This Digital Commerce Market news report primarily for the International Trade Council’s Digital Commerce Business Council, of which the author is chairman, and ZennieReport.com readers
Portland (Special to ZennieReport.com) – An Allied Market Research report explains that the Global Digital Commerce Market was estimated at $4.21 trillion in 2020 and is anticipated to hit $17.53 trillion by 2030, registering a CAGR (aka “compound annual growth rate”) of 15.1% from 2021 to 2030.
The Digital Commerce Market report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Advancements in industrial-grade digital technology, an increase in inclination toward mobile & tablet digital commerce software, and rise in need for improved e-commerce visibility majorly contribute toward the growth of the market. The growth in the use of smartphones with high-speed internet has also increased the adoption of e-commerce market globally.
In 2020, the global market was dominated by the solution segment and is expected to maintain this trend during the forecast period. This is attributed due to growth in use of digital commerce solutions in the various industry verticals. However, the service segment showed the highest growth in the year 2020 due to surge in demand for professional and managed service in the market.
Internet Use Growth Is Behind Global Digital Commerce Market Growth
Growing penetration of the Internet and smartphones, increasing usage of social media and social commerce, and advancement of multiple payment modes drive the growth of the Global Digital Commerce Market Growth. On the other hand, online frauds and several cyber security issues restrain the growth to some extent. However, digital commerce automation and the expansion of cross-border e-commerce are expected to create lucrative opportunities in the industry.
Remote Work Rise Is Causing Global Digital Commerce Market Growth Adv Tech Adoption
Governments and businesses have implemented work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), automation, and virtualization to control costs while improving customer experience. Moreover, a surge in demand for online shopping has been witnessed, which has led to the need for food & beverage, manufacturing, and logistics companies to invest more in the automation of supply chains.
And About The Global Digital Commerce Market COVID-19 Scenario
What was the impact of the COVID-19 Pandemic On Global Digital Commerce Market Growth?
- • Huge supply chain disruptions, especially during the initial phase of the pandemic, augmented the demand for digital commerce.
- • At the same time, demand for online shopping also increased significantly, which made the food & beverage, manufacturing, and logistics companies spike up their investments in automation, including the automation of supply chains. This factor impacted the global digital commerce market positively.
- • This trend is quite likely to continue post-pandemic as well.
Global Digital Commerce Market Growth And Internet Browser Use
By browsing medium, the mobile/table segment held the highest market share in 2020, holding than nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 16.5% from 2021 to 2030.
By payment mode, the digital wallets segment contributed to the major share in 2020, accounting for around two-fifths half of the global digital commerce market, and is expected to lead the trail during the forecast period. The same segment is also anticipated to cite the fastest CAGR of 17.4% from 2021 to 2030.
Global Digital Commerce Market Growth Primarily Focused On Asia-Pacific
Asia-Pacific is expected to be the highest growing region during the forecast period, owing to strong technological growth along with ongoing development in the gaming sector, which drives organizations to invest heavily in digital commerce to sustain growth and improve the productivity of online gaming service providers.
In addition, factors such as moderately high internet penetration, ongoing improvements in broadband infrastructure, major shift toward digital transformation, rise in cloud deployment, technological advancement in online commodity trading, and ongoing modernization of E-commerce such as online shopping on smartphones drive heavy investment in digital commerce in emerging economies.
About The Key Digital Commerce Market Players In Asia-Pacific
Furthermore, key players in Asia-Pacific are focused on enhancing their operations and increasing their overall efficiency to stay competitive in the digital commerce market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.
The key market players analyzed in the global digital commerce industry report include Best Buy, Amazon.com, Inc., JD.com, Inc., Otto GmbH & Co, Rakuten, Inc., Walmart, Inc., The Home Depot, Alibaba Group Holding Limited, Shopify, Inc., and eBay, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
Who Is Allied Market Research?
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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What Is The International Trade Council’s Digital Commerce Business Council?
The Digital Commerce Business Council (DCBC) within the International Trade Council is a specialized committee dedicated to embracing the transformation brought about by the digital revolution in the realm of international commerce. Recognizing the profound impact of technology on global trade, the council serves as a nexus for businesses, governments, technology providers, and other stakeholders, aligning them on best practices, innovations, and the future of digital commerce. Join the International Trade Council by visting https://tradecouncil.org/
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