The COVID-19 pandemic disruption is estimated to transform the Commerce Cloud Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.
— Commerce Cloud Market
Market Research Future (MRFR), in its latest “Commerce Cloud Market” report, states that the global market of commerce cloud is expected to thrive at a CAGR of 22.7% and attain a valuation of USD 25.2 Billion by 2025.
Major benefits offered by a centralized commerce platform are an analysis of customer behavior and unify inventory that is highly desirable by enterprises. This is expected to spur the global commerce cloud market growth. The growing demand for a centralized buying platform to execute B2C businesses is adding to the momentum of the market. A pragmatic shift is from retail to e-commerce is observed. This is triggering the requirement for data-driven insights and automated merchandising. With the advent of technologies, such as AI and IoT, and they are being exercised across commercial ventures is serving the growing need for making business procedures seamless. These are likely to surge the worldwide commerce cloud market. Additional causes that are anticipated to impel the commerce cloud market are rise in need to simplify installation complexities and analyze consumer data. On the contrary, the skepticism of cloud-based technology can hinder the growth of the global commerce cloud market.
Drivers and Restraints
The several driving factors expected to influence the growth of the commerce cloud market are the Augmented AI adoption in all commercial ventures, Demand for a centralized purchasing platform across B2C business verticals, the Need for a tool to collect and evaluate data pertaining to customer buying habits, Ease of maintenance and decrease in installation intricacy, Business requirement for data-driven insight, Shift from retail to e-commerce for most enterprises, and Automated merchandising.
On the other hand, factors likely to restrain the market growth over the review period are the Skepticism of cloud-based technology and the Significant learning curve for using this technology.
Commerce clouds offer a specialized view for B2B as well as B2C businesses. Between the two, the B2C segment is larger due to the sheer scale of services offered and the need to understand and analyze data pertinent to an enterprise. B2B commerce cloud focuses on analyzing the economic relationship between two businesses in the long term, with special emphasis on logical planning. The B2C commerce cloud focuses on understanding consumer behavior with an emphasis on the products and services offered. This model keeps updating in the short term and basis itself on the emotional understanding of consumers keeping in mind short buying cycles. Considering the 1.7 billion online shoppers in 2017 and the increasingly competitive nature of e-commerce, a B2B model is crucial in gaining an understanding of consumer behavior and the concurrent inventory and transaction management that must go with it.
The service segment is expected to grow as cloud commerce evolves and collates increasing amounts of data. The services offered by cloud commerce are broadly divided into training and consulting, integration and deployment, and support and maintenance. Training and consulting services are offered to enterprises for proper and efficient use of the software and to streamline the overall business process.
Commerce cloud is primarily employed to form an overarching view of the entire commercial enterprise. The solution needs to be integrated with different facets of an enterprise for an overview of the entire business structure. The integration and deployment service ensures smooth deployment for maximized usability. Integration and deployment services are necessary to run various software systems in sync with each other and enable knowledge transfer among them. The support and maintenance service segment is expected to grow at the highest CAGR. The service suite includes service enhancements, knowledge transfer, 24x7 support, and production support.
By Installation Platform
Commerce clouds are integrated over multiple platforms. The larger segment is the desktop segment with the mobile segment registering the higher CAGR. Mobile phones are fast becoming as proficient as desktops for the purposes of data collation and analysis. Desktops, though, are utilized exclusively for business purposes, making them more specialized and thus able to handle larger volumes of data and carry out in-depth analysis.
Regionally, the global commerce cloud market has been segmented into North America, Asia Pacific, Europe, Latin America, and the middle east and Africa,
North America is the largest regional market, wherein the adoption of cloud technology is high, with the presence of numerous major players within this market. The commerce cloud market has positively gained a foothold in all business enterprises within this region. Implemented by large enterprises, the European market is expanding due to the filtration of this technology to the SMEs operating in the region improved by an upsurge in e-tailing. The fastest-growing market due to sustainable economic growth in the region, Asia-Pacific businesses are increasingly looking to cloud technology to enhance their enterprises further. A smaller market segment, countries like Israel and South Africa in the middle east and Africa region, are nonetheless progressively looking to commerce cloud technology to increase their business. Serving to fulfill the demand in the region, South American countries are gradually turning to commerce cloud technology to boost profitability.
The market players operating in the global commerce cloud market are Apttus Corporation, 2Checkout, BigCommerce Pty. Ltd, Episerver, commercetools GmbH, Digital River, Inc., Elastic Path Software Inc, IBM Corporation, Verve Industrial Protection, Unilog Content Solutions Pvt. Ltd, Kibo Commerce, Oracle Corporation, Adobe Incorporated (Magento), Salesforce, Shopify, SAP SE, Infosys (SKAVA), and VTEX.
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