Commerce Cloud Market Size, Share and Global Forecast 2029
Commerce Cloud Market was valued at USD 13 million in 2021 and is projected to reach USD 67 million in 2029, registering a CAGR of 22.6% during 2022-2029
Key Drivers
With the growing emphasis to improve customer experience and optimize operational efficiency, the adoption of commerce cloud has increased, driving the market growth. The expansion across E-commerce industry and increasing adoption of Cloud Computing solutions across industries, is predicted to fuel the market growth. A rise in the number of internet companies is expected to pave the way for market. The ability of commerce cloud to offer a unified shopping experience and features like scalability have driven the market growth. Increasing adoption of advanced technologies like Artificial Intelligence, Blockchain, and Big Data have transformed the online business environment, increasing their implementation across various organizations to improve data collection, optimization, and advertisement, which will bolster the market growth. However, the growing privacy and security concerns, such as Data Security and Network Security will hamper the Commerce Cloud Market size over the upcoming years.
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Enterprise Size Segment Analysis
Based on enterprise size, the large enterprises are expected to hold a larger share in the market over the upcoming years, owing to the increasing investment in advanced enterprise IT systems, The small- and mid-sized segment is forecast to lead the market during the forecast period. As per the Salesforce’s Small & Medium Business Trends Report 2017, the small- and mid-sized enterprises are projected to increase the expenditure on customer relationship management systems, security systems, and financial software, among others.
Application Segment Analysis
Fashion and apparel segment is projected to hold a higher share over the upcoming years, because these solutions help brands to provide unique content, and recommendations based on buying patterns, browsing history. Thus, helping the brands to increase their digital involvement and offering a unified the customer experience across all touchpoints, which is likely to drive the market growth. For instance, In March 2018, Salesforce.com Inc. declared that NYDJ, a denim and apparel brand is using the Salesforce commerce and marketing cloud to strengthen its direct-to-consumer online networks and seamlessly deliver a customized shopping experience to its customers.
Regional Analysis
North America is forecast to dominate the market over the forecast period, because of the growing adoption of commerce cloud platform and solution and advancements in technologies like AI, machine learning and deep learning. The strong presence of commerce cloud platforms like Google LLC, Salesforce, IBM, SAP, Oracle, and Amazon Web Services, will offer enormous opportunities to the market. These regionally based solution vendors have increased their investments and advancements in the commerce cloud field to strengthen regional growth. In September 2019, Bloomreach introduced a B2B Search & Merchandising Connector for Salesforce Commerce Cloud on Salesforce AppExchange. The connector enables users of Salesforce Commerce Cloud to incorproate Bloomreach's site search along with AI-driving merchandising tools in their B2B commerce environment. Asia-pacific is predicted to witness a significant growth during the forecast period owing to the strong presence of small and medium and large enterprises and increasing adoption of cloud to strengthen their customer base.
Key Developments
In 2020 - SAP launched SAP S/4 HANA Cloud and SAP Commerce Cloud in India. The prime application od cloud hosted locally has helped the Indian enterprises to meet end-to-end customer demands and make commerce a seamless experience for retailers, while certifying compliance with current and upcoming personal data protection bills.
In 2019 - Salesforce entered into a partnership with Chinese e-commerce firm Alibaba to help Salesforce expand customers in Mainland China, Hong Kong, Macau, and Taiwan, while Salesforce will become the exclusive enterprise customer relationship management (CRM) product suite sold by Alibaba. The products that Salesforce plans to sell in China include Sales Cloud, Service Cloud, Commerce Cloud, and Salesforce Platform.
Market Segmentation
Segmentation by Component
Platform
Services
Segmentation by Organization Size
Small and Medium-sized Enterprises
Large Enterprises
Segmentation by Application
Electronics
Furniture, and Bookstores
Grocery and Pharmaceutical
Automotive
Fashion and Apparel
Quick Service Restaurants
Travel and Hospitality
Beauty and Cosmetics
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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