Worldwide Commerce Cloud Market Insights (2019-2024): Anticipating a CAGR of 24.9% Over the Forecast Period, Driven by the Growing Focus of Organizations Towards Optimizing Customer Experience
DUBLIN, July 30, 2019 /PRNewswire/ -- The "Commerce Cloud Market by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region - Global Forecast 2024" report has been added to ResearchAndMarkets.com's offering.
The global commerce cloud market is expected to grow from USD 8.9 billion in 2019 to USD 27 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period.
The market study covers the commerce cloud market across segments. The report aims at estimating the commerce cloud market size and future growth potential across different segments, such as component, platform, organization size, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, their strengths and weaknesses, recent developments, and key market strategies.
Major vendors offering commerce cloud software and services across the globe include, IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), and Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), and Sitecore (India). The study includes an in-depth competitive analysis of these key players in the commerce cloud market, with their company profiles, recent developments, and key market strategies.
Growing focus of organizations towards optimizing customer experience to drive the overall growth of commerce cloud market
The commerce cloud market is driven by various factors, such as the growing focus of organizations toward optimizing customer experience, along with the need to improve the operational efficiency of retail processes. However, the skepticism in using cloud-based solutions can hinder the growth of the market.
Services segment to grow at the highest CAGR during the forecast period
With the increasing adoption of commerce cloud solutions, the demand for supporting services is also growing among end-users. Commerce cloud services include training and consulting, integration and deployment, and support and maintenance. Service providers concentrate on delivering dedicated services by understanding customer's demands and needs. Moreover, these services help implement commerce cloud solutions in a cost-efficient manner to accomplish business objectives within the time frame and budget effectively.
Business-to-Business (B2B) platform segment to hold the largest market share during the forecast period
The B2B commerce cloud caters to the complex purchasing needs of B2B customers. It provides B2B customers with enhanced shopping experience by providing specific pricing and catalogs to the buyers under a unified storefront. It provides features, such as Business-to-Consumer (B2C), such as user experience, account hierarchies, complex pricing, custom catalogs, account management, and flexible purchase and shipping options. Furthermore, the B2B commerce cloud aids in the creation of seamless customer experience across marketing, sales, communities, and services. It also helps manage and preview of site catalog, promotions, merchandising, search, personalization, content, rich media, and recommendations in one single view.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
The commerce cloud market in APAC is expected to witness substantial growth, as Small and Medium-sized Enterprises (SMEs) and large enterprises in the region are rapidly adopting the commerce cloud solutions to expand their customer base and address a larger market. Growing economies in countries like China, Australia, and New Zealand, India, and Japan, provide huge opportunities for the adoption of the commerce cloud solutions and services across different industries. Meanwhile, North America is projected to hold the largest market size during the forecast period.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries' Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down and Bottom-Up Approaches
2.4 Market Forecast
2.5 Competitive Leadership Mapping Research Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Commerce Cloud Market
4.2 Market By Component, 2019
4.3 Market By Service, 2019
4.4 Market By Application, 2019
4.5 Market Investment Scenario, 2019-2024
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Focus of Organizations Toward Optimizing Customer Experience
5.2.1.2 Need to Optimize Operational Efficiencies
5.2.2 Restraints
5.2.2.1 Skepticism in Using Cloud-Based Solutions
5.2.3 Opportunities
5.2.3.1 Growing Instances of Businesses Moving Online
5.2.3.2 Increasing Need to Manage Multiple Storefronts
5.2.4 Challenges
5.2.4.1 Difficulty in Choosing the Right Solution
5.3 Standards and Guidelines for the Commerce Cloud Market
5.3.1 Payment Card Industry Data Security Standard
5.3.2 Health Insurance Portability and Accountability Act
5.3.3 Federal Information Security Management Act
5.3.4 PCI Pin Transaction Security Requirements
5.3.5 International Organization for Standardization 10536
5.3.6 International Standards Organizations 14443
5.3.7 Distributed Management Task Force Standards
5.3.8 Organization for the Advancement of Structured Information Standards
6 Commerce Cloud Market By Component
6.1 Introduction
6.2 Platforms
6.2.1 Business-To-Business
6.2.1.1 Business-To-Business Commerce Cloud to Cater to the Complex Purchasing Needs of Business-To-Business Customers
6.2.2 Business-To-Customer
6.2.2.1 Business-To-Customer Commerce Cloud to Provide a Unified Experience for Customers Shopping on Online or Brick-And-Mortar Stores
6.3 Services
6.3.1 Training and Consulting
6.3.1.1 Focus on Selecting the Right Commerce Cloud Solution to Drive the Adoption of Training and Consulting Services
6.3.2 Integration and Deployment
6.3.2.1 Growing Need to Seamlessly Integrate Native Enterprise Applications With Commerce Cloud Solutions to Drive the Integration and Deployment Services
6.3.3 Support and Maintenance
6.3.3.1 Focus on the Smooth Functioning of Online Business to Drive the Adoption of Commerce Cloud Support and Maintenance Services
7 Commerce Cloud Market By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Businesses
7.2.1 Growing Potential of Commerce Cloud to Drive the Adoption By Small and Medium-Sized Businesses
7.3 Large Enterprises
7.3.1 Large Enterprises to Deploy Commerce Cloud Platforms to Effectively Execute Trading Strategies
8 Commerce Cloud Market By Application
8.1 Introduction
8.2 Electronics, Furniture, and Bookstores
8.2.1 Growing Need for Reliable and Robust Ecommerce Platform to Drive the Adoption of Commerce Cloud Platforms
8.3 Grocery and Pharmaceutical
8.3.1 Ease in Integrating Various Stakeholders in a Supply Chain to Drive the Adoption of Commerce Cloud
8.4 Automotive
8.4.1 Ability to Ease Inventory Management to Boost the Adoption of Commerce Cloud in the Automotive Sector
8.5 Fashion and Apparel
8.5.1 Ability to Reach Out to a Larger Clientele to Drive the Adoption of Commerce Cloud in Fashion and Apparel Industry
8.6 Quick Service Restaurants
8.6.1 Commerce Cloud to Provide a Competitive Advantage By Catering to Specific and Unique Functional Requirements of Quick Service Restaurants
8.7 Travel and Hospitality
8.7.1 Commerce Cloud Solutions Cater to the Seasonal Demand for Travel and Hospitality and Enable Reduced Capital and Operational Expenditure
8.8 Beauty and Cosmetics
8.8.1 Commerce Cloud to Enhance the Consumer Experience By Providing Personalized Product Suggestions Based on Consumer Demographics, Location, and Lifestyle
9 Commerce Cloud Market By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.1.1 Growing Integration of AI With Commerce Cloud to Fuel the Demand for Commerce Cloud in the US
9.2.2 Canada
9.2.2.1 Increase in AI-Based Investments and Research Activities to Drive the Market in Canada
9.3 Europe
9.3.1 United Kingdom
9.3.1.1 Growing Demand for Commerce Cloud Platforms and Solutions to Create Seamless Experience in the UK
9.3.2 Germany
9.3.2.1 Increasing Adoption of Commerce Cloud Solutions to Drive the Market in Germany
9.3.3 France
9.3.3.1 Heavy Capital Inflow From Various Investors to Drive the Market in France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.1.1 Commerce Cloud Helps Brands to Understand Their Customers' Behavior at Every Stage
9.4.2 Japan
9.4.2.1 Systematic Approach Toward Commerce Cloud Help Commerce Cloud Platforms and Solutions Providers Enhance Customer Experience in Japan
9.4.3 South Korea
9.4.3.1 Increasing Investments for Developing It Infrastructure to Result in Driving the Market in South Korea
9.4.4 Rest of Asia Pacific
9.5 Middle East and Africa
9.5.1 United Arab Emirates
9.5.1.1 Commerce Cloud Platforms and Solutions are Utilized to Generate More Awareness About Products and Services Among the Customers
9.5.2 Kingdom of Saudi Arabia
9.5.2.1 Business Centers With Dynamic and Diversified Economy to Lead the Growth of the Market
9.5.3 South Africa
9.5.3.1 Number of Digital Initiatives and use of Advanced Digital Technologies to Increase in South Africa
9.5.4 Rest of Middle East and Africa
9.6 Latin America
9.6.1 Brazil
9.6.1.1 Brazil to Witness a Higher Growth Rate in the Commerce Cloud Market in Coming Years
9.6.2 Mexico
9.6.2.1 Growing Steps Toward Adopting Commerce Cloud Platforms in Mexico to Enhance Customer Experience
9.6.3 Rest of Latin America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Scenario
10.2.1 New Product/Solution Launches and Product Enhancements
10.2.2 Business Expansions
10.2.3 Acquisitions
10.2.4 Partnerships and Agreements
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
11 Company Profiles
11.1 Introduction
(Business Overview, Solutions and Services Offered, Recent Developments, SWOT Analysis)
11.2 IBM
11.3 SAP
11.4 Salesforce
11.5 Apttus
11.6 Episerver
11.7 Oracle
11.8 Magento
11.9 Shopify
11.10 BigCommerce
11.11 Digital River
11.12 Elastic Path
11.13 VTEX
11.14 Commercetools
11.15 Kibo
11.16 Sitecore
For more information about this report visit https://www.researchandmarkets.com/r/6kc0f9
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article