The global commercial cloud market is foreseen develop from $ 8.9 billion in 2019 to reach $ 27.0 billion by 2025, at an annual growth rate of about 25% over the conjecture period from 2020 to 2025.
Commerce Cloud is a multi-tenant cloud-based business platform that enables brands to make smart group purchases across all channels like social, 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. With advanced digital technology imbued with the very texture of the platform, it enables companies to have individualized customization without the need for data specialists.
The global commerce cloud market is foreseen to develop owing to the factors like rise in e-commerce industry along with the focus of enterprises to enhance 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.
Impact of Covid-19 on the Global Commerce Cloud Market:
The appearance of COVID-19 pandemic has brought the entire world to standstill. It is clear that 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.
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 for 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.
The rapidly changing consumer goods (FMCG) sector has moved to the direct-to-consumer business model in recent years. 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 overall 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 information and confidentiality of customers and merchants is essential to improve business relationships. Moreover, the concerns such as lack of privacy can be a threat to the development of this business in future.
By component, the global commerce cloud market has been classified into platform 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
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.
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 segment includes cosmetic and catering services. Among these, the grocery and pharmaceutical segment will be a significant contributor over the outlook period.
By end use, 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.
North America is expected to dominate the global commerce cloud market due to the adoption of cloud trading platforms and solutions by various organizations. 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 of this region, especially in the USA is supporting 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:
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), and Sitecore (India).
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Commerce Cloud Market, By Component
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Commerce Cloud Market, By Application