E-commerce Software Market By Deployment Model, By End-use - Growth, Future Prospects & Competitive Analysis, 2020 - 2028

Global e-commerce software market was valued at US$ 5,536.1Mn in 2019 and set to grow at a CAGR of 16.3% throughout the forecast period from 2020 to 2028. Increasing penetration of e-commerce from different geographical regions observed as one of the most prominent factors influencing e-commerce software market growth. Increasing per capita income along with growing Internet penetration are some more factors influencing e-commerce software market growth. In addition, the rise in the adoption of recent technologies coupled with the increasing market for Software-as-a-Service has set the e-commerce software market to register significant growth during the forecast period.

The increasing count of online stores and virtual marketplaces has ensured the growth of the e-commerce software market in years to come. To avail the benefits of online sales brick and mortar stores, conventional and grocery stores are increasingly shifting towards digital commerce. This factor has created the growth opportunity for the e-commerce software market, worldwide. In addition, with enhancement in business operation through easy handling of orders and transactions along with effective product handing features e-commerce software has increased the attractiveness among numerous industries including automotive, consumer electronics, fashion & lifestyle, and food & beverages among others.

BFSI Segment to Witness Growth in Overall E-commerce Software Market throughout the Forecast Period

Financial institutes are increasingly embracing e-commerce to achieve enhanced productivity through effective data management generated through transactions. Banking, financial services, and institutes are expected to register significant growth in the near future considering the increasing participation of these institutes in the e-commerce market. Technological advances in banking sectors such as e-checks, e-cards, smart cards among others ensure the growth of the e-commerce software market for BFSI. As a major strategy to grow in the global e-commerce market, payment banks are engaging in partnership with large well-known banks. This factor further supplementing the e-commerce software market to grow. For instance, in January 2018, several payment banks such as Paytm successfully entered into a partnership with multiple full-fledged commercial banks. Such partnerships further increasing the participation of commercial banks in e-commerce software market growth.

North America Dominates Global E-commerce Software Market with more than 30% Market Share; the Asia Pacific to Emerge as the Next Promising Market

North America accounted for the highest share in the global e-commerce software market with increasing demand for online retail in this region. The growing count of e-retailers along with increasing technology acceptance are reported as prime factors proliferating the demand for e-commerce software. Key market vendors in this region are striving to improve the purchasing experience of customers through product innovation. This observed as one of the highly adopted strategies in the overall e-commerce software market.

Asia Pacific e-commerce software market emerging as the next promising market, with a consistent rise in demand for online purchase of products and services. China, Japan, and South Asia continue to be the biggest e-commerce market, held more than 75% of the total market in 2019. The increasing count of Internet users and e-commerce companies further driving the e-commerce software market in this region. With a rising number of companies selling online along with increasing disposable income, the Asia Pacific e-commerce software market anticipated witnessing significant growth in the coming years.

Strategic Partnership Remains Key Strategy in Global E-commerce Software Market

Strategic business partnership with big companies observed as one of the highly adopted strategies in the global e-commerce software market. More than half of all e-commerce software market vendors are already involved in active partnerships with large firms operating in e-commerce. Retail, automotive, utility sectors are reported for the highest adoption of this strategy in recent years. For instance, in June 2018, Carrefour S.A., a leading multinational e-commerce retailer has signed a strategic partnership with Google LLC to accelerate the digital transformation of one of the world’s largest retailers by revenue. This partnership will result in a customer experiencing effective shopping of Carrefour products through Google Assistant, by 2019. Many other companies are engaging in such partnerships to improve their product reach across different geographic regions.

Historical & Forecast Period

This research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.

Key questions answered in this report

• What was the market size of e-commerce software in 2019 and forecast up to 2028?
• Which is the largest regional market for e-commerce software?
• What are the key market trends observed in the e-commerce software market?
• Which is the most promising segment by the end-use and deployment model in the e-commerce software market?
• Who are the key players leading the market?
• What are the key strategies adopted by the leading players in the market?

Unique data points of this report

• Statistics on the adoption of e-commerce software by end-use segment per region
• Statistics on the online retail sector across different geographic regions
• The market size for the e-commerce software market has been calculated on concrete parameters including the adoption of e-commerce across all the geographies
• In addition, changing dynamics in the e-commerce industry across different geographies have been considered for estimating the growth rate and forecast market size
• A comparative scenario for all the segments for years 2019 (actual) and 2028 (forecast)