The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The digital commerce software market was valued at USD 5733.44 million in 2019?and is expected to reach a market value of USD 10397.24 million by 2025, registering a CAGR of 12.64% during the forecast period (2020 - 2025). With the increase in need of unified commerce, customers use an increasing number of channels throughout both the buying and owning stages which makes their entire process smooth.
- As the organizations are moving towards a subscription business model, sellers benefit from repeatable, predictable revenue and customers like the convenience, cost savings and personalized curation which in return will create a market for digital commerce.
- Further, with the increase in demand for the internet of things (IoT), smart home appliances can make purchases on behalf of customers. It will reduce the efforts customers need to take for purchasing. This digital commerce trend is creating new interactive channels and business opportunities.
- However, on the flip cybersecurity issues and raising privacy concerns are the major restraints for the market during the forecasted period.
Scope of the Report
Digital commerce (D-commerce) is a type of e-commerce used by an organization that delivers and sells products online. D-commerce is used by companies that sell news, subscriptions, documents or any form of electronic content, and the digital commerce company collects payments, handles customer refunds and billing and manages other accounting functions for online publisher clients.
Key Market Trends
Entertainment and Media to Have Significant Share
- Technology has grown exponentially over the past decades within media and entertainment, bombarding the film, TV, publishing and music industries with new competition, business models and product landscapes that benefit a digitally sophisticated consumer base.
- With 2.71 billion smartphone users globally, content consumption across media channels, devices and demographics are on the rise. Due to unprecedented Internet usage and adoption of Internet-enabled devices, consumers are now in a digital ecosystem in which they actively create, distribute and consume content.
- Moreover, according to Open Society Foundations, the United Kingdom has one of the highest levels of digital television uptake in Europe and it is witnessing more customer-focused options in the digital market.
- With the increasing demand for entertainment and media market in the United Kingdom, it can be inferred that globally this market will also see significant growth. With the increased willingness among consumers to pay for content online rather than consume ad-funded content is driving the entertainment and media market.
Asia- Pacific to Witness the Fastest Growth
- Asia is the fastest-growing region in the global marketplace, accounting for the largest share of the world’s business-to-consumer market. Along with that, companies are spending on digital channels. This is supported by the increasing smartphone users and high-speed internet connectivity.
- According to the association for the video industry and ecosystem in Asia- Pacific, China has been the single top contributor to IPTV subscriber growth, with state-owned China Telecom and China Unicom signing up more than 39 million customers during the year and India trails China as the second-largest pay TV market globally, with 155.4 million subscribers. Such a huge customer base creates a market for the digital commerce software market in this region.
- The above factors are expected to help the digital commerce software market to grow at the fastest rate during the forecast period.
The digital commerce software market is highly fragmented and competitive in nature. Some of the key players are SAP SE, IBM Corporation, Oracle Corporation, Demandware Inc., NetSuite Inc., Sappi Limited, Intershop, Volusion Inc., eBay enterprise, TCS Ltd, Cleverbridge Inc., MarketLive Inc., and Shopify Inc., among others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition.
- December 2018 - IBM and HCL Technologies (HCL) announced a definitive agreement under which HCL had planned to select IBM software products for USD 1.8 billion. Some of those software products are Commerce (on-premise) for omnichannel eCommerce, Portal (on-premise) for digital experience, etc.
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