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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Focus on selecting the right commerce cloud
solution to drive the adoption of training and consulting services
Training and consulting
services are provided by highly qualified industry or domain experts.
Organizations hire experts to gain an enhanced strategic outlook, improve their
overall performance, and transform their business operations. By offering
consulting services, enterprises understand the competencies of different
commerce cloud vendors. Moreover, these services help reduce risks, minimize
complexities, and increase Reutrn on Investment (RoI). Additionally, consulting
services enable enterprises in making smarter decisions for the growth of their
businesses. Furthermore, with the help of consulting services, the commerce
cloud providers can offer tailored commerce cloud solutions to their customers
and deliver maximum benefits.
Large enterprises to deploy commerce cloud
platforms to effectively execute trading strategies
As commerce cloud technologies are
simplifying the Information Technology (IT) aspects, several enterprises have
replaced their traditional data center infrastructure technologies and various
other management processes with cloud computing. Hence, a number of enterprises
have built strategies inclined toward commerce cloud enablement. The major
benefit large enterprises have with cloud transformation, is that the commerce
cloud services are maintained and supported by the vendors themselves. Firms
can thereby engage their employees in more strategic business tasks. The demand
for flexible, scalable, and convenient commerce cloud solutions for large
enterprises pushes service providers to come up with new technologies and offer
innovative solutions. Hence, the commerce cloud market for large enterprises is
growing.
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North
America to dominate the global commerce cloud market in 2019
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 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 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 ITgiants are rolling out
new offerings and aggressive collaborations are taking place pertaining to the
market.
The report also studies various growth strategies, such as
mergers and acquisitions, partnerships and collaborations, and developments,
adopted by the major players to expand their presence in the global market.
Major vendors in the commerce cloud market 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).
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