The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Commerce Cloud Market. The growth sectors of the Commerce Cloud Market are identified with precision for a better growth perspective.
The global commerce cloud market is expected to grow at a CAGR of 22.7% during the forecast period and cross USD 25.2 billion by 2025.
Increased adoption of cloud commerce, especially by businesses invested in e-commerce.
Commerce clouds offer a specialized view for B2B as well as B2C businesses. Between the two, the B2C segment is larger due to the sheer scale of services offered and the need to understand and analyze data pertinent to an enterprise. B2B commerce cloud focuses on analyzing the economic relationship between two businesses in the long term, with special emphasis on logical planning. The B2C commerce cloud focuses on understanding consumer behavior with an emphasis on the products and services offered. This model keeps updating in the short term and basis itself on the emotional understanding of consumers keeping in mind short buying cycles. Considering the 1.7 billion online shoppers in 2017 and the increasingly competitive nature of e-commerce, a B2B model is crucial in gaining an understanding of consumer behavior and the concurrent inventory and transaction management that must go with it. In India alone, logistics costs stand at 14% of GDP, a very large amount when compared to other economies due to the fragmented nature of the logistics sector. Employing commerce cloud can help reduce this number drastically.
The service segment is expected to grow as cloud commerce evolves and collates increasing amounts of data. The services offered by cloud commerce are broadly divided into training and consulting, integration and deployment, and support and maintenance. Training and consulting services are offered to enterprises for proper and efficient use of the software and to streamline the overall business process.
Commerce cloud is primarily employed to form an overarching view of the entire commercial enterprise. The solution needs to be integrated with different facets of an enterprise for an overview of the entire business structure. The integration and deployment service ensures smooth deployment for maximized usability. Integration and deployment services are necessary to run various software systems in sync with each other and enable knowledge transfer among them. The support and maintenance service segment is expected to grow at the highest CAGR. The service suite includes service enhancements, knowledge transfer, 24x7 support, and production support.
Commerce Cloud Market is supposed to reach USD 25.2 Billion by 2025 at an impressive CAGR of 22.7%, …
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