Commerce Cloud Market to Hit USD 138.2 Billion by 2032, Driven by Robust 22.2% CAGR

The service segment is expected to witness the highest growth during the forecast period.

WILMINGTON, DE, UNITED STATES, November 8, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Commerce Cloud Market, by Component (Platform, Service), by Type (Public Cloud, Private Cloud, Hybrid Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Application (Fashion and Apparel, Electronics and Appliances, Food and Beverages, Pharmaceutical and Grocery, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″.

The commerce cloud market was valued at $19.2 billion in 2022, and is estimated to reach $138.2 billion by 2032, growing at a CAGR of 22.2% from 2023 to 2032.

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Commerce cloud provides a spectrum of capabilities that enable brands to connect with end users at every phase of the customer journey. In addition, commerce cloud measures customer satisfaction, identifies purchasing patterns, predicts demand, and optimizes store layouts. Moreover, cloud-based solutions and services have been increasingly employed in the retail industry, with rise in user data on physical as well as online platforms. In addition, commerce cloud platforms help businesses to offer the most advanced tools for marketing. Hence, the commerce cloud market forecast is driven by the need for intelligent and analytical systems that process and analyze vast amounts of data, which in turn allows organizations to take actions based on data-driven insights.

On the basis of enterprise size, the large enterprises segment dominated the commerce cloud market size in 2022 and is expected to continue this trend during the forecast period. Large enterprises capitalize huge portions of their data analytics budgets at the perimeter due to the presence of servers and large amounts of data within the network premises. Moreover, large enterprises in the retail industry often leverage commerce cloud solutions to encourage strategic decision-making, improve operational efficiency, and enhance customer experiences. These factors further drive the demand for cloud-based commerce platform market. However, the small and medium-sized enterprises segment is expected to exhibit the highest growth during the forecast period. Commerce cloud solutions offer cost-effective industry services, which are expected to provide lucrative growth opportunities for the cloud-based commerce platform market during the forecast period.

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By region, North America dominated the market share in 2022 for the commerce cloud market, owing to its expanding investments in new technologies such as cloud computing and digital technologies, which is expected to drive market revenue growth in the region. Thus, anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Increasing demands for commerce cloud services and solutions in several sectors to improve productivity and business continuation with various business operations are expected to drive market revenue growth in the region and provide lucrative growth opportunities for the market in this region.

The pandemic has accelerated digital transformation and opened new technological opportunities for the commerce cloud industry. In addition, with the majority of the population confined in homes during the COVID-19 pandemic, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment post-outbreak of the pandemic. This enabled many businesses to invest in commerce cloud solutions. Moreover, the post-pandemic period employs opportunities to leverage advanced digital techniques such as cloud computing, artificial intelligence (AI), and predictive modeling. These factors have encouraged businesses to adopt various strategies to expand their product portfolio. For instance, in December 2021, Optimizely, launched an integrated version of its B2B Commerce Cloud and Content Cloud products. The integration allows these two industry-leading products to be easily implemented together, enabling brands to reach audiences with more sophisticated content strategies and work more effectively across large teams of marketers. Such instances supported the commerce cloud market growth during the forecast period.

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Key Findings of the Study

By component, the platform segment accounted for the largest commerce cloud market share in 2022.
By type, the public segment accounted for the largest commerce cloud market share in 2022.
By enterprise size, the large enterprises segment accounted for the largest commerce cloud market share in 2022.
By application, the fashion and apparel segment accounted for the largest commerce cloud market share in 2022.
Region wise, North America generated the highest revenue in 2022.

The market players operating in the commerce cloud market analysis are IBM Corporation, Salesforce.com, Inc., SAP SE, Oracle Corporation, BigCommerce Pty. Ltd., Amazon Web Services, Inc., Apttus Corporation, Shopify Inc., Magento and Sitecore. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the commerce cloud industry globally.

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