New York, May 14, 2024 (GLOBE NEWSWIRE) -- Market Explanation:
The global E-Commerce Software Market size was valued at USD 8.38 billion in 2023 and is anticipated to generate an estimated revenue of USD 29.48 billion by 2032, with a CAGR of 15.0% from 2024 to 2032.
Market Dynamics:
Growth Drivers:
- The COVID-19 pandemic has led to significant changes in consumer behavior, propelling the e-commerce software market to unprecedented growth. The implementation of stringent regulations by governments worldwide to curb virus spread led to the closure of traditional retail outlets. This, in turn, prompted consumers to shift to online platforms to fulfill their shopping needs.
- The trend toward using online transactions for essential products and services has turned out to be a strategic imperative for firms looking to drive traffic to their platforms. The rising number of smartphone users further supports this shift, encouraging marketers to expand their advertising reach and promote brands on e-commerce platforms.
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Trends:
- The rising number of individuals using mobile phones for online shopping has prompted e-commerce software market key players to develop software that operates on these devices. With increasing internet penetration and a rising number of mobile users, online shopping through mobile devices is anticipated to witness a significant increase.
Market Overview:
E-commerce, or electronic commerce, is the activity of electronically selling or buying products on the Internet. It relies on digital platforms and technologies, including mobile apps, social media, and websites, to facilitate the exchanges of goods and services and the transmission of funds online. E-commerce software is a type of computer application that enables businesses to manage their online stores and conduct online transactions. With e-commerce software, businesses can create, manage, and sell products or offer services through the Internet.
E-commerce software comes with a number of features. These include product catalog management, inventory management, shopping cart facility, and payment gateway integration. Also, shipping management, order processing and customer relationship management are part of e-commerce software. The three main types of e-commerce software include SaaS (software-as-a-service), PaaS (platform-as-a-service) and On-premises software. SaaS and PaaS e-commerce software deliver e-commerce solutions via the Internet, whereas on-premise software is hosted and located by the business. E-commerce software plays a crucial role in simplifying intricate business processes, thereby driving the e-commerce software market demand.
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Key Industry Participants:
- Adobe
- BigCommerce Pty. Ltd.
- HCL Technologies Limited
- Intershop Communications AG
- Oracle
- Pitney Bowes Inc.
- Salesforce.com, Inc.
- SAP SE
- Shopify
E-Commerce Software Market Details:
| Report Attributes | Details |
| Market value in 2024 | USD 9.61 billion |
| Market value in 2032 | USD 29.48 billion |
| CAGR | 15.0% |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast period | 2024 – 2032 |
Key Takeaways from the Report:
- The rising popularity of online shopping, substantial investments by market participants, and the growing trend of using mobile devices for internet shopping are some of the major factors anticipated to drive the e-commerce software industry’s development.
- The e-commerce software market segmentation is primarily based on deployment, application, and region.
- North America dominated the market with the largest industry share in 2023.
Regional Analysis:
The North America region dominated the market with the largest revenue share in 2023. The region’s robust growth can be attributed to the presence of key industry participants who are actively adopting strategic developments and making substantial investments to garner a larger revenue share. Besides, the booming e-commerce sales in the US are also a key driver behind the increased demand for e-commerce software.
The e-commerce software market in Asia Pacific region is anticipated to grow at a substantial pace over the forecast period. This is largely due to the proactive measures taken by major economies like India and China to promote digitalization. Besides, the substantial internet penetration rate has created extensive growth opportunities for the market in APAC.
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Segmentation Overview:
By Deployment Outlook:
- Cloud
- On-premise
By Application Outlook:
- Apparel & Fashion
- Food & Beverage
- Automotive
- Home & Electronics
- Healthcare
- BFSI & Technology
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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