complexities, and high costs restrain its growth. Product type analysis reveals a spectrum of solutions, including B2B and B2C commerce cloud platforms. North America dominates due to a mature e-commerce landscape, while Asia-Pacific emerges as the fastest-growing region with increasing digital adoption. Key trends include the rise of headless commerce, integration of AI, and a focus on sustainability, shaping the dynamic evolution of the Commerce Cloud market.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 21.72 billion |
Market size value in 2030 | USD 118.96 billion |
Growth Rate | 20.8% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Commerce Cloud Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Commerce Cloud Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Commerce Cloud Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Commerce Cloud Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45B2102