Dubai, UAE, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Kings Research, the Global E-commerce Market size was recorded at USD 12.7 trillion in 2022 and is estimated to grow to USD 51.2 trillion by 2030, exhibiting a CAGR of 18.90% over the forecast period of 2023-2030. The e-commerce industry is greatly influenced by various technological advancements, such as the availability of multiple transportation options and improvements in logistics. In order to provide customers with an exceptional shopping experience, businesses in this industry have embraced cutting-edge technologies such as artificial intelligence and machine learning. The market is projected to witness significant growth due to the increasing consumer preference for mobile shopping convenience and the expansion of retailers into international markets to tap into the growing cross-border e-commerce trend.
E-commerce relies on digital platforms and technologies that enable consumers to buy products or services using their internet-connected devices, regardless of their location or time. It offers various advantages to sellers, including expanded market reach, reduced transaction expenses, increased profit margins, and direct communication with buyers. The key elements of e-commerce include online shopping, secure payment gateways, digital catalogs, personalized suggestions, and diverse payment methods. Its popularity has surged in recent times due to its ease, availability, and ability to cater to customers worldwide.
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Competitive Landscape
Leading participants in the global e-commerce industry are placing emphasis on enhancing their global presence through product innovation. For instance, Coop Alleanza 3.0 introduced a cutting-edge e-commerce platform in July 2023 with the objective of improving the online shopping experience for its customers. This platform, accessible at www.easycoop.com, offers consumers the convenience of choosing their preferred delivery day and time window, thereby providing greater flexibility during the checkout process.
Prominent businesses in the global e-commerce market include:
- JD.com Inc.
- Etsy Inc.
- MikMak,
- FedEx Corp.
- Coop Alleanza 3.0
- ShipBob, Inc.
- Red Stag Fulfillment
- Shipfusion Inc.
- Sprocket Express
Trending Now: eBay Teams Up with Techstars to Drive e-commerce Innovation through Accelerator Program
eBay and Techstars have collaborated to create an accelerator program for startups focused on developing eCommerce solutions.
The Techstars Future of Ecommerce powered by eBay accelerator program is targeting startups that are using technologies such as artificial intelligence, Web3, privacy, security, and infrastructure to shape the future of eCommerce.
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Market Segmentation
By Business Type
- Business to Business (B2B)
- Business to Consumer (B2C)
- Customer to Business (C2B)
- Others
Growing Emphasis on Emerging Technologies to Foster Business-to-Business (B2B) Standing
On the basis of business type, the business-to-business (B2B) segment dominated the global e-commerce market in 2022, primarily driven by the increasing emphasis on emerging technologies, including AI, VR, and AR. Furthermore, segment growth is expected to be fueled by the use of digital commerce software, which can be integrated with ERP software and inventory management solutions.
By Application
- BFSI
- Automotive
- Manufacturing
- Healthcare & pharmaceuticals
- Media & Entertainment
- Others
Rising Internet Usage Set to Propel Sales in the Media & Entertainment Field
In terms of application, the media & entertainment segment is anticipated to lead the global e-commerce market in the forthcoming years. This growth is primarily attributed to the growing internet usage, the abundance of diverse content in various languages, the convenience of accessing services on different devices, and the cost-effectiveness compared to traditional TV cable subscriptions.
Increasing Affordability of Smartphones to Boost E-commerce Market Growth
The increasing popularity of budget-friendly smartphones and high internet connectivity has played a crucial role in driving the growth of the e-commerce market. As e-commerce technology advances, there has been a significant rise in the number of individuals who can now afford electronic devices such as smartphones. Moreover, the accessibility of the Internet has also witnessed substantial growth, making it easier for a larger population to shop online. This surge in high-speed internet connection has allowed customers to conveniently and swiftly access e-commerce platforms for their purchases. Consequently, businesses are able to enhance the shopping experience for their customers, resulting in an overall boost in sales.
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North America to Lead E-Commerce Market Due to Technological Advancements
North America holds a leading position in the global e-commerce market, primarily due to the widespread adoption of 4G and 5G technology. This technology plays a crucial role in ensuring uninterrupted and seamless connectivity, which greatly enhances the user experience. The increasing popularity of smartphones has also contributed to the growth of online shopping, creating more opportunities for customers to engage in e-commerce. As a result, there has been an expansion of e-commerce platforms, leading to a rise in the number of online buyers, especially in emerging markets.
advancements in innovative technologies have empowered organizations to provide customers with highly tailored experiences, resulting in increased customer involvement and commitment. Furthermore, the advent of new technologies has facilitated enhanced operational efficiency for companies, thereby leading to cost reductions and improved customer service. Furthermore, the rising concentration of leading market players and the introduction of cutting-edge technologies by manufacturers to improve the experience of online pharmaceutical purchases for customers are projected to drive market expansion.
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Part II: Mobile Commerce Market Report Forecast to 2030
As per the latest report published by Kings Research, the Global Mobile Commerce Market registered a revenue of USD 402.85 billion in 2022 and is estimated to grow to USD 1,251.25 billion by 2030, exhibiting a CAGR of 17.60% over the forecast period of 2023-2030. The market is experiencing notable growth due to several factors, including the increased usage of smart devices, enhanced broadband connectivity, affordable services, and the acceptance of mobile commerce. Another contributing factor is the growing compatibility of mobile payments and the availability of applications for tasks such as transferring funds and paying bills.
M-commerce, commonly referred to as mobile commerce, is a subset under the larger umbrella of e-commerce. It entails carrying out numerous types of business transactions online while using wireless handheld devices including smartphones and tablets. Mobile banking, in-app purchases, and using applications for virtual marketplaces such as Amazon's mobile app are a few examples of m-commerce activities. Additionally, the ease of exchanging money in this situation is greatly facilitated by digital wallets such as Google Pay, Apple Pay, and Samsung Pay.
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Competitive Landscape
Leading companies in the global mobile commerce market are focusing on investment as a key strategy to expand their global reach. For instance, in Zambia, Airtel Money and Mastercard teamed up in November 2021 to launch the Airtel Money Mastercard virtual payment method. This allowed all Airtel Money customers, including those without a bank account, to make secure global e-commerce transactions. This move supported Airtel Africa's partnership with Mastercard, aiming to grant over 100 million Airtel Africa mobile users in 14 African nations access to Mastercard's vast global network.
Prominent companies in the global mobile commerce market are:
- Telefonaktiebolaget LM Ericsson
- Google LLC
- Thales Group (Gemalto NV)
- IBM Corporation
- Mastercard Inc.
- Mopay AG
- Oxygen8
- Paypal Holdings Inc.
- Visa Inc.
- SAP SE
- SAMSUNG
Trending Now: Caterpillar Takes Mobile Commerce to the Next Level with New App
Caterpillar Inc. stands as one of the global leaders in the production of construction and mining machinery, as well as diesel and natural gas engines, along with industrial turbines and associated products.
In 2023, the company launched a mobile application, Cat Central, aiming to help its customers locate, investigate, purchase, and place orders for parts directly from its work site or any other location.
This innovative app streamlines the process of ordering authentic Caterpillar-certified parts, offering a QR code for immediate access to compatible parts or for saving the asset for future requirements and providing real-time access to parts support experts.
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Market Segmentation
By Transaction
- M-Retailing
- M-Ticketing/Booking
- M-Billing
- Others
M-tailing to Gain Traction Due to Customized User Experience it Provides
On the basis of transaction type, the m-retailing segment accounted for the largest share of the global mobile commerce market in 2022. The segment is expanding as a result of a number of factors, such as ease, accessibility, and customized user experience offered by m-tailing. It enables customers to purchase whenever and wherever they want and provides tailored recommendations based on their interests as mobile devices are a constant presence in people's lives. Quick and safe transactions have been made possible by the advent of mobile payment methods, which has promoted the rise of m-retailing.
Additionally, social media sharing features are frequently incorporated into m-retailing platforms, allowing users to promote their purchases and recommendations and increase customer engagement and brand recognition. As a result, m-retailing has transformed the retail sector by turning into a crucial channel for companies to connect and engage with customers.
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By Payment Mode
- Near Field Communication (NFC)
- Premium SMS
- Wireless Application Protocol (WAP)
- Direct Carrier Billing
- Others
Smooth Integration Spurs Increased Use of NFC Technology
On the basis of payment mode, the near field communication (NFC) segment led the global mobile commerce market in 2022. Due to its smooth integration and improved user experience, NFC technology is frequently used in mobile commerce. Customers who use NFC-enabled smartphones can make safe, contactless payments with only a tap, doing away with the need for physical cards or cash. As a result of how convenient it is, mobile payment systems such as Apple Pay and Google Pay have widely adopted it.
Growing Preference for Devices that Offer Enhanced Security to Drive Mobile Commerce Market Progress
The growth of the mobile commerce market has been greatly driven by the rising adoption of wireless handheld devices. Technology-savvy users are being encouraged to make mobile payments utilizing digital wallets and online payment gateways due to the growing popularity of wireless portable devices that offer improved security, convenience, and easy internet access. Customers can conduct contactless transactions using these techniques, doing away with the requirement for manual data entry or actual card swiping.
With advancements in technology, the scope for human error has decreased, leading to a more seamless checkout process. For added security, mobile and wearable devices have introduced a range of safety measures, such as biometric authentication using fingerprint and facial recognition. These enhancements contribute to the overall reliability of mobile payments.
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Presence of Key Players Sets North America Ahead in the Mobile Commerce Market
North America dominated the global mobile commerce market in 2022 and is likely to grow significantly in the forthcoming years, fueled by the growing adoption of emerging technologies. The region is home to prominent companies such as MasterCard and Google, which have significant funding and investments. These key players are expected to greatly contribute to the growth of the regional mobile commerce business.
Amazon, based in the U.S., strategically combines m-commerce and e-commerce operations for improved mobile conversions and enhanced customer experiences. This innovative approach is poised to open numerous opportunities in the mobile commerce industry.
Table of Content
1 Introduction of The Global Mobile Commerce Market
2 Executive Summary
3 Research Methodology
4 Global Mobile Commerce Market Outlook
5 Impact of Russia-Ukraine War
6 Global Mobile Commerce Market, By Transaction
7 Global Mobile Commerce Market, By Payment Mode
8 Global Mobile Commerce Market, By Geography
9 North America
10 Europe
11 Asia Pacific
12 Middle East & Africa
13 Latin America
14 Global Mobile Commerce Market Competitive Landscape
15 Company Profiles
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