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E-commerce platform market to expand at a CAGR of 13.50% by 2032, MRFR predicts.

Oct 10, 2023 11:00 PM ET

E-commerce platform market to expand at a CAGR of 13.50% by 2032, MRFR predicts.

Market Overview:

The size of the E-Commerce Platform Market was estimated at 5.8 billion USD in 2022. The market for e-commerce platforms is anticipated to increase from USD 6.58 billion in 2023 to USD 18.12 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.50% over the course of the forecast period (2023-2032). The key market factors accelerating market growth are the quickening development of big data analytics and continuous technological advancement.

Data is no longer seen as a byproduct of a company, but rather as a crucial asset that offers insights into consumer behaviour with relation to buying habits, frequency, and preference. It is an essential business performance measure that may be used to boost revenue and activity. E-commerce software firms are incorporating AI and data analytics into their software and platform to reduce the complexity of Big Data analytics. Due to the increased consumer traffic brought on by this integration, more money is being made and more goods are being sold. Additionally, e-commerce platforms and software give retailers access to consumer satisfaction evaluations, which they can utilise to look into new opportunities and boost earnings. The need for e-commerce software and platforms has been significantly increased by the integration of Big Data analytics with e-commerce, driving up their market throughout the forecast period.

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Key Companies in the E-Commerce Platforms market include

Shopify Inc.

BigCommerce Pty. Ltd

MagentoYo! Kart

VTEX

WooCommerce

Oracle Corporation

Miva Inc.

SAP SE

Digital River Inc.

commercetools GmbH

Scope of the Report – E-commerce Platform Market:

Report Metrics

 Details

  Market Size by 2032

 USD 18.12 Billion

  CAGR during 2023-2032

 13.50%

  Base Year

 2022

  Forecast

 2023-2032

 

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Segmentation

Cloud and On-premise are two types of segmentation for the E-Commerce Platform Market. With between 55% and 65% of market revenue coming from this category, it controlled the market.

The global E-Commerce Platforms market is segmented based on Application into Food & Beverage, Electrical & Electronics, Fashion & Apparel, Health & Beauty, and Others. The largest money was made in the fashion and apparel area.

The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. This market will be dominated by the North American E-Commerce Platform market. This is a result of well-known market players including Oracle Corporation, Shopify, and Salesforce.com, Inc. Additionally, growing U.S. e-commerce sales are fueling merchants’ desire for e-commerce software. To gain a competitive edge in their individual industries, retailers are embracing new initiatives and investing heavily in e-commerce technologies.

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Players emphasise the use of cloud-based platforms like SaaS as an effective deployment model for e-commerce software and platforms in order to keep customers loyal. The adoption of an innovative strategy that can assist joining a broader market in order to extend the customer base has also led to sellers of e-commerce software and platforms focusing on supplying customised platforms depending on customers’ vital demands. Due to this, SaaS deployment of e-commerce platforms and software has gained a lot of popularity recently and is anticipated to continue in the years to come. As a result, these factors are fueling the growth of the E-Commerce Platform market.

From 2023 to 2032, the Asia-Pacific E-Commerce Platform Market is anticipated to experience the quickest CAGR growth. This rise might be ascribed to efforts made by China and India to promote digitization in their respective nations. As a result, there are now more people using the Internet. Additionally, the Indian E-Commerce Platform industry had the Asia-Pacific region’s fastest expanding market and China’s E-Commerce Platform market had the greatest market share.

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