DUBLIN--(BUSINESS WIRE)--The "Commerce Cloud Market by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region - Global Forecast 2024" report has been added to ResearchAndMarkets.com's offering.
The global commerce cloud market is expected to grow from USD 8.9 billion in 2019 to USD 27 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period.
The market study covers the commerce cloud market across segments. The report aims at estimating the commerce cloud market size and future growth potential across different segments, such as component, platform, organization size, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, their strengths and weaknesses, recent developments, and key market strategies.
Major vendors offering commerce cloud software and services across the globe include, IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), and Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), and Sitecore (India). The study includes an in-depth competitive analysis of these key players in the commerce cloud market, with their company profiles, recent developments, and key market strategies.
Growing focus of organizations towards optimizing customer experience to drive the overall growth of commerce cloud market
The commerce cloud market is driven by various factors, such as the growing focus of organizations toward optimizing customer experience, along with the need to improve the operational efficiency of retail processes. However, the skepticism in using cloud-based solutions can hinder the growth of the market.
Services segment to grow at the highest CAGR during the forecast period
With the increasing adoption of commerce cloud solutions, the demand for supporting services is also growing among end-users. Commerce cloud services include training and consulting, integration and deployment, and support and maintenance. Service providers concentrate on delivering dedicated services by understanding customer's demands and needs. Moreover, these services help implement commerce cloud solutions in a cost-efficient manner to accomplish business objectives within the time frame and budget effectively.
Business-to-Business (B2B) platform segment to hold the largest market share during the forecast period
The B2B commerce cloud caters to the complex purchasing needs of B2B customers. It provides B2B customers with enhanced shopping experience by providing specific pricing and catalogs to the buyers under a unified storefront. It provides features, such as Business-to-Consumer (B2C), such as user experience, account hierarchies, complex pricing, custom catalogs, account management, and flexible purchase and shipping options. Furthermore, the B2B commerce cloud aids in the creation of seamless customer experience across marketing, sales, communities, and services. It also helps manage and preview of site catalog, promotions, merchandising, search, personalization, content, rich media, and recommendations in one single view.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
The commerce cloud market in APAC is expected to witness substantial growth, as Small and Medium-sized Enterprises (SMEs) and large enterprises in the region are rapidly adopting the commerce cloud solutions to expand their customer base and address a larger market. Growing economies in countries like China, Australia, and New Zealand, India, and Japan, provide huge opportunities for the adoption of the commerce cloud solutions and services across different industries. Meanwhile, North America is projected to hold the largest market size during the forecast period.
- Focus of Organizations Toward Optimizing Customer Experience
- Need to Optimize Operational Efficiencies
- Skepticism in Using Cloud-Based Solutions
- Growing Instances of Businesses Moving Online
- Increasing Need to Manage Multiple Storefronts
- Difficulty in Choosing the Right Solution
- Digital River
- Elastic Path
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