Commerce Cloud Market was valued at USD 13 million in 2021 and is projected to reach USD 67 million in 2029 growing at a CAGR of 22.6% during 2022-2029
The factors driving growth of Commerce Cloud Market includes increasing use of tablets and laptops for running applications related to payments, online retailing and e-commerce related activities, commercialization of 5G technology, growing popularity of e-Grocery platforms and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain, rising focus by companies on enhancing customer’s experience and improving operational efficiency, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, growing population growth rates and rising disposable incomes, are further contributing towards the market growth.
However, growth of the Commerce Cloud Market is hindered due to rising concerns related to security and privacy.
The major players operating in the market are SAP SE, Episerver AB, Magento, Oracle Corporation, IBM Corporation, Salesforce Inc., Shopify, Inc., BigCommerce pty. Ltd., Apttus Corporation, and Digital River, Inc., among others.
Based on Component, the Platform segment is predicted to grow at a significant CAGR during the forecast period
Commerce cloud platforms helps retailers to simplify customization processes and enables single shared view of customers activities, are propelling Commerce Cloud Market share.
Based on Application, the Grocery and Pharmaceutical segment is projected to expand at a remarkable CAGR over the forecast period
Emerging trend of online shopping, discounts offered by grocery stores and rising focus on enhancing customer’s shopping experience, are pushing growth of the segment.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Presence of the leading players such as Oracle Corporation, IBM Corporation and., Shopify, Inc., increase in the number of online grocery stores, growing adoption of advanced technologies by companies, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Segmentation by Component
- • Services
Segmentation by Organization Size
- Small and Medium-sized Enterprises
- • Large Enterprises
Segmentation by Application
- • Furniture, and Bookstores
- • Grocery and Pharmaceutical
- • Automotive
- • Fashion and Apparel
- • Quick Service Restaurants
- • Travel and Hospitality
- • Beauty and Cosmetics
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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