Commerce Cloud Market

Global Commerce Cloud Market Size (2024 to 2029)

The global commercial cloud market is foreseen to reach USD 13.91 billion in 2024 and USD 42.46 billion by 2029, growing at a CAGR of 25% during the forecast period.

Commerce Cloud is a multi-tenant cloud-based business platform that enables brands to make smart group purchases across all channels, such as social media, the web, and smartphones. Commerce Cloud enables brands to ship earlier, be faster, and reach more customers. Using the intensity of the cloud, innovation helps companies create an innovative customer experience that encourages transformations and motivates brand loyalty to customers. Advanced digital technology imbued with the very texture of the platform enables companies to customize their products individually without the need for data specialists.

The global commerce cloud market is foreseen to develop owing to factors like the rise in the e-commerce industry and the focus on enterprises enhancing customer experience. Also, the need to optimize operational productivity should further increase market growth. On the other hand, the increasing number of SMEs is likely to open new opportunities for companies in the global commercial cloud market. The scope of the report includes a detailed study of global and regional commercial cloud markets with the reasons given for variations in industry growth in certain regions.

Market growth and trends:

Cloud trading platforms provide a better customer experience across all channels, such as mobile devices, social media, websites, and offline stores. It provides a single shared view of customer activity, inventory, products, and promotions, reducing the time it takes to synchronize separate data sources. Additionally, the commercial cloud offers features like an open development environment that can support retail providers in offering customizations and improving business. Plus, features like product recommendations, one-to-one forecasting, and data-driven business insights offer immense opportunities for the cloud business market.

In recent years, the rapidly changing consumer goods (FMCG) sector has moved to the direct-to-consumer business model. People prefer to buy their groceries from the comfort of their homes. There is strong competition between different online grocery stores in the market. They try to attract new customers through discounts and promotions. In the consumer goods sector, customers buy goods more frequently. Cloud trading solutions help integrate multiple stakeholders involved in the grocery retail process and help provide a positive shopping experience for the buyer. The online pharmaceutical industry has strengthened in recent years. This segment is one of the most dynamic in the Asia-Pacific region (APAC). Cloud commerce solutions for the pharmaceutical industry help companies comply with regulations, manage product restrictions, and maintain traceability.

Market Drivers and Restraints:

The rapidly changing consumer goods sector has recently been moved to the action plan for direct buyers. People are inclined to buy their basic products from the comfort of their homes. There is a big challenge between the different online supermarkets on the market. They try to attract new customers through discounts and various promotional programs. In the area of consumer goods, customers buy products as often as possible. Cloud trading systems help attract different partners who participate in the general commodity retail process and help provide positive buying information to customers. This is the main reason for the growth of the global commerce cloud market.

Cybersecurity is one of the most important aspects of cloud-based business solutions. A company should implement standard cybersecurity laws to protect individual property rights and other online businesses. However, the absence of cyber laws is likely to limit market growth. Securing the information and confidentiality of customers and merchants is essential to improving business relationships. Moreover, concerns such as lack of privacy can threaten the development of this business in the future.

Impact of COVID-19 on the global commerce cloud market:

The appearance of the COVID-19 pandemic has brought the entire world to a standstill. This health crisis has had an unprecedented impact on companies in all sectors. The growing support of governments and many companies can help combat this highly contagious disease. Some industries are struggling, and others are prospering. In general, almost all sectors are expected to be affected by the pandemic.

GLOBAL COMMERCE CLOUD MARKET REPORT COVERAGE:

This research report on the global commerce cloud market has been segmented and sub-segmented based on the component, size of business, application, end-use, and region.

Global Commerce Cloud Market - By Component:

• Platforms      

• Services      

 The global commerce cloud market has been classified into platforms and services. Some of the cloud platforms offered by market players include Commerce Cloud Salesforce, SAP Commerce Cloud, and IBM multichannel commerce software as a service. Of these components, the platform segment will be a significant contributor during the forecast period.

Global Commerce Cloud Market - By Size of Business:

• SMEs  

• large   

Depending on the size of the business, the market has been divided into small and medium-sized enterprises (SMEs) and large enterprises. As large companies continue to invest in sophisticated enterprise IT systems, they are expected to have a significant market share.

Global Commerce Cloud Market - By Application:

• Electronics    

• Furniture      

• Bookstores  

• Grocery and Pharmaceutical        

• Automotive   

• Fashion and Apparel

Depending on the application, the market has been classified into grocery and pharmaceuticals, fashion and clothing, travel and hotels, electronics, furniture and bookstores, etc. The other segments include cosmetic and catering services. The grocery and pharmaceutical segment will be a significant contributor over the outlook period.

Global Commerce Cloud Market - By End Use:

• B2B    

• B2C    

The market was classified into the business-to-customer (B2C) and business-to-business (B2B) segments. The B2B segment is expected to represent a significant share, while the B2C segment is foreseen to experience a flourishing CAGR over the predicted period.

Global Commerce Cloud Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America is expected to dominate the global commerce cloud market due to various organizations' adoption of cloud trading platforms and solutions. Countries in the North American region that represent the growth of the cloud commerce market are the United States and Canada. The presence of multiple players in different countries in this region, especially in the USA, supports the growth. The United States has leveraged Artificial Intelligence (AI), Machine Learning (ML), and deep learning technologies as a part of its ongoing business process to stay competitive in the market.

Key Market Players:

The major companies operating in the global commerce cloud market include IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), Sitecore (India), and others.

Recent Developments:

• In January 2019, Salesforce upgraded its Commerce Cloud and introduced a new platform tool that can help integrate a smart, personalized, and connected shopping experience. The tool provides artificial intelligence, visual research, and stock availability services to enhance the business experience.

• In November 2017, IBM completed the purchase of Vivant Digital Business, a boutique digital development company in Australia. With this acquisition, IBM has tended to meet the growing needs of customers seeking transformation through digital transformation.

• In January 2018, IBM announced a strategic partnership with Salesforce, the world leader in customer relationship management (CRM). The association integrates the IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein, enabling them to connect with customers and collaborate effectively with more detailed information.