Ecommerce Platform Market Future Prospects

The Ecommerce Platform Market size is projected to grow from USD 7.1 billion in 2023 to USD 13.5 billion by 2028

The Ecommerce Platform Market size is projected to grow from USD 7.1 billion in 2023 to USD 13.5 billion by 2028, at a CAGR of 13.8% during the forecast period, according to MarketsandMarkets.

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The usage of eCommerce systems will rise in response to the growing demand to improve worldwide visibility. Without being constrained by the limitations of traditional store locations, e-commerce platforms enable businesses to engage with a large and diverse global audience. Through the expansion of their customer base and exploration of unexplored markets, firms are free to operate anywhere in the world. SMEs have begun to make use of eCommerce’s potential and recognize that its adoption could hasten the expansion of their business in both home and foreign markets.

By offering, the service segment is expected to grow with the highest CAGR during the forecast period

Services play an important role in implementing, deploying, and integrating eCommerce solutions. Services are crucial for the effective functioning of any software. The services segment comprises integration and deployment, support and maintenance, and training and consulting services related to the eCommerce platform. As the eCommerce platform market grows, the service demand is also expected to increase. Hence, the service providers deliver dedicated services by understanding customers’ demands and needs. Furthermore, services are sometimes provided by channel partners who strengthen the geographical reach of online sellers.

By eCommerce Model, the B2B segment is expected to grow with the highest CAGR during the forecast period

B2B eCommerce defines the exchange of goods and services between companies via an online platform. Operators undertake business between companies and are not related directly to end users or consumers. The credit for the booming Indian B2B eCommerce marketplace goes to new enterprises that paved a new path for growth. Having access to finance and capital investment, the B2B firms got fueled with a new and broad spectrum of opportunities. The unprecedented growth of the B2B marketplace can be given a hand-down to several start-ups that fueled B2B commerce by providing an online marketplace on their websites.

Asia Pacific is expected to have the highest growth rate during the forecast period

Asia Pacific exhibits a notable propensity for technology adoption and is poised to achieve the highest growth rate in the eCommerce platform market in the coming years. Boasting a substantial share of the global population, this region is poised to be significantly influenced by major technological shifts. It encompasses robust economies such as China, Japan, India, and South Korea, contributing to the surging demand for IoT, analytics, cloud computing, AR, VR, and software, particularly in the commercial sector. The market’s growth is driven by the increasing adoption of eCommerce in the region, the growing middle class, and the rising penetration of smartphones.

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Market Players

The major players in the eCommerce platform market are Shopify (Canada), eBay (US), Etsy (US), Square (US), BigCommerce (US), Amazon (US), Adobe (US), Wix (Israel), Oracle (US), Squarespace (US), WooCommerce (US), SAP (Germany), Salesforce (US), StoreHippo (India), Trade Me (New Zealand), Ecwid (US), OpenCart (China), Volusion (US), PrestaShop (France), Shift4Shop (US), FastSpring (US), Shopware (Germany), VTEX (UK), Nuvemshop (Brazil), Tray.io (US). To increase their market share in the eCommerce platform industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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