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Commerce Cloud Market Future Scope, Size Estimation, Revenue, Pricing Trends, Regional Outlook and Forecast to 2024
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According to a research report "Commerce Cloud Market by Component (Platforms and Services), Organization Size, Application (Electronics, Furniture, and Bookstores, Grocery and Pharmaceutical, Automotive, and Fashion and Apparel), and Region - Global Forecast 2024", published by MarketsandMarkets, The global commerce cloud market size is expected to grow from USD 8.9 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period. Increased flexibility and performance, and reduced time and cost are expected to spur the demand for commerce cloud offerings across the globe.
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Focus on selecting the right commerce cloud solution to drive the adoption of training and consulting services
Training and consulting services are provided by highly qualified industry or domain experts. Organizations hire experts to gain an enhanced strategic outlook, improve their overall performance, and transform their business operations. By offering consulting services, enterprises understand the competencies of different commerce cloud vendors. Moreover, these services help reduce risks, minimize complexities, and increase Reutrn on Investment (RoI). Additionally, consulting services enable enterprises in making smarter decisions for the growth of their businesses. Furthermore, with the help of consulting services, the commerce cloud providers can offer tailored commerce cloud solutions to their customers and deliver maximum benefits.
Large enterprises to deploy commerce cloud platforms to effectively execute trading strategies
As commerce cloud technologies are simplifying the Information Technology (IT) aspects, several enterprises have replaced their traditional data center infrastructure technologies and various other management processes with cloud computing. Hence, a number of enterprises have built strategies inclined toward commerce cloud enablement. The major benefit large enterprises have with cloud transformation, is that the commerce cloud services are maintained and supported by the vendors themselves. Firms can thereby engage their employees in more strategic business tasks. The demand for flexible, scalable, and convenient commerce cloud solutions for large enterprises pushes service providers to come up with new technologies and offer innovative solutions. Hence, the commerce cloud market for large enterprises is growing.
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North America to dominate the global commerce cloud market in 2019
North America is expected to be the largest contributor among all the regions, owing to its adoption of commerce cloud platforms and solutions by enterprises. The top countries in the North American region, contributing to the growth of the market, include the US and Canada. The enterprises present in various countries of this region, especially in the US, have leveraged Artificial Intelligence (AI), Machine Learning (ML), and deep learning technologies as a part of their ongoing business process to stay competitive in market. North American countries have a well-established economy, which enables commerce cloud vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation where ITgiants are rolling out new offerings and aggressive collaborations are taking place pertaining to the market.
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global market. Major vendors in the commerce cloud market include IBM (US), SAP (Germany), Salesforce (US), Apttus (US), Episerver (US), Oracle (US), Magento (US), Shopify (Canada), BigCommerce (US), and Digital River (US), Elastic Path (Canada), VTEX (Brazil), commercetools (Germany), Kibo (US), and Sitecore (India).
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MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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