According to TechSci Research report, “Digital Commerce Software Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Digital Commerce Software Market is expected to register robust growth during the forecast period. The market is anticipated to witness a drastic growth rate primarily due to the increase in the need for unified commerce. Since customers nowadays use an increasing number of channels throughout both the buying and owning stages, making their entire process smooth, the market for digital commerce software will witness a severe demand throughout the forecast period.
As organizations move towards a subscription-based business model, sellers benefit greatly from repeatable, predictable revenue. Customers prefer features like convenience, cost savings, and personalized curation, which will create a massive demand for the market for digital commerce software. Moreover, cloud solutions are expanding globally, which plays a crucial role in propelling digital commerce growth due to its cost-effectiveness, automatic integrations, minimum IT investment, and ease of accessibility.
Further, with the increase in demand for the internet of things (IoT), smart home appliances can make purchases on behalf of customers. It will thus reduce the customers' efforts to make a purchase. This digital commerce trend is creating new interactive channels and business opportunities.
Online commerce is an indispensable vector of a merchant's strategy, and an optimized e-commerce platform translates into increased conversions and higher buying frequency. Shopify grew from a budding startup providing an additional platform for retail stores to a behemoth, servicing nearly 156,466 online stores in the United Kingdom, reflecting a growth of 218.81% and 59,590 stores in France, with an increase of 320.85% from March 2020 to January 2022. But the platform's development is most evident in Germany, where the growth rate is 480.18%, with 13,554 stores in March 2020 and 78,638 stores in January 2022. The growth is creditable to Shopify's intuitive and user-friendly operability that enables businesses to create e-commerce websites despite lacking technical knowledge and coding skills.
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Based on Deployment Model, The Cloud Based segment emerged as the dominating segment in 2023. Cloud solutions play a crucial role in propelling digital commerce growth due to their cost-effectiveness, automatic integrations, minimum IT investment, and ease of accessibility. Rapid technological advancements and innovations in cloud-based services improve performance at low costs while providing flexibility to the entire IT ecosystem. Cloud-based deployment emerged as a preferred deployment type for digital commerce software in the recent past.
Broadly, digital commerce software solutions facilitate enterprises to sell their products online. These solutions offer front-end for customer interaction, along with capabilities to manage back-end activities like order management, warehouse logistics, CRM, data analytics, mobile support, and tracking. The emergence of cloud and enterprise solutions has led to increased demand for digital commerce software applications. These applications can range from a simple shopping cart solution to a comprehensive ERP application dealing with all aspects of digital commerce enterprise.
Moreover, the market is witnessing various mergers, acquisitions, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for multiple applications. With the rise in such activities, the market is anticipated to witness exponential growth during the forecast period. For instance, in July 2022, B2B Software-as-a-Service (SaaS)-focused private equity and technology firm Basis Vectors acquired digital commerce cloud platform Commerce V3. This acquisition would enable the company to accelerate its overall impact on its customers and expand its footprint.
Based on Region, Asia Pacific is projected to dominate the market throughout the forecast period. Asia is the fastest-growing area in the global marketplace, accounting for the largest share of the world's business-to-consumer market. Along with that, companies are spending on digital channels. This is supported by the increasing number of smartphone users and high-speed internet connectivity. The digitalization of commerce in Asia has created an explosion of new marketplaces that have democratized buyer and seller access to new opportunities. People now have more consumption choices than ever, and sellers have a broad range of new digital pathways toward previously unreached markets.
As per Indiantelevision.com, the total revenue earned by the pay-TV industry in India through subscriptions alone amounted to more than USD 6 billion in 2021. It is anticipated that by the end of the year 2026, the total revenue earned by the pay-TV industry in India through subscriptions would reach around USD 7.6 billion, driving the market's growth significantly.
The Asia Pacific market is witnessing various significant activities, which in turn is accelerating the market to grow and expand throughout the forecast period. For instance, in February 2022, Sonata Software, a global IT services and technology solutions company headquartered in India, partnered with Microsoft in its introduction of 'Microsoft Cloud for Retail,' further strengthening its entire offerings to the retail industry. Sonata Software has provided high-quality solutions worldwide based on a deep understanding of retail markets and retailers' requirements and needs, utilizing world-class IPs, in-house migration and modernization tools, and robust engineering services, all underpinned by 'Platformation,' its unique digital transformation framework. Sonata Connected Retail provides personalized, intelligent, and adaptive solutions that primarily allow retailers to unlock the potential latent in their businesses and deal with changing market landscapes.
Key market players in the Global Digital Commerce Software Market are: -
- SAP SE
- Oracle Corporation
- Demandware Inc (Salesforce)
- Digital River Inc
- Sappi Limited
- Intershop Communications AG
- Volusion Inc
- eBay Enterprise
- TCS Ltd
- Cleverbridge Inc
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“The global digital commerce software market is driven by the persistent growth of e-commerce, necessitating businesses to adopt digital solutions for online presence and customer engagement. The surge in mobile commerce, coupled with the demand for seamless omnichannel experiences, propels the need for advanced software. Personalization through data analytics, integration of AI and machine learning, and the scalability offered by cloud-based solutions further fuel market expansion. The globalization of markets, particularly in B2B e-commerce, emphasizes the significance of digital commerce software in facilitating international transactions. Security and compliance considerations, alongside the continuous evolution of consumer expectations, contribute to the market's dynamic nature. As businesses increasingly leverage technology, these drivers collectively underscore the pivotal role of digital commerce software in shaping the modern business landscape.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Digital Commerce Software Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Deployment Model (On-Premises, Cloud-Based, Hybrid), End-User Industries (Retail, BFSI, Travel & Tourism, IT and Communications, and Entertainment & Media, Others), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Digital Commerce Software Market.
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