The digital commerce market size was valued at $4.21 Trillion in 2020, and is projected to reach $17.53 Trillion by 2030, growing at a CAGR of 15.1% from 2021 to 2030.
Advancements in industrial-grade digital technology, increase in inclination toward mobile &tablets digital commerce software, and rise in need for improved e commerce visibility majorly contribute toward the growth of the market. The growth in use of smart phone with high speed internet has also increased the adoption of e commerce market globally.
In 2020, the global market was dominated by the solution segment and is expected to maintain this trend during the forecast period. This is attributed due to growth in use of digital commerce solutions in the various industry verticals. However, the service segment showed the highest growth in the year 2020 due to surge in demand for professional and managed service in the market.
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By business type, the business to business segment dominated the global digital commerce market in 2020, and is expected to continue this trend during the forecast period, owing to increase in adoption of digital commerce software which is anticipated to integrate with existing software and inventories management solution and provide insightful information.
However, the business to consumer segment is expected to grow at the highest CAGR during the forecast period, owing to surge in adoption of digital commerce and e commerce solution in consumers, as it provides cost-effective and efficient mode of shopping for retail customers.
Governments and businesses have implemented work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), automation, and virtualization to control costs while improving customer experience.
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Moreover, a surge in demand for online shopping has been witnessed, which has led to the need for food & beverage, manufacturing, and logistics companies to invest more in automation of supply chains. For instance, as per the different studies in 2020, around 28% increase in online purchases across the globe was observed, which is mainly driven by the pandemic.
In addition, around 60% increase in the trend of buying online and pick up service from the store was witnessed. As the COVID-19 pandemic drove consumers to spend more money online, the surge in e-commerce has reduced shipping difficulties for retailers and consumers.
Many companies have invested in digital commerce solutions during the pandemic. For instance, in July 2021, Amazon partnered with Big Commerce to ease fulfillment for merchants. This move integrated open SaaS e-commerce platform Big Commerce with Amazon’s Multi-Channel Fulfillment to streamline sellers’ online order fulfillment. Such investments drive the growth of the digital commerce market.
The key digital commerce industry players profiled in the report are Alibaba Group Holding Limited, Amazon.com, Inc., Best Buy, eBay, Inc., JD.com, Inc., Otto GmbH & Co, Rakuten, Inc., Shopify, Inc., The Home Depot, Walmart, Inc. This study includes market trends, digital commerce market analysis, and future estimations to determine the imminent investment pockets.
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Key Findings Of The Study
- By component, in 2020, the solution segment dominated the digital commerce market. However, the service segment is expected to exhibit significant growth during the forecast period.
- By browsing method, the mobile/tablet segment accounted for the highest revenue of digital commerce market in 2020; however, the mobile/tablet segment is expected to witness the highest growth rate during the forecast period.
- By payment method, the cash payment segment generated the highest revenue in 2020. However, the digital wallet payment segment is expected to witness the highest growth rate in the near future.
- By business type, the business to business segment generated the highest revenue in 2020. However, the business to consumer segment is expected to witness the highest growth rate in the near future
- By industry vertical, the automotive segment generated the highest revenue in 2020. However, the retail and consumer goods segment is expected to witness the highest growth rate in the near future
- By region, the digital commerce industry was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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