Analysis of E-commerce Software and Platform market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The e-commerce software and platform market has garnered a market value of US$ 3.81 Bn in 2022, anticipated to register a positive CAGR of 12.5% in the forecast period 2022-2032 and reach a value of US$ 12.37 Bn.
E-commerce software and platform Market Size (2022)
US$ 3.81 Bn
Sales Forecast for e-commerce software and platform (2032)
US$ 12.37 Bn
Global Market Growth Rate (2022 to 2032)
Key Providers of E-Commerce Software and Platform
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From 2017 to 2021, the global e-commerce software and platform market registered significant gains, reaching a valuation of US$ 3.27 Bn in 2021. The pervasiveness of e-commerce has transformed the retail sector by introducing online platforms for purchasing commodities and goods.
Retailers have witnessed increased inclination of customers toward online purchasing on the back of the high convenience and cost-effectiveness of online platforms. This aspect has triggered retailers to adopt e-commerce software and platform to enhance the customer shopping experience and increase their visibility to reach remote customers to increase sales of their products and services. Moreover, e-commerce software and platform provide a seamless customer experience by linking mobile, offline, and online shopping channels.
E-commerce software and platforms enable the delivery of all services and products of the retailer on a single platform, in turn increasing the convenience quotient for customers. This factor is likely to fuel the adoption of e-commerce software and platform in the forthcoming years. According to the Fact.MR analysis, the market is projected to show a promising growth rate for e-commerce software and platform growing at a CAGR of around 12.5% over the forecast period (2022 to 2032).
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The robust growth of Big Data analytics has resulted in a paradigm shift in the e-commerce industry. Data is now looked upon, not as a bi-product of a business, but considered as a vital asset offering insights on customer behavior in terms of purchasing patterns, frequency, and choice.
It is now used as an important performance measure of a business that can be leveraged to enhance business activities and profits. In a bid to simplify complexities associated with Big Data analytics, providers of the e-commerce software are integrating AI and data analytics with e-commerce software and platform.
This integration has enabled enhanced customer traffic, in turn facilitating high revenue generation and improved sales. Moreover, e-commerce software and platform also provide analysis on customer satisfaction that can be used by retailers to explore new opportunities and increase profitability. Big Data analytics integration with e-commerce has significantly propelled the demand for e-commerce software and platform, in turn favoring their market’s growth during the period of forecast
On-going technological advancements have raised the competitiveness of the retail market as an increasing number of retailers are focusing on leveraging online platforms to capture new customer segments.
A paradigm shift from on-premise deployment toward adoption of cloud-based deployment has resulted in vendors offering XaaS (Everything as a Service) that includes SaaS (Software as a Service), PaaS (Platform as a Service) and IaaS (Infrastructure as a Service). In a bid to retain customer loyalty, players are focused on using cloud-based platforms such as SaaS as an effective deployment model for e-commerce software and platform.
Moreover, vendors of e-commerce software and platform are focused on offering customized platforms based on critical requirements of customers, which has led to the adoption of a new methodology that can facilitate tapping a wider marketplace in order to enhance the customer base. Against this backdrop, the deployment of e-commerce software and platform through SaaS has gained significant traction in the past few years and is likely to retain its status quo in the years to follow.
The scalability and flexibility of the e-commerce software and platform are largely impacted by the network infrastructure and the ability to handle increased traffic and rising demand for bandwidth.
Increasing traffic is likely to result in a software failure, which is expected to confine the growth of the e-commerce software and platform market. However, vendors of e-commerce software and platform are focused on enhancing network infrastructure to overcome this challenge.
Increasing cybercrimes worldwide has posed a significant setback to the IT sector. Growing hacking threats and phishing attacks can potentially result in security breaches and confidential data leaks. This can further lead to misuse of customer data in turn inducing a dent in customer confidence resulting in a high attrition rate. This aspect continues to challenge the demand of the e-commerce software and platform and its overall market’s growth.
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Increased Focus on Improving B2B Communication Driving Adoption
The U.S. market is poised to experience impressive gains through 2022 and beyond. Sales of e-commerce software and platform via business-to-business model are expected to grow at a significant pace throughout the assessment period, on the back of large order values coupled with increasing conversion rates.
The fast pace of e-commerce software and platforms in the US has enabled quick business-to-business order fulfillment in turn facilitating better customer experience. According to Fact.MR, a market share exceeding 40% is projected for the market in the U.S from 2022-2032.
Emerging countries of India and Greater China are expected to present potential growth pathways for vendors of e-commerce software and platform owing to the growing e-commerce industry in this region. Cryptocurrency and blockchain have significantly transformed the e-commerce space in turn fuelling demand for e-commerce software and platform. They are likely to collective accumulate 60% of global demand for e-commerce software and platforms.
Blockchain is involved in managing transactions and currencies without bank interference, which is expected to emerge as a potential trend revolutionizing the e-commerce software and platform market in APEJ. The sales of e-commerce software and platform in APEJ are estimated to cross US$ 4,400 Mn by end of 2032, making the region a key revenue pocket for e-commerce software and platform vendors.
Business-to-Business (B2B) Platforms Uptake on the Incline
Sales of e-commerce software and platform via business-to-business model are expected to grow at a significant pace throughout the assessment period, on the back of large order values coupled with increasing conversion rates.
Fast pace of e-commerce software and platforms have enabled quick business-to-business order fulfilment in turn facilitating better customer experience. The segment is poised to account for a revenue share worth 60% in the forthcoming decade.
Demand for Enhanced Storage Capacity Spurring Uptake of SaaS-based platforms
The Software-as-a-Service (SaaS) segment holds the largest market share owing to the increasing adoption of cloud-based technology across various industry verticals. Benefits such as high storage capacity, centralized access, high speed, and reliability are the main driving factors.
According to the analysis published by Fact.MR, e-commerce platforms based on SaaS mode of deployment are anticipated to account for more than 80% of total revenue share across the forecast period ranging from 2022 to 2032.
The competitive landscape of the e-commerce software and platform market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
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As of 2022, the market for e-commerce software and platform is likely to reach US$ 3.81 Bn
According to Fact.MR, demand for e-commerce software and platform surged at over 10% CAGR from 2017-2022
By 2032, the value of the e-commerce software and platform industry will reach US$ 12.37 Bn
From 2022 to 2032, e-commerce software and platform demand is likely to surge at a CAGR of 12.5%
According to Fact.MR, 40% of global e-commerce software and platforms is likely to be generated across the U.S
Collectively, around 3/5th of e-commerce software and platform sales are likely to happen across India and China
B2B clients represent the bulk of e-commerce platform users, with a market share of around 60%
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