Commerce Cloud Market to Reach USD 55.67 Billion by 2027; Exponential Spread of COVID-19 to Create Multiple Growth Opportunities for the Market: Fortune Business Insights™
Key Companies Covered in Commerce Cloud Market Research Report are VTEX, SAP SE, Oracle Corporation, IBM Corporation, Elastic Path Software, Inc., BigCommerce Pty. Ltd., Sitecore, Salesforce.com, Inc., Magento, Episerver, Digital River, Inc. Apttus Corporation
PUNE, India, May 22, 2020 /PRNewswire/ -- The global commerce cloud market size is projected to reach USD 55.67 billion by 2027, exhibiting a stellar CAGR of 20.8% during the forecast period. Rising popularity of unified commerce platforms will emerge as the central driver of growth for this market, states Fortune Business Insights™ in its report, titled "Commerce Cloud Market Size, Share & Industry Analysis, By Component (Platform, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Application (Grocery and Pharmaceuticals, Fashion and Apparel, Travel and Hospitality, Electronics, Furniture and Bookstore, and Others), By End-use (B2B, and B2C), and Regional Forecast, 2020-2027". Unified commerce can be defined as a single, integrated platform that enables an arterial connection to all aspects of a business including e-commerce, inventory management, and customer relationship. It offers a host of advantages, which is spiking its adoption rate. For example, unified commerce systems enable all-time and real-time inventory visibility and management as they create a link between the stock and all other channels associated with it. Thus, irrespective of where a certain item is in a warehouse, the manager will be able to locate it easily. Furthermore, these platforms also optimize order fulfillment by ensuring that a customer's desired product is delivered on time, making these systems particularly useful in case of multiple warehouses situated at distant locations.
The report states that the value of the market was at USD 12.32 billion in 2019. Besides this, the report provides the following:
- Comprehensive analysis of the impact of the coronavirus outbreak on the market;
- In-depth examination of the market drivers, trends, and challenges;
- Exhaustive study of the various market segments; and
- Detailed evaluation of the regional developments and competitive landscape of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Market Opportunity
COVID-19 Outbreak to Open New Avenues of Growth for the Market
The coronavirus pandemic has brought the world economy to a standstill, with majority of sectors and industries facing looming recession. However, one industry that is set to benefit from this situation is e-commerce as most countries are in lockdown and people are rigorously practicing social distancing. The spread of the virus is causing people to avoid crowded places, forcing them to shop for utilities and supplies online. In India, for example, the government recently announced that non-essential goods will not be allowed to be delivered by e-commerce companies. As a result, most online retail platforms, primarily Amazon and Flipkart, are focusing on delivering only essential items such as groceries and medicines. The pandemic has also prompted large luxury brands to invest in cloud systems and bring their products online for customers. For instance, Les Petits Joueurs, the Italian shoe- and bag-maker, announced its plans to launch on online showroom of its products, powered by virtual reality capabilities. Thus, the COVID-19 outbreak fueling online retailing and boosting the commerce cloud market growth.
Regional Analysis
Strong ICT Infrastructure to Accelerate Market Growth in North America
With a revenue generation of USD 8.35 billion in 2019, North America is anticipated to dominate the commerce cloud market share during the forecast period. This is mainly attributable to the presence of robust information and communications infrastructure, rapid digitization of businesses, and policy support to innovation in the region. Moreover, the region is home to technology bigwigs such as Microsoft and IBM, which bodes well for this market. Asia-Pacific is expected to grow at a high CAGR on account of increasing investment in modern digital technologies such as Artificial Intelligence (AI) in China and India and establishment of robust cloud infrastructure in Japan. In Europe, the market will be mainly driven by rapid expansion of e-commerce businesses and heavy investment in 5G infrastructure.
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Competitive Landscape
Tactical Alliances among Players to Animate Market Competition
In a bid to deepen their foothold in the market, many big and small players are entering into strategic collaborations and broadening their sales horizons. These partnerships are aimed at enhancing their brand image among consumers, diversifying their offerings, and building a loyal customer base.
Industry Developments:
- December 2019: Minsait, an expert in digital transformation, and SAP partnered to integrate SAP's Commerce Cloud travel accelerator with Minsait's Onsesait Hospitality Suite. The combined force of the two solutions will empower hotels to serve customers in a superior manner, enabling them to make new products and services visible to customers through social media, mobiles, and websites.
- March 2019: Episerver, a leader in digital solutions, teamed up with Branding Brand, a mobile engagement platform, to extend store technology support, native app, and performance web app Episerver's retail customers. The partnership will also enable Branding to deliver deeper personalized experience to its enterprise customers.
List of Companies Covered in the Commerce Cloud Market Report are:
- VTEX
- SAP SE
- Oracle Corporation
- IBM Corporation
- Elastic Path Software, Inc.
- BigCommerce Pty. Ltd.
- Sitecore
- Salesforce.com, Inc.
- Magento
- Episerver
- Digital River, Inc.
- Apttus Corporation
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global Commerce Cloud Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Platform
- Services
- By Enterprise size (Value)
- Small and mid-sized Enterprises
- Large Enterprises
- By Applications (Value)
- Grocery and Pharmaceuticals
- Fashion and Apparel
- Travel and Hospitality
- Electronics, Furniture, and Bookstore
- Others
- By End-User (Value)
- B2B
- B2C
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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