MarketsandMarkets forecasts 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. An increasing number of businesses moving online are expected to provide huge opportunities in the market.
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.
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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.
According to MarketsandMarkets, commerce cloud is a part of digital commerce that provides a cloud-based, multi-tenant, Business-to-Business (B2B), and Business-to-Customer (B2C) commerce platform. It enables intelligent and unified buying experiences across channels such as mobile, websites, social media platforms, and offline stores. The platform aids in the digital business growth of brands by enabling rapid deployment and enhanced customer reach.
Some of the major commerce cloud vendors are 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). These commerce cloud vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global commerce cloud market.
IBM is one of the leading players in the commerce cloud market. Founded in in 1911, IBM is headquartered in New York, US. As of December 2018, the company had 381,100 employees globally. The company’s major operating sector consists of 5 business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. IBM has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson technologies. In May 2019, IBM entered into a partnership with ‘Vodafone Idea’ (an Aditya Birla Group and Vodafone Group partnership). The partnership provides Vodafone Idea with a hybrid cloud-based digital platform for more intimate engagement with its more than 385 million subscribers enhancing business efficiency, agility, and scale plus simplification of its business processes. The new infrastructure platform removes the complexities in the exponential growth of data consumption by increasing access to video, streaming, and digital commerce.
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Another leading company in the commerce cloud market is SAP, which was founded in 1972 and is headquartered in Walldorf, Germany. The company categorizes its diverse portfolio into applications; technologies and services; and SAP business network segment. As of 2018, SAP has an employee strength of 93,709 with a total customer base of more than 345,000 spread across 180 countries. It caters to various industries, such as Banking, Financial Services, and Insurance (BFSI), public services, telecommunications, and media and entertainment. In May 2019, SAP announced the Embrace, a partnership program with Microsoft Azure, Amazon Web Services (AWS), Google Cloud, and global strategic service partners. The Embrace planned to underpin technology services required to help customers and achieve the best business outcomes.
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