The Global digital commerce platform market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 13.2%. Digital commerce (D-Commerce) is defined as the buying and selling of goods and services through a digital platform. Nowadays, companies are using D-commerce to sell subscriptions, news, and any form of electronic documents. Moreover, companies are using the platform for the purpose of collecting payments, handling customer queries, refunds, and billing as well.
The rising adoption of cloud-based services acts as a factor in driving the growth of the global digital commerce market. However, the high operational cost required for maintaining the IT infrastructure and issues of data security are likely to impede the growth of the digital commerce platform market.
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According to the type of business model, the market is categorized as business to business (B2B), business to customer (B2C), customer to business (C2B), and customer to customer (C2C). In this category, B2B and B2C segments are likely to grow during the forecast period, owing to the rising adoption of SaaS-based business in those segments.
Based on deployment, the market is segmented as on-premise, cloud-based, and hybrid. The on-premise is the most often used deployment rather than a remote facility in the organizations. The On-premise service offers the benefit of solving the issues easily by the available IT staff in the organization. Though it needs a huge initial investment, organizations are using it due to their business needs.
Based on the end-user category, the retail segment is having a dominating share in the market, owing to the rising adoption of digitalized platforms for the ease of capturing data in real-time.
Geographically, North America is holding a dominating position in the market, owing to cost-effective systems, easily accessible technology, and minimum investment in IT. Enterprises in this region are replacing the old model of custom developed system with the modern systems, with omnichannel solutions and pop-up stores for entering new markets. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to changes in consumer demographics and the rising urban population in this region.
The key players in the global digital commerce platform are, IBM (USA), SAP SE (Germany), Oracle (USA), Magneto (USA), Apttus (USA), Netsuit (USA), Elastic Path (Canada), Demandware(USA), Cloudcraze (USA), and Digital River (USA).