The new report by Expert Market Research titled, ‘Global Commerce Cloud Market Report, Share, Size, Price, Outlook and Forecast 2023-2028’, gives an in-depth analysis of the global commerce cloud market, assessing the market based on its segments like component, application, and organisation size, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 11.9 Billion
- Forecast CAGR (2023-2028): 22%
- Forecast Market Size (2028): USD 38.1 Billion
Some of the driving factors that are accelerating the growth of the commerce cloud market are organisations’ increasing focus on optimising the customer experience and operational efficiencies. Among other application sectors, groceries and pharmaceuticals play an important role in boosting the industry’s growth.
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The need to optimise operational productivities is further likely to augment market growth. On the other hand, the rising number of SME businesses is probable to open new opportunities for companies in the commerce cloud market. Moreover, newer features such as product recommendations, generation of one-to-one predictions, and data-driven commerce insights are increasingly gaining traction among customers.
Commerce Cloud Industry Definition and Major Segments
Commerce cloud is a cloud-based software as a service e-commerce platform that helps enterprises or organisations to reduce their costs and improve their flexibility and efficiency. Commerce cloud offers data-driven commerce insights that help to improve the demand.
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The industry can be divided based on its components into:
- Training and Consulting
- Integration and Deployment
- Support and Maintenance
The industry can broadly be categorised on the basis of its application into:
- Electronics, Furniture, and Bookstores
- Grocery and Pharmaceutical
- Fashion and Apparel
- Quick Service Restaurants
- Travel and Hospitality
- Beauty and Cosmetics
On the basis of its organisation size the industry can be divided into:
- Small and Medium-Sized Businesses
- Large Enterprises
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Commerce Cloud Market Trends
The rising deployment of technologies and solutions that enhance performance and reduce operational costs will emerge as the major market growth driving factor. The surge in the proliferation of e-commerce platforms, number of online businesses and high-speed data connectivity, especially in developing economies, will further aggravate the growth of the market.
A growing number of small-scale businesses and increased focus of the business towards customer satisfaction are some other factors bolstering the growth of the market. Emergent economies in countries such as China, Australia, New Zealand, India, and Japan, provide huge opportunities for the adoption of commercial cloud services and solutions across different industries.
Key Market Players
The major players in the market are IBM (NYSE: IBM), SAP, Salesforce, Apttus Corporation, Episerver, Oracle Corporation, Magento, and BigCommerce, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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