MarketsandMarkets™ forecasts a new market research report “Global commerce cloud market size to grow from USD 8.9 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period. An increasing number of businesses moving online is expected to provide huge opportunities in the commerce cloud market.
Browse 55 market data Tables and 33 Figures spread through 117 Pages and in-depth TOC on “Commerce Cloud Market by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region – Global Forecast 2024″
The Payment Card Industry Data Security Standard (PCI DSS), Federal Information Security Management Act (FISMA), International Organization for Standardization (ISO), and Distributed Management Task Force (DMTF) standards are some of the standards and certificates that are considered across the global commerce cloud market. These standards from institutes across the globe are generally set by a recognized international standard financial body or industry groups for offering a common view of frameworks, processes, and practices, which organizations could easily trade in the market globally.
The commerce cloud market by components is further sub segmented into platforms and services. Among these, the services segment is expected to grow with higher CAGR during forecast period. As the commerce cloud market grows, the demand for services is also expected to increase. Hence, the service providers concentrate on delivering dedicated services by understanding customer’s demands and needs. Moreover, these services help implement commerce cloud in a cost-efficient manner to accomplish business processes within the time frame and budget effectively.
The commerce cloud market by enterprise size is divided into 2 segments, namely, Small and Medium-sized Businesses (SMBs) and large enterprises. SMBs are expected to grow with higher CAGR during forecast period. The increasing awareness among SMBs and subscription-based solutions offered by vendors are expected to drive the commerce cloud market growth during the forecast period. Large enterprises are early adopters of commerce cloud solutions, as they have a sufficient budget and technical experts to adopt the latest cloud-based trading technologies to stay ahead of the competition.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period in the global commerce cloud market. The high growth rate in APAC is attributed to the increasing technological adoption in countries, such as China, Japan, and South Korea. The growth in this region is expected to be driven by the presence of half of the world’s mobile users, highest social media users, rising trend of online shopping experience, and the increasing internet connection and speed. The competition in this region is fragmented, and solution providers are focusing on expanding their services to most of the countries in the APAC region, due to the improvement in infrastructure and other business strategic moves.
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