E-Commerce Software and Platforms Market Expected to Grow at a CAGR of 12.5%
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The e-commerce software and platform market had a market value of US$3.81 billion in 2022, and is expected to grow at a CAGR of 12.5% from 2022 to 2032, reaching a value of US$12.37 billion.
Due to the convenience and cost effectiveness of online platforms, retailers have seen an increase in customer preference for online shopping. This has prompted merchants to implement e-commerce software and platforms to improve customers’ shopping experience and expand their visibility to reach distant customers and increase product sales. and services. Additionally, by connecting mobile, offline, and online shopping channels, e-commerce software and platforms enable a seamless customer experience.
As an increasing number of retailers focus on leveraging online platforms to attract new customer segments, continuous technological improvements have increased competition in retail.
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Until 2022 and beyond, the US market is expected to grow at a rapid pace. Given the high order value and increasing conversion rates, software and e-commerce platform sales through the business-to-business model are expected to increase at a significant rate throughout the assessment period.
The emerging countries of India and Greater China are expected to present potential growth avenues for e-commerce software and platform vendors due to the growing e-commerce industry in this region. The e-commerce market has been significantly changed by cryptocurrency and blockchain, which have fueled the demand for e-commerce software and platforms. They are expected to account for 60% of global demand for software and e-commerce platforms.
Vendors are now offering XaaS (Everything as a Service), which encompasses SaaS (Software as a Service), PaaS (Platform as a Service) and IaaS (Infrastructure as a Service) following a paradigm shift from on-premises deployment cloud-based deployment (infrastructure as a service). The players are focusing on cloud-based platforms such as SaaS as an effective deployment mechanism for software and e-commerce platform to retain customers.
Key points to remember:
- The implementation of software and e-commerce platforms in SaaS mode will represent 80% of the overall market.
- The deployment of B2B e-commerce software will represent 3/5 of the global market by type of company.
- United States should be the most lucrative market, with a revenue share of around 40%.
- India and China are expected to account for 60% of the global market for e-commerce software and platforms.
- In terms of demand for software and e-commerce platforms, APEJ is expected to represent a 4x increase.
- In 2022, the global e-commerce software and platforms market is expected to be worth US$3.81 billion.
- The growing inclination of customers towards online shopping is expected to propel the market for e-commerce software and platforms.
- The integration of big data analytics with e-commerce has rapidly boosted the demand for e-commerce software and platforms.
- Rising cyber crime, hacking, data leaks can lead to security breaches and leaks of confidential data and hamper the growth of e-commerce software and platforms market.
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Product innovation and strategic mergers and acquisitions influence the competitive landscape of the software and e-commerce platform industry. To take advantage of lucrative opportunities in developing markets, leaders are focusing on capacity increases and expanding their global footprint.
- In January 2022, YesStyle.com, a leading e-commerce platform for fashion, beauty and lifestyle products owned by YesAsia Holdings Ltd., has chosen Oracle Fusion Cloud Customer Experience (CX) to automate its platform. form marketing with flexible and reliable AI-based technology.
- In November 2021, The Finacle suite of digital banking solutions will be available on Red Hat OpenShift and IBM Cloud for Financial Services according to Infosys Finacle, a wholly owned subsidiary of Infosys. With a range of on-demand products and services, our alliance will help banks scale their business, become more flexible and propel their growth.
E-Commerce Software and Platform Market Key Players Include:
- SAP SE
- IBM Corporation
- Salesforce.com, Inc.
- Intershop Communications AG
- Shopware AG
- Volusion LLC
- 3D sellers
More Valuable Insights into E-Commerce Software and Platforms Market
Fact.MR provides an unbiased analysis of the eCommerce Software and Platforms market, showcasing historical demand data (2016-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Global E-Commerce Software and Platforms Market with detailed segmentation on the basis of:
- Per Outlook Deployment:
- By end-use outlook:
- travel and tourism
- Home and Furnishings
- By Business Model:
- Market place
Key Questions Covered in the E-Commerce Software and Platforms Market Report
- The report offers an overview of the demand outlook for the e-commerce software and platforms market for 2022-2032.
- The market study also highlights the predicted sales growth for the e-commerce software and platform market between 2022 and 2032.
- The E-Commerce Software and Platforms Market investigation identifies key growth drivers, restraints, and other forces impacting the prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Analysis of the e-commerce software and platforms market shares of the main companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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