Digital Commerce Platform Market is estimated to grow at a CAGR of 12.6% during 2022–2029

The Digital Commerce Platform Market is expected to reach a value of US$ 7.85 Bn by 2029, increasing at an extraordinary CAGR of 12.6% during the forecast period of 2022–2029 With consumers spending more than US$ 3 trillion on online transactions as of the preceding fiscal year, e-commerce has advanced significantly over time. As of right now, this figure has increased by almost seven times. For well-known digital solution platform suppliers in the upcoming years, this is a positive trend. Particularly in the media and entertainment sector, the emergence of subscription-based e-commerce platforms is creating attractive expansion potential.

Key Takeaways

• Design & implementation services to register maximum incline by component type
• High uptake is likely across small & medium enterprises, expanding at over 14% volume CAGR through 2029
• Consumer electronics sales to witness maximum expansion, followed by fashion & apparel products
• North America to remain the dominant digital commerce market, East Asia to expand the fastest

COVID-19 Impact Analysis

Businesses are increasingly dependent on virtual platforms to carry out their activities as the COVID-19 epidemic tightens its grip on the global economy. Global e-commerce sales have increased since the pandemic’s start. By the end of 2020, e-commerce is predicted to account for nearly 40% of all sales in the United States, for example.

The pandemic crisis’ overall effects are rather scattered. While many industries, like ICT/electronics, medicines, PPE, and groceries have had significant growth, others, like travel & tourism, formal apparel, and sports equipment, have seen significant declines. The value of e-commerce transactions in South Korea increased by around 16% between July 2019 and July 2020.

Given that customers find online shopping to be extremely convenient and have more access to internet-connected gadgets, the trend of online shopping is predicted to outlive the COVID-19 epidemic. Although vaccine administration has started, it will be some time until it is accessible everywhere, so people should follow social distance rules.

Competitive Landscape

Leading competitors in the global market for digital commerce platforms are utilising the constantly developing global virtual space to present cutting-edge solutions to potential customers. To keep a larger customer base, these competitors provide both B2B and B2C products.

For instance, Unilog Content Solutions and Acumatica announced a cooperation in July 2020 to provide the Acumatica Marketplace platform, which reselling partners can use to obtain complementary applications that will improve the functionality of B2B e-Commerce solutions.

Similar to this, Kentico Software introduced the updated and feature-rich Kentico Xperience 13 digital experience platform for marketers and developers in October 2020. Its rebranding of the Kentico EMS solution, which will improve content management, commerce, and digital marketing capabilities, includes the release.

More Valuable Insights on Digital Commerce Platform Market

Future Market Insights’ most recent research provides a frank analysis of the global digital commerce platform market, including historical data from 2014 to 2018 and projections for the years 2022 to 2029. The digital commerce platform market is divided into seven major regions based on end-use industry (food & beverages, fashion & apparel, health & beauty, electronics, home & furniture, automotive, media & entertainment, others), enterprise size (small and medium enterprises, large enterprises), and component (solution, services) to better understand market opportunities.

Information Source:
https://www.futuremarketinsights.com/reports/digital-commerce-platform-market