As the purchasing and selling of products & services witnesses a technological transition, the use of mobile networks, internet and other similar infrastructures continues to gain traction. Development of platforms used for doing payments, billing & managing other accounting functions, and handling customer refunds for online publisher clients is picking up momentum. Consumers are demanding for digital commerce applications that are equipped with features such as card control, location services, timely information, alerts and notification, offers and rewards and many more.
According to Persistence Market Research, the global market for digital commerce applications is expected to grow vigorously and bring in US$ 19,096.4 Mn in revenues by the end of 2026.
Persistence Market Research’s report, titled “Digital Commerce Application: Global Industry Analysis and Forecast, 2016-2026,” the global sales of digital commerce application market was valued at nearly US$ 4,400 Mn in 2016 and is expected to expand at a CAGR of 15.8% during the forecast period (2016–2026). The report estimates that in 2016, around 29% of global sales of digital commerce applications were accounted by North America. However, the region is likely to lose out on its market presence in the years to come.
Meanwhile, regions such as Latin America, Western Europe, Eastern Europe and the Asia-Pacific excluding Japan (APEJ) region will showcase positive growth in terms of demand for digital commerce applications. Latin America’s digital commerce application market will register fastest revenue growth at 16.3% CAGR, while the digital commerce application market in Europe will surpass US$ 3,500 Mn value towards the end of 2026.
Digital Commerce Applications: Research Highlights
- With over US$ 4,700 Mn value, BFSI sector will be the largest end-user of digital commerce applications towards the end of 2026
- End-use for digital commerce applications is also expected to gain traction across retail & CPG, telecom, media & entertainment, energy, resource & utilities, and travel & hospitality
- Throughout the forecast period, digital commerce applications will find higher application in financial sector, registering revenue growth at 16% CAGR
- In 2017 and beyond, the use of digital commerce applications in service operations is expected to soar, recording highest CAGR of 16.4%
Global Digital Commerce Application Market: Key Trends
Rising number of cloud based solutions developed by data centers is driving the global demand digital commerce application. Cloud as a platform is helping enterprises to reduce total cost of ownership and increase the operational business efficiency, which is incidentally prompting the use of cloud-based digital commerce applications. High investments in Internet of Things (IoT) services, which offers immense opportunity to retailers in three critical areas such as – smart supply chain, increasing their revenue, and boosting operational efficiency are also driving the demand for digital commerce applications developed for IoT-based devices.
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Developers of digital commerce applications are highly focusing towards service level agreements. In March 2017, Azul, the card payment solution provider, made an agreement with Shopify Inc. to provide guarantee secure and easy payments with its digital payment platform. Rising mergers and acquisitions among market players is also witnessed as a key trend in the global market for digital commerce applications. In year 2016, Visa Inc. acquired Cardinal Commerce to accelerate its digital payments, Saleforce.com, Inc. acquired Demandware to extend its cloud services which are likely to help it capture maximum business value in the market.
Along with Salesforce and Shopify, the report has also profiled leading developers of digital commerce applications, which include Oracle Corporation, Tencent Holdings Ltd., Digital Turbine, Inc., Tata Consultancy Services Limited, IBM Corporation, Infosys Limited, Cognizant Technology Solutions Corporation, and Visa Inc.