Commerce Cloud Market Size

Commerce Cloud Market Analysis

The Commerce Cloud Market size is estimated at USD 31.18 billion in 2024, and is expected to reach USD 66.82 billion by 2029, growing at a CAGR of 16.47% during the forecast period (2024-2029).

The massive growth of the e-commerce industry, coupled with the significant adoption of cloud computing solutions across industries, is expected to act as a major driver for the growth in the adoption of Commerce Cloud globally.

• Due to its minimal latency and networking virtualization capabilities, 5G is expected to facilitate secure and automated payment methods, which would boost the adoption and usage of cloud applications like mobile payments, smart wallets, and other digital banking services that are anticipated to use 5G for a quick and safer banking experience. Thus, the aforementioned reasons imply that 5G wireless networks would boost the adoption of cloud commerce systems.
• Also, an increasing focus on improving customer experience in the industry is expected to drive the market's growth. Technological advancements are raising customers' expectations and reshaping how they experience different brands. Companies that take a holistic CX (Customer Experience) approach by investing in technologies that will digitally transform the business to stay ahead of customer expectations see a 92% customer retention rate.
• However, privacy and security issues such as data security and network security, among others, are expected to hinder the adoption of Commerce Cloud solutions, especially amongst small and medium-sized businesses.
• Moreover, during the COVID-19 pandemic, the business landscape changed drastically, with a significant increase in the demand for digital business platforms. Hence, Salesforce Commerce Cloud released four quick-start pandemic business packages specifically designed to help conduct business during COVID-19.
• Furthermore, companies require the flexibility of multiple clouds. However, they continue to struggle with the complexity, operational silos, and costs of managing private and public clouds. Businesses require a unified solution that provides a consistent experience, tooling, and operational practices across clouds. Due to this, companies are focusing on enhancing their existing solutions.
• In October 2022, HCL Technologies, a global technology company, and Google Cloud announced the substantial expansion of their long-standing collaboration, with additional capabilities and service solutions to accelerate business migration to Google Cloud.