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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