PUNE, India, May 18, 2021 /PRNewswire/ — According to a recent market study published by Growth Market Reports titled, “E-commerce Software Market by Deployment (On-premise and Cloud-based), End-users (Food & Beverages, Apparel & Fashion, Automotive, Healthcare, Home & Electronics, BFSI & Technology, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027″, the market was valued at USD 6.1 billion in 2020 and is projected to reach USD 20.4 billion by 2028, expanding at a CAGR of 16.1 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing preference towards online shopping by consumers.
E-commerce software offers a peak behind the scenes of an online store. This software simplifies complex processes and helps companies to calculate taxes, manage inventories, and other business-related functions. The software simplifies complex processes in a user-friendly manner, which enables non-technical people to use it effectively.
Key Market Players Profiled in the Report
- SAP SE
- Salesforce.com, Inc.
- Pitney Bowes Inc.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the E-commerce Software Market
Based on deployment, the global e-commerce software market is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to expand at a rapid pace during the forecast period. The growth of the segment is attributed to rising adoption of cloud-based technology in various industries. Cloud-based deployment offers several benefits such as centralized access, high storage capacity, reliability, and high speed. Key players such as SAP, Oracle, Adobe, and SE are focusing on large investments in cloud-based software.
The on-premise segment is anticipated to expand at a CAGR of 6% during the forecast period. The on-premise segment reduces the need for additional security. The segment growth is projected to decrease, due to rising number of startups that conduct business over the internet and companies that have budget restraints.
On the basis of end-users, the global e-commerce software market is segregated as food & beverages, apparel & fashion, automotive, healthcare, home & electronics, BFSI & technology, and others. The apparel & fashion segment is expected to expand at a substantial CAGR during the forecast period. The growth of this segment is attributed to rising preference towards online shopping of clothes, accessories, jewelry, and bags. Moreover, rising disposal income in developing countries along with benefits such as doorstep service, 24-hour access to products, discounts offered on online shopping, and cashless transactions has encouraged dealers and consumers to opt for digital platforms.
The healthcare segment is anticipated to expand at a CAGR of more than 10% during the forecast period. E-commerce software provides opportunities for clinics and hospitals to simplify their purchase of medical equipment and other appliances. Incorporation of telemedicine with e-commerce software is expected to improve the patient experience during the forecast period, which in turn, is estimated to drive the market.
In terms of regions, the global e-commerce software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period. The growth of the market is attributed to presence of prominent players such as Shopify, Oracle Corporation, and Saleforce.com, Inc. Moreover, increasing e-commerce sales in the US is driving the e-commerce software among various retailers. Retailers are taking up new initiatives and investing in e-commerce software to gain profits.
The market in Asia Pacific is estimated to expand at a substantial CAGR of 16% during the forecast period. The growth of the region is attributed to the initiatives taken by the governments of developing countries such as India and China to support digitalization.
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Market Trends, Drivers, Restraints, and Opportunities:
- Manual processing errors are reduced by the e-commerce software.
- Decreasing costs due to the adoption of online platforms along with ease of online business is expected to boost the market.
- The software provides options to modify delivery date and time, which improves the customer experience.
- Increasing number of e-tailers is expected to increase the demand for e-commerce software during the forecast period.
- Rising adoption of e-commerce software in the automotive sector is estimated to fuel the market.
- E-commerce software is perceived to be complex and multifaceted, which is anticipated to hamper the market growth.
- Increasing cyber-attacks are creating data security issues, which is expected to hinder the market for e-commerce software.
Read 142 Pages Research Report with Detailed ToC on “Global E-commerce Software Market by Deployment (On-premise and Cloud-based), End-users (Food & Beverages, Apparel & Fashion, Automotive, Healthcare, Home & Electronics, BFSI & Technology, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa)”
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Segments Covered in the Report:
The global e-commerce software market has been segmented on the basis of
- Food & beverages
- Apparel & fashion
- Home & electronics
- BFSI & technology
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
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