Digital Commerce Platform Market Report 2024

This Digital Commerce Platform industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The digital commerce platform market size has grown rapidly in recent years. It will grow from $10.68 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth observed during the historic period can be attributed to factors such as increased internet penetration, a surge in smartphone usage, the expansion of social media, enhanced consumer convenience, and the rise of subscription-based models.

The digital commerce platform market size is expected to see rapid growth in the next few years. It will grow to $22.93 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The anticipated growth during the forecast period can be attributed to factors such as the increasing adoption of mobile commerce, the expansion of cloud-based solutions, rising demand for personalized shopping experiences, growing internet penetration rates, and a heightened need for digital payment solutions. Major trends to watch include the adoption of AI-driven technologies, implementation of blockchain, advancements in renewable energy storage solutions, integration of 5G technology, and the use of augmented reality (AR).

The growth of online shopping is projected to drive the expansion of the digital commerce platform market. Online shopping, which involves purchasing goods and services over the internet, has surged due to its convenience, extensive product selection, and competitive pricing. Digital commerce platforms provide companies with a centralized system to manage products, orders, inventory, and customer data, thereby streamlining operations and enhancing efficiency. These platforms offer the essential tools, infrastructure, and capabilities needed to manage and optimize online sales channels. For example, the United States Census Bureau reported in May 2024 that e-commerce sales in the United States increased by 7.6% from the third quarter of 2022 to the third quarter of 2023. Consequently, the growth in online shopping is driving the advancement of the digital commerce platform market.

Leading companies in the digital commerce platform market are focusing on developing digital transactions that integrate secure payment gateways to ensure transaction safety. Digital transactions involve electronic financial transactions conducted over the internet and through digital devices, providing greater convenience, security, and efficiency compared to traditional cash transactions. For instance, in January 2024, LINE Next, a US-based internet company, launched DOSI, a digital commerce platform that evolved from its NFT origins to offer a range of digital products, including memberships, game items, and tickets via web and mobile applications. The platform's Web3 integration aims to facilitate seamless trading, enhancing accessibility and utility for users worldwide within the digital commerce market.

In October 2023, Omnicom Group, a US-based media, marketing, and corporate communications holding company, acquired Flywheel for an undisclosed amount. This acquisition is intended to strategically boost Omnicom Group’s presence in the digital commerce and retail media sectors by integrating Flywheel’s technology with Omni’s data. Flywheel Digital, a US-based company, specializes in cloud-based digital commerce platforms for global marketplaces.

Major companies operating in the digital commerce platform market are International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Tata Consultancy Services Limited, HCL Technologies Limited, Sappi Limited, Shopify Inc., Radial Inc., Sitecore Holding II A/S, Automattic Inc., BigCommerce Holdings Inc., Digital River Inc., Unilog Content Solutions Private Limited, Mirakl SAS, VTEX Commerce Cloud Solutions LLC, Spryker Systems GmbH, commercetools GmbH, Cleverbridge GmbH, Kibo Software Inc., Miva Inc., Kentico Software s.r.o., Intershop Communications AG, Elastic Path Software Inc., Oro Inc.

North America was the largest region in the digital commerce platform market in 2023. The regions covered in the digital commerce platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital commerce platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A digital commerce platform is a software solution designed to help businesses sell online, manage inventory, process payments, and enhance customer interactions. It enables companies to efficiently set up and operate online stores, broadening their global market reach through personalized customer experiences and streamlined operations, which ultimately improves sales efficiency and customer satisfaction in e-commerce.

The digital commerce platform market comprises two main components such as digital commerce platform solutions and digital commerce platform services. Digital commerce platform solutions refer to integrated technologies and services that facilitate transactions, manage online sales, and provide seamless shopping experiences across digital channels. Business models in this market include business-to-consumer (B2C), business-to-business (B2B), consumer-to-business (C2B), and consumer-to-consumer (C2C). Deployment models encompass on-premises, software as a service (SaaS), and fully managed solutions. End users span various sectors such as food and beverages, fashion and apparel, health and beauty, electronics, automotive, home and furniture, media and entertainment, among others.

The digital commerce platform market research report is one of a series of new reports that provides digital commerce platform market statistics, including the digital commerce platform industry global market size, regional shares, competitors with digital commerce platform market share, detailed digital commerce platform market segments, market trends, and opportunities, and any further data you may need to thrive in the digital commerce platform industry. These digital commerce platform market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital commerce platform market consists of revenues earned by entities by providing services such as online storefronts, payment gateways, and order management systems to facilitate e-commerce transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital commerce platform market also includes sales of network equipment, payment processing devices, computers, and workstations. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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