According to a new market research report published by Credence Research “E-commerce Software Market (Deployment Model – Software-as-a-Service and On-premise; End-use – Retail, Automotive, BFSI, Travel & Tourism, Logistics, Utilities, Healthcare) – Growth, Future Prospects and Competitive Analysis, 2018—2026”, the e-commerce software market is set to expand with a CAGR of 19.1% throughout the forecast period to reach US$ 21,392.4 Mn by 2026.
E-commerce software works as back end for digital shopping to provide effective shopping experience. E-commerce software reported as effective way for online stores to control and manage inventories, fulfill orders, process payments, calculate taxes, and manage order details. Growing popularity of digital commerce observed as one of the prime factors responsible in growing count of online stores. From last few years, e-commerce consistently witnessing increase in count of digitization of bricks and mortar stores along with conventional stores. Consistent rise in digital commerce has set huge demand for e-commerce software from numerous industries such as automotive, retail, fashion & lifestyle, food & beverages, consumer electronics, media & entertainment along with health and beauty among others.
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E-commerce software further pointed as cost-effective solution to help business to effectively and efficiently manage multiple applications including channel management, shopping cart, multi-store management, promotion management and email marketing among others. These applications help businesses to automate shopping and simplify marketing and shopping process. Rising emphasis of small organizations, grocery stores towards digitization to earn profits from online shopping reported as one of the prominent factors supplementing e-commerce software market growth. Rise in acceptance of advanced technologies further ensures the growth in e-commerce software market in coming years. With technology development coupled with rise in online selling, North America accounted for highest share in global e-commerce software market. In addition, European e-commerce software market accounted for second largest share considering increased count of e-retailers in this region.
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E-commerce software market segmented by end-use into retail, automotive, BFSI, travel & tourism, logistics, utilities and healthcare. In recent years, retail observed as one of the fastest growing sector; followed by BFSI segment. Retail sector expected to continue witnessing high growth with growing business to consumer e-commerce business model for retail industry. Reduced cross-border trade policies across the world providing prominent opportunities for retail sellers and businesses. This is expected to help retailers to expand their product reach across multiple countries. Growing business-to-consumer e-commerce market ensures the high growth of retail segment in coming years. In 2017, global e-commerce business-to-consumer model accounted for US$ 2.14 Tn and expected to cross 3.12 Tn by 2022. BFSI expected to emerge as next promising segment during the forecast period from 2018 to 2026.
Some of the major players profiled in the report include Pepperi Ltd., Belavier Commerce, LLC, Magento, Inc., CS-CART, SAP SE, Chetu, Inc., Vendio Services, Inc., BigCommerce Pty. Ltd., Ability Commerce, Infusionsoft, Inc., Brightpearl Ltd., Volusion, LLC, Automottic, Inc., EPiServer Group AB, Kiva Logic, LLC, Oracle Corporation, IBM Corporation, and others.
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