MarketsandMarkets forecasts the global commerce cloud market size is expected to grow from USD 8.9 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period. An increasing number of businesses moving online are expected to provide huge opportunities in the market.
Browse 55 market data Tables and 33 Figures spread through 117 Pages and in-depth TOC on ” Global Commerce Cloud Market forecast by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region – Global Forecast 2024″
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According to MarketsandMarkets, commerce cloud is a part of digital commerce that provides a cloud-based, multi-tenant, Business-to-Business (B2B), and Business-to-Customer (B2C) commerce platform. It enables intelligent and unified buying experiences across channels such as mobile, websites, social media platforms, and offline stores. The platform aids in the digital business growth of brands by enabling rapid deployment and enhanced customer reach.
Some of the major commerce cloud vendors are IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), and Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), and Sitecore (India). These commerce cloud vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global commerce cloud market.
IBM is one of the leading players in the commerce cloud market. Founded in in 1911, IBM is headquartered in New York, US. As of December 2018, the company had 381,100 employees globally. The company’s major operating sector consists of 5 business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. IBM has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson technologies. In May 2019, IBM entered into a partnership with ‘Vodafone Idea’ (an Aditya Birla Group and Vodafone Group partnership). The partnership provides Vodafone Idea with a hybrid cloud-based digital platform for more intimate engagement with its more than 385 million subscribers enhancing business efficiency, agility, and scale plus simplification of its business processes. The new infrastructure platform removes the complexities in the exponential growth of data consumption by increasing access to video, streaming, and digital commerce.
Another leading company in the commerce cloud market is SAP, which was founded in 1972 and is headquartered in Walldorf, Germany. The company categorizes its diverse portfolio into applications; technologies and services; and SAP business network segment. As of 2018, SAP has an employee strength of 93,709 with a total customer base of more than 345,000 spread across 180 countries. It caters to various industries, such as Banking, Financial Services, and Insurance (BFSI), public services, telecommunications, and media and entertainment. In May 2019, SAP announced the Embrace, a partnership program with Microsoft Azure, Amazon Web Services (AWS), Google Cloud, and global strategic service partners. The Embrace planned to underpin technology services required to help customers and achieve the best business outcomes.
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