The E-commerce platform market size is projected to grow from $7.1 billion in 2023 to $13.5 billion by 2028, equivalent to a CAGR of 13.8% during the forecast period.

That’s according to a new report by MarketsandMarkets, which says that an increasing online consumer base combined with growing adoption of smartphones in developing markets is fuelling demand.

The report also cites omnichannel retailing and a rising need to enhance global presence as drivers in the segment.

This digital revolution has made commercial transactions more convenient, efficient, and rapid, while technology has advanced significantly, with innovative, solutions becoming more common, extending into the realms of VR and AR.

The key global players are listed as Shopify (Canada), eBay (US), Etsy (US), Square (US), BigCommerce (US), Amazon (US), Adobe (US), Wix (Israel), Oracle (US) and Squarespace (US).

Based on the eCommerce model segment, B2C will hold the largest market size during the forecast period, while in terms of solutions the payment & billing segment is expected to grow with the highest CAGR during the forecast period.

By industry, the fashion & apparel segment is expected to have the largest market share.

Key technologies highlighted in the report include website and mobile development, content management systems, shopping carts, payment gateways, customer relationship management systems, inventory management systems, analytics tools, personalisation and recommendation engines, security measures, chatbots, and integration with social media and marketing tools.

Image by Bastian Riccardi from Pixabay