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Commerce Cloud Market to Reach USD 55.67 Billion by 2027; Exponential Spread of COVID-19 to Create Multiple Growth Opportunities for the Market: Fortune Business Insights™
The report states that the value of the market was at . Besides this, the report provides the following:
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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The coronavirus pandemic has brought the world economy to a standstill, with majority of sectors and industries facing looming recession. However, one industry that is set to benefit from this situation is e-commerce as most countries are in lockdown and people are rigorously practicing social distancing. The spread of the virus is causing people to avoid crowded places, forcing them to shop for utilities and supplies online. In India , for example, the government recently announced that non-essential goods will not be allowed to be delivered by e-commerce companies. As a result, most online retail platforms, primarily Amazon and Flipkart, are focusing on delivering only essential items such as groceries and medicines. The pandemic has also prompted large luxury brands to invest in cloud systems and bring their products online for customers. For instance, Les Petits Joueurs, the Italian shoe- and bag-maker, announced its plans to launch on online showroom of its products, powered by virtual reality capabilities. Thus, the COVID-19 outbreak fueling online retailing and boosting the commerce cloud market growth.
With a revenue generation of USD 8.35 billion in 2019, North America is anticipated to dominate the commerce cloud market share during the forecast period. This is mainly attributable to the presence of robust information and communications infrastructure, rapid digitization of businesses, and policy support to innovation in the region. Moreover, the region is home to technology bigwigs such as Microsoft and IBM, which bodes well for this market. Asia-Pacific is expected to grow at a high CAGR on account of increasing investment in modern digital technologies such as Artificial Intelligence (AI) in China and India and establishment of robust cloud infrastructure in Japan . In Europe , the market will be mainly driven by rapid expansion of e-commerce businesses and heavy investment in 5G infrastructure.
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In a bid to deepen their foothold in the market, many big and small players are entering into strategic collaborations and broadening their sales horizons. These partnerships are aimed at enhancing their brand image among consumers, diversifying their offerings, and building a loyal customer base.
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