The Digital Commerce Platform market is forecasted to grow at a high rate owing to the increasing adoption of advanced technologies such as big data analytics, machine learning, and artificial intelligence (AI).
The Digital Commerce Platform Market was valued at USD 6.8 Bn in 2020 and is expected to reach USD 18.0 Bn by 2027, expanding at a CAGR of 15.2% during the forecast period.
The major factor driving the demand of the Digital Commerce Platform market is the increasing adoption of advanced technologies such as big data analytics, machine learning, and artificial intelligence (AI). Big Data Analytics combined with machine learning and AI has helped enterprises to incorporate high-performance data mining, predictive analysis, text mining, and other information-driven approaches. This has enabled enterprises to improve productivity and make informed business decisions. With the use of these technologies, enterprises are now able to create products that suit consumer needs, expand their current product lines, improve customer engagement, and gain a competitive advantage. These technologies also allow organizations to respond quickly to changes happening in the market and keeping up with critical customer shifts and several other factors which impact their business growth. Owing to these advantages provided by these advanced technologies, growth in the adoption of these technologies is expected to positively drive the Digital Commerce Platform market.
Moreover, the introduction of cross-border and consumer protection policies is also contributing to driving the growth in the Digital Commerce Platform market. The government of several nations has introduced favourable consumer protection laws and has relaxed cross-border trade regulations, which is thereby improving consumer’s confidence in digital-commerce platforms. For instance, in June 2021, the Ministry of Consumer Affairs, Government of India has released draft amendments to the Consumer Protection E-commerce Rules, 2020. These amendments aim at checking platform malpractices and addressing the rising number of grievances raised by consumers using digital-commerce platforms. Additionally, the country on February 1, 2019, amended the FDI policy in digital-commerce for all the companies operating as the digital-commerce marketplace. The policy changes provide clarity and strengthen the regulatory framework governing FDI in e-commerce marketplace companies in India. Policies like these are expected to bloom the Digital Commerce Platform industry.
Apart from this, the government in many nations is collaborating with private players for promoting the adoption of the Digital Commerce Platform industry. For instance, in April 2020, The Ministry of Kazakhstan of Trade & Integration signed a strategic agreement with Mastercard to enable and encourage more SMEs for participating in digital-commerce, promoting digital and financial literacy among established and aspiring entrepreneurs, building digital payment infrastructure, and establishing a supportive eco-system for start-ups. Such favourable government action to promote the Digital Commerce Platform market is expected to positively influence the market.
Global Digital Commerce Platform Market by Region Outlook (Revenue, USD Billion, 2021-2027)
Based on region, the Asia Pacific region has dominated the Digital Commerce Platform market during the forecast period. This growth is mainly attributed to China, which is one of the leading Digital Commerce Platform markets across the world. High population growth along with increasing smartphone penetration in the region has also contributed to the growth of the Digital Commerce Platform industry in the region. Along with China, many developing nations including Indonesia, Philippines, Malaysia, Singapore, Thailand, and Vietnam are experiencing digital transportation and thus positively influencing the market growth. Moreover, the presence of key market players such as Alibaba, AliExpress, GittiGidiyor, Hepsiburada, HipVan, JD.com, Kaola, and Qoo10 among others is also driving the Digital Commerce Platform industry growth in the region. Further, the massive rollout of 5G technologies in major countries in the region is also expected to propel the industry demand.
The Global Digital Commerce Platform Industry Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the global Digital Commerce Platform market are: