USD 21.72 billion
Commerce Cloud Market Size, Share, Growth Analysis, By Type(Platform, and Services), By Offering(Private Cloud, Public Cloud, and Hybrid Cloud), By Enterprise Size(SMEs, and Large Enterprises), By Vertical(Fashion and Apparel, Electronics and Appliances, Food and Beverages, Pharmaceutical and Grocery), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2102 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
96
|Figures:
76
Commerce Cloud Market Insights
Commerce Cloud Market size was valued at USD 26.23 billion in 2022 and is poised to grow from USD 31.68 billion in 2023 to USD 143.68 billion by 2031, growing at a CAGR of 20.8% during the forecast period (2024-2031).
The market for commerce cloud is mainly driven by a rising inclination towards e-commerce among businesses of all sizes, particularly in the wake of the COVID-19 pandemic. Cloud-based commerce solutions offer greater scalability, flexibility, and customer engagement, along with a highly personalized shopping experience. An omnichannel retail approach is also in vogue that requires seamless integration with other platforms such as marketplaces. Mobile commerce has made rapid strides in recent years, furthering the demand for commerce cloud. Additionally, companies are increasingly adopting the subscription model for the benefits it offers.
Artificial Intelligence and Machine Learning help businesses analyze enormous amounts of data about their customers, optimize their prices, and leverage shopping experiences tailored to the needs of any customer. Moreover, the emphasis on digital payments and the increased demand for efficient B2B technologies seem to facilitate the growth of the target market dramatically. This, in turn, creates new avenues for the companies that rely on AI-driven analytics and comprehensive B2B solutions. The market momentum is driven mainly by the surge of omnichannel retailing and consumers growing expectations for hyper-personalized, real-time, and frictionless engagements with some fast penetration of new technologies, including artificial intelligence.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Order Management
Fastest Growth
Payment Processing
Growth Rate
20.8% CAGR
Global Commerce Cloud Market ($ Bn)
Country Share for North America Region (%)
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Commerce Cloud Market Segmental Analysis
Global Commerce Cloud Market is segmented by type, offering, Enterprise Size, Vertical, and region. Based on Type, the market is segmented into Platform, and Services. Based on offering, the market is segmented into Private Cloud, Public Cloud, and Hybrid Cloud. Based on Enterprise Size, the market is segmented into SMEs, and Large Enterprises. Based on Vertical, the market is segmented into Fashion and Apparel, Electronics and Appliances, Food and Beverages, Pharmaceutical and Grocery, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Offering
The public cloud segment is considered to be the largest in 2023. The public cloud segment has been gaining momentum in the market due to the rapid adoption of cloud-native technologies by enterprises that aspire to scale operations quickly. Also, an influential trend has been the transition to omnichannel retail strategies, which require scalable and flexible infrastructure of public cloud solutions. Nowadays, more retailers tend to use the public cloud platforms to integrate their online and offline sales channels, improve customer experience, and support advanced analytics for personalized marketing. Moreover, the pay-as-you-go pricing and lower upfront expenditure of public cloud providers allow companies, especially SMEs, to minimize capital expenditures while enabling rapid scalability of the deployed solutions.
The hybrid cloud segment is anticipated to see tremendous growth in the forecast period. The public cloud’s scalability combined with the private cloud’s high control has become an increasingly desirable combination for many enterprises. Businesses are increasingly realizing the need to keep a higher degree of control over their sensitive information and mission-critical applications while still benefiting from the public cloud’s scalability, adaptability, and ease of deployment. For this reason, companies use hybrid cloud infrastructure to safeguard and separate their sensitive workloads on private clouds and less critical workloads on public clouds to help optimize their IT environments. Users may obtain a tailored approach based on their needs, leading to a more effective IT environment.
Analysis by Type
The platform segment is expected to be the largest demand contributor in 2023. The extensive range of scalable and customizable e-commerce solutions have driven the platform segment in the market. As businesses have sought to provide more complex and personal efforts in a competitive digital retail market, the need for platforms has expanded. The increasing need to be seamlessly connected to businesses’ existing IT landscapes, providing platforms that can enable online and offline integration is an important driver of the platform segment. The rising focus on omnichannel retailing, wherein businesses look for a platform to deliver integrated, consistent, and unified customer experiences in all the touchpoints, including web, mobile, and social media, is another driver of the platform segment.
The service segment is growing based on rising complexity of digital transformation initiatives. Commerce cloud platforms require professional services, such as implementation, integration, and support, as businesses get accustomed to the use of these solutions. Such a requirement is more common for large enterprises that need specialized solutions based on the organization’s specific business and regulatory features. Moreover, the need for managed services is also boosting this growth as it provides ongoing support to the commerce cloud environment. The providers support and optimize the performance of cloud solutions, and this framework allows businesses to benefit from their cloud investments as they are made with regard to the improvement in performance, security, and overall optimization.
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Commerce Cloud Market Regional Insights
North America is the leading region by demand share in the commerce cloud market in 2023. This market is developing rapidly due to the active implementation of digital transformation strategies and advanced cloud technologies throughout the region. The growth of rapid adoption is facilitated by the shift to e-commerce and omnichannel sales, driven by the goal of high-speed digital transformation to improve customer experience and business processes: the existence of major technology hubs and a highly developed infrastructure favors this tendency. The market is supported by high investment in continued innovation and infrastructure, as well as a high emphasis on customer interaction through digital refinement. The growing need for massive and customer-centric transactions that require agile and scalable solutions is an opportunity.
The Asia Pacific commerce cloud market is expected to grow at the fastest CAGR. In Asia Pacific, the market is primarily driven by the rapid economic growth, increased internet penetration, and the rising middle class. The availability of e-commerce platforms as well as digital payment systems across the Chinese, Indian, and Southeast Asian markets is the major growth driver. In addition, opportunities such as the increasing demand for localized solutions and mobile-first strategies also positively influence the APAC commerce cloud market. Challenges include the meeting of varied requirements pertaining to data privacy and regulations.
Global Commerce Cloud Market By Geography
- Largest
- Fastest
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Commerce Cloud Market Dynamics
Drivers
Adoption of Advanced Technologies
- Blockchain is being used in the commerce cloud for safer, more transparent, and efficient transactions, the market looks promising. By adopting a decentralized ledger system, blockchain adds to the trustworthiness of commerce processes, especially in the case of cross-border transactions. Apart from this, the Internet of Things has been adopted in the commerce cloud for a rather interactive and informed shopping experience for the customers.
Increasing Business Expansion
- The market is surging as an increase in the disposable income of individuals in different regions and higher customer online spending behavior is providing a positive outlook. In addition, the commerce cloud helps businesses to seamlessly expand to international markets where the cloud assists in dealing with different currencies, tax regulations, shipping logistics, and simplifying other cross-border trading.
Restraints
Increasing Problem of Reliable Connectivity
- The commerce cloud solutions are dependent on the good connectivity and strong infrastructure of the internet. In the areas where the internet is less supportive or weak infrastructure, then businesses face difficulties in a consistent online shopping process. It creates dissatisfaction among the customers, which reduced the scope of the commerce cloud solutions.
Extensive Requirement for Customization and Modification
- There are a variety of features and capabilities provided by commerce cloud platforms, however most of the businesses using some applications or adjusting the customization of a user interface brings limitations. Often the user interface, workflow processes, or integration of specific applications, third-party tools are subject to constraints. Many businesses face a lack of flexibility when they cannot adopt custom business processes or have to implement only standardized business processes.
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Commerce Cloud Market Competitive Landscape
Companies are making considerable innovative efforts to broaden their product range to address the ever-changing demands of businesses and customers. They are concentrating on numerous research and development activities on developing advanced features, such as AI-driven personalization and real-time analytics. Additionally, they are basing their work on scalability to contribute to the development of small start-ups and global corporations. Among other innovations, many companies are for multi-lingual and multi-currency support to make it easier both for businesses and customers to join cross-border commerce. Furthermore, they are selecting their applications to correspond to peculiarities and goals of various industries and integrating eco-friendly practices into their services to attract more customers.
Top Player’s Company Profiles
- IBM
- SAP
- Salesforce Commerce Cloud
- Adobe Commerce Cloud (Magento)
- Shopify
- BigCommerce
- VTEX
- commercetools
- Episerver (now part of Optimizely)
- Oracle Commerce
- Kibo Commerce
- Elastic Path
- Sitecore Experience Commerce
- Digital River
- Apttus
- Voyado
- Optimizely
- HCL Technologies
- Acumatica
- Sana Commerce
Recent Developments
- In May 2024, Salesforce has introduced three new commerce cloud innovations. These include new features to improve commerce site development and the checkout process. These facilities allow for revenue and deliver personalized customer experiences. They have become possible due to the higher demand for seamless, omnichannel experience.
- In September 2023, Merkle released a global accelerator for Salesforce Commerce Cloud. Such a facility allows users to integrate Contentful and Magnolia into the cloud using a modern, composable, API-first architecture.
- In October 2022, Oracle unveiled new services that will incorporate and automate end-to-end business-to-business transactions. It will help companies to decrease the expense of doing business, improve the customer experience, and provide new offers.
Commerce Cloud Key Market Trends
- Implementation of Unified Commerce Platforms: Omnichannel commerce is commonly used in most retailers. All the information regarding customers is pulled out of a variety of channels using inventory management software, point-of-sale platforms, customer relationship-management platforms, and so on. Unified commerce is gaining more traction among users as it is a more advanced version of omnichannel commerce, which situates a single holistic pane of customer profiles in real-time across the web, mobile, and other retailers’ operations.
- Growing E-commerce Adoption: Companies in any industry now strive to become digital-first and are engaged in or adjusting to ongoing digital transformation. The use of commerce cloud solutions facilitates these transitions by providing the necessary infrastructure. They help businesses to transform by leveraging digital-first customer experiences. Often, commerce cloud solutions include a variety of related tools for tracking key data such as customer behavior, sales performance, and more. With these data on hand, businesses can make decisions on how to improve their operations.
Commerce Cloud Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rise in digitalization and increasing preference for e-commerce platforms are the factors that are anticipated to boost the adoption of commerce cloud solutions and services among companies. Retailers are more and more utilizing cloud-based technologies to elevate customer interaction, personalize the recommendations, and boost the digital conversion rates. Furthermore, customers’ access to the commerce cloud has also been increased owing to the ongoing development in technology such as big data analytics, cloud computing, AI, and machine learning. These improved factors are anticipated to offer rewarding opportunities for the growth of the market during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 26.23 billion |
| Market size value in 2031 | USD 143.68 billion |
| Growth Rate | 20.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commerce Cloud Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commerce Cloud Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commerce Cloud Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commerce Cloud Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commerce Cloud Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commerce Cloud Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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