Owing to the enormous application possibilities with the merger of consumer electronics and the internet, an increasing number of companies are venturing into the digital commerce platform market, and several of them will follow the suit in the near future, making the competitive landscape further fragmented. That being said, a few companies such as Hybris AG, IBM Corporation, and Oracle Corporation do hold a position of strength and continuously expand into potential regions to eat into the shares of smaller domestic players who have limited to no presence their core region.
A fresh business and commerce study by Transparency Market Research (TMR) has projected that the demand in the global digital commerce platform will increment at a robust CAGR of 14.8% during the forecast period of 2016 to 2024. As per the evaluations of the TMR report, the opportunities in the digital commerce platform market, across the world, were worth US$4.44 bn in 2015, and estimates it to swell up to US$15.30 bn by the end of 2024. In the near future, the leaders of this market are expected to dwell into cloud-based digital platforms and software-as-a-service models in order to maintain their stronghold over the market.
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Based on the model of business, the report segments the global digital commerce platform market into business to business (B2B), business to consumer (B2C), consumer to business (C2B), and consumer to consumer (C2C). The segment of business to consumer accounted for a whopping 68.5% of the total demand and is expected to maintain its top position, although the segments of business to business and consumer to consumer are also projected to for healthy growth. Based on end-users, the market for digital commerce platform has been bifurcated into banking, financial service and insurance (BFSI), retail, IT and Telecommunication, and airline and travel. The report also categorizes this market on the basis of deployment model, into on-premise, software as a service (SaaS), open source, and fully managed.
Geographically, the report highlights North America as the most lucrative region by a long margin, which is a reflection of strong adoptability rate of new technology in the developed country of the U.S. A massive existing base of digital media users in the country has been powered by the ubiquity of smartphones and broadband internet services. The North America digital commerce platform market is projected to exhibit a CAGR of 13.7% during the forecast period of 2016 to 2024.
The advent and rapid rise of cloud computing has been a boon for the market for digital commerce platform. With cloud platform, companies operating in ecommerce have found a whole new avenue of revenue by selling to consumers without investing on retail outlets. Organized website portals can engage, entice, and translate a lead into sale and a flooding number of manufacturers are now transforming their business to gain benefit from digital commerce platforms.
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Growing dependency on smartphones and integrated devices, increasing disposable income among the urban populations in emerging economies, and growing awareness among the end-users are some of the other factors that will aid to the prosperity of the global digital commerce platform market. On the other hand, the market is still in nascent stage and unless aggressive market strategies are employed, retailers are expected to remain reluctant owing to the lack of governance structure.