Entrants to the global digital commerce platform market can expect to see a highly fragmented competitive landscape dominated by only a handful of players. The leaders of the global digital commerce platform market for 2015 included Hybris AG, Oracle Corporation, and IBM Corporation. At the same time, there already exists a very high number of players of all sizes in the key regions of the market: North America, Europe, and Asia Pacific.
According to a research report released by Transparency Market Research, the global digital commerce platform market contains a lot of regionally popular players that otherwise have negligible or no presence beyond their core region. Therefore, the total number of players in the market that can claim to hold strong global presence are very few. At the same time, players with both global and regional strengths are focusing on aggressive expansion in terms of mergers and acquisitions. The globally prominent names in the global digital commerce platform market are also showing a great deal of interest in the deployment of software-as-a-service models and cloud-based digital platforms. The global digital commerce platform market is expected to reach US$5.05 bn by the end of 2016. Armed with a spectacular projected CAGR of 14.8% in its revenue from 2016 to 2024, this market is expected to reach US$15.30 bn by the end of 2024.
Cloud Platforms Provide Solid Growth Scope for Digital Commerce SaaS Solutions
“The inclusion of cloud computing into the global digital commerce platform market has perhaps been one of the key evolutionary phases for the market till now. Through cloud computing, ecommerce has grown from simple commerce websites to portals that engage consumers and offer products through high-quality services and solutions. Cloud computing has also made it easier for players from the global digital commerce platform market to enter the B2B segment, especially in North America and China. Other top vendors have taken the example of market leaders and have already initiated the adoption of cloud platforms on which to offer their products and services in digital commerce,” states a TMR analyst.
Other factors boosting the global digital commerce platform market include the growing base of smartphone users across the world, especially in Asia Pacific. Asia Pacific is expected to be a powerhouse of opportunities for the global digital commerce platform market over the coming years, promoted by the large smartphone user base and the ongoing digital revolution in terms of improving internet speeds and coverage areas.
Marketing Game Still Considered Weak for Improving Digital Commerce Revenues
The global digital commerce platform market is currently regarded to be in a nascent stage, primarily due to a lackluster marketing strategy employed by key players. Retailers are lacking the skills in digital marketing that the global digital commerce platform market critically needs to increase regional penetration and presence. The problem is compounded by an overall lack of a governance structure for the global digital commerce platform market. This is harder to tackle in developing economies such as India, where the lack of a uniform tax structure can create several obstructions in the revenue and products streams within the country.
“The unification of multiple services to create one solid purchasing platform is what a lot of the key players in the global digital commerce platform market are aiming for, and where a majority of the opportunities in the market will be at. There needs to be a bridge between the gaps that are currently visible in an average consumer’s purchasing experience, and modern technologies and IT solutions can cover up for that, leaving players with a highly positive perspective on their futures,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Digital Commerce Platform Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Digital Commerce Platform Market
Digital Commerce Platform Market Analysis, by Business Model
- Business to consumer (B2C)
- Business to Business (B2B)
- Consumer to business (C2B)
- Consumer to consumer (C2C)
Digital Commerce Platform Market Analysis, by Deployment Model
- Software as a service
- Fully Managed
- Open source
Digital Commerce Platform Market Analysis, by End-user
- Banking, Financial Services & Insurance (BFSI)
- IT and Telecommunication
- Airline and Travel
In addition, the report provides cross-sectional analysis of the digital commerce platform market with respect to the following geographical segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- The UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America