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The global commerce cloud market size is set to hit USD 55.67 billion by 2027 owing to increasing integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies in cloud systems. This information is shared by Fortune Business Insights™ in its recent report, titled “Commerce Cloud Market Size, Share & Industry Analysis, By Component (Platform, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Application (Grocery and Pharmaceuticals, Fashion and Apparel, Travel and Hospitality, Electronics, Furniture and Bookstore, and Others), By End-use (B2B, and B2C), and Regional Forecast, 2020-2027”. As per the report, the market value stood at USD 12.32 billion in 2019 and is expected to register a staggering CAGR of 20.8% from 2020 to 2027.
Magento and Digital River Partner to Create Novel Commerce Solution
In January 2020, the US-based e-commerce services specialist, Digital River, and Magento, an open source e-commerce platform owned by Adobe, announced their partnership to develop a strong e-commerce solution for brands to expand into new markets at the global level. The collaboration will be based on the amalgamation of Digital River’s expertise in risk protection services and digital payments and Magento’s flexible and controllable e-commerce platform. While aiding businesses to take their brands to the global market, the two companies also aim at delivering a localized experience for customers. Such partnerships are increasingly characterizing the market as key players look to place themselves advantageously in the market.
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COVID-19 Pandemic to Spur E-Commerce Businesses
The COVID-19 outbreak has forced people to switch to online buying of everyday items and this has brought good news for various companies operating in the e-commerce domain. For example, a survey report published by CNN revealed that in March 2020 grocery shopping platforms experienced a 41% spike in the demand for their services in the US. Furthermore, the pandemic has created an investment opportunity for companies to strengthen their cloud systems by bolstering their capabilities through the incorporation of AI, ML, and blockchain. These technologies are known to enhance data collection and analysis capacity, enable pinpointed advertisement placement, and optimize transaction costs and other business processes. More importantly, these systems enable superior data security and elevate the efficiency of supply chain management. Given the sudden spike in online retailing and shopping around the world resulting from nationwide lockdowns and social distancing rules, it would be prescient for businesses to take their services and solutions to the cloud.
Portfolio Expansion through Acquisitions to be Key Strategy for Market Players
Key market players are focusing on acquiring other companies to gain an edge in the market. These activities are enabling companies to conceive and engineer niche products for their existing customers, which will also widen their portfolio, thus attracting new customers. Moreover, the COVID-19 outbreak has restructured the dynamics of the global economy and has brought path-breaking technologies to the forefront to help the world to this rapidly changing scenario. Thus, this is an opportune moment for tech companies to breach innovation frontiers and generate effective solutions to cement their place in the market.
List of Key Players Covered in the Commerce Cloud Market Report:
Further Report Findings:
Table of Segmentation:
2016 - 2027
2020 - 2027
2016 - 2018
Value (USD billion)
By Enterprise Size