According to a research report "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", published by MarketsandMarkets, The global commerce cloud market size is expected to grow from USD 8.9 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period. Increased flexibility and performance, and reduced time and cost are expected to spur the demand for commerce cloud offerings across the globe.
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By component, the platform segment to be a larger contributor during the forecast period
The commerce cloud platforms provide an enhanced consumer experience across channels, such as mobile, social media, website, and offline stores. It enables a single shared view of customer activity, inventory, products, and promotions that reduce the time needed to synchronize distinct data sources. Moreover, commerce cloud provides capabilities, such as an open development environment. These capabilities aid retail providers in simplified customizations and extended commerce. Moreover, features such as product recommendations, generation of one-to-one predictions, and data-driven commerce insights provide immense opportunities for the commerce cloud market.
By application, the grocery and pharmaceutical segment to be a larger contributor during the forecast period
The Fast Moving Consumer Goods (FMCG) sector has moved to the direct to consumer business model in recent years. People prefer buying their groceries from the comfort of their homes. There is high competition between various online grocery stores present in the market. They try to attract new customers by means of discounts and promotions. In the FMCG sector, goods are being purchased more frequently by the customers. Commerce cloud solutions help to integrate various stakeholders involved in the overall groceries retail process and help in providing a positive buying experience for the shopper. The online pharmaceutical industry has gained traction in the last couple of years. This segment is one of the fastest-growing in the Asia Pacific (APAC) region. Commerce cloud solutions catering to the pharmaceutical sector help companies achieve regulatory compliance, manage product restrictions, and maintain traceability.
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North America to have the largest the market share during the forecast period
North America is expected to be the largest contributor among all the regions, owing to its adoption of commerce cloud platforms and solutions by enterprises. The top countries in the North American region, contributing to the growth of the commerce cloud market, include the US and Canada. The enterprises present in various countries of this region, especially in the US, have leveraged Artificial Intelligence (AI), Machine Learning (ML), and deep learning technologies as a part of their ongoing business process to stay competitive in the market. North American countries have a well-established economy, which enables commerce cloud vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation where Information Technology (IT) giants are rolling out new offerings, and aggressive collaborations are taking place pertaining to the market.
Key Market Players
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).
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