Growing at 15.1% CAGR | Digital Commerce Market Reach USD 17.53 Trillion by 2030 Globally
The digital commerce market size was valued at USD 4.21 Trillion in 2020 and is projected to reach USD 17.53 Trillion by 2030, growing at a CAGR of 15.1% from 2021 to 2030.
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Driving Factors
Factors such as rise in penetration of the internet and smart phones, growth in usage of social media & social commerce, and advancement of multiple payment modes drive the market of the digital commerce. However, online frauds & cyber security issues and lack of trust of consumer on online shopping restrain the market globally. Furthermore, the expansion of cross-border ecommerce and automation in digital commerce create lucrative opportunities in the digital commerce market.
Market Segmentation
The digital commerce industry is segmented on the basis of component, browsing method, payment method, business type, industry vertical, and region. By component, it is bifurcated into solution and service. By browsing method, it is divided into desktop/laptop and mobile/ tablets. By payment method, it is categorized into card payment, bank transfer, wallet payment, cash payment and crypto currency. By business type, it is classified into business-to-business, business-to-consumer. By industry vertical, it is categorized into BFSI, automotive, manufacturing, retail household goods, healthcare and pharmaceuticals, media & entertainment and others.
Key Players
The key market players analyzed in the global digital commerce industry report include Best Buy, Amazon.com, Inc., JD.com, Inc., Otto GmbH & Co, Rakuten, Inc., Walmart, Inc., The Home Depot, Alibaba Group Holding Limited, Shopify, Inc., and eBay, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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By region, North America held the highest market share in terms of revenue 2020, garnering more than two-fifts of the global digital commerce market. The market across Asia-Pacific, however, is expected to showcase the fastest CAGR of 17.7% throughout the forecast period. The other provinces discussed in the report Europe and LAMEA.
By browsing medium, the mobile/table segment held the highest market share in 2020, holding more nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 16.5% from 2021 to 2030.
By payment mode, the digital wallets segment contributed to the major share in 2020, accounting for around two-fifths half of the global digital commerce market, and is expected to lead the trail during the forecast period. The same segment is also anticipated to cite the fastest CAGR of 17.4% from 2021 to 2030.
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COVID-19 Scenario
● Huge supply chain disruptions, especially during the initial phase of the pandemic, augmented the demand for digital commerce.
● At the same time, demand for online shopping also increased significantly, which made the food & beverage, manufacturing, and logistics companies spike up their investments in automation, including the automation of supply chains. This factor impacted the global digital commerce market positively.
● This trend is quite likely to continue post-pandemic as well.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
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