Skip to main content

Digital Commerce Users will Reach 3 Billion by 2021

The mobile internet is a proven catalyst for online retail innovation. For some time, it's been clear that the mobile device -- either smartphone or media tablet -- is increasingly important in the world of digital commerce transaction growth across the globe.

Leading industry analysts have already observed a shift in the market dynamics -- where the smartphone was once used merely as a means for discovery, to a situation where now it's used for both product discovery and for online purchase.

This trend appears to be a natural progression from the relatively stagnant tablet industry, where a lack of market momentum has been compounded by the emergence of large-screen smartphones offering an improved online purchase experience.

Digital Commerce Market Development

Indeed, mobile applications as a whole are gaining traction as a remote goods purchase vehicle, although the smartphone growth is clearly accelerating much faster than that of the media tablet.

According to the latest worldwide market study by Juniper Research, users of digital commerce services will reach 3 billion by 2021 -- or 40 percent of the global population -- that's up from just 32 percent this year.

The new research found that two core sectors will dominate the global digital commerce industry, in terms of transaction values: remote payments for digital or physical goods and digital banking via bill payment services.


These market segments will account for over half of all global transaction values by 2021. Significant opportunity for businesses exists, with remote payments for digital and physical goods forecast to account for over 10 percent of the $20 trillion global retail market in 2017.

Moreover, businesses will gain advantage through use of highly automated customer experiences. With product search and discovery a key stage in the online shopper journey, merchants must adopt conversational interfaces to drive customer engagement and, ultimately, sales.

That being said, Juniper analysts found that by 2021 the surge in chatbot use will result in positive gains throughout the digital commerce market.

Outlook for New Digital Experiences in Retail

"Juniper has found that chatbots and natural language search can greatly improve retailer understanding of consumer behavior, so we are witnessing growth in this sector, for example investment by Facebook and Google, as well as the launch of digital assistants by companies such as Amazon," said Lauren Foye, senior analyst at Juniper Research.

In addition, the latest research discovered that digital banking will increasingly envelop a greater proportion of the global population, with adoption forecast to approach 1 in 2 adults by 2021.

Juniper also found that usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services. Providers will need to focus on presenting easy-to-use digital experiences to their customers, especially to remain as local market leaders.

Popular posts from this blog

AI Semiconductor Revenue will Reach $119.4B

The Chief Information Officer (CIO) and/or the Chief Technology Officer (CTO) will guide Generative AI initiatives within the large enterprise C-Suite. They may already have the technical expertise and experience to understand the capabilities and limitations of Gen AI. They also have the authority and budget to make the necessary investments in infrastructure and talent to support Gen AI initiatives. Enterprise AI infrastructure is proven to be expensive to build, operate and maintain. That's why public cloud service provider solutions are often used for new AI use cases. AI Semiconductor Market Development Semiconductors designed to execute Artificial Intelligence (AI) workloads will represent a $53.4 billion revenue opportunity for the global semiconductor industry in 2023, an increase of 20.9 percent from 2022, according to the latest worldwide market study by Gartner. "The developments in generative AI and the increasing use of a wide range AI-based applications in data c

Demand for Quantum Computing as a Service

The enterprise demand for quantum computing is still in its early stages, growing slowly. As the technology becomes more usable, we may see demand evolve beyond scientific applications. The global quantum computing market is forecast to grow from $1.1 billion in 2022 to $7.6 billion in 2027, according to the latest worldwide market study by International Data Corporation (IDC). That's a five-year compound annual growth rate (CAGR) of 48.1 percent. The forecast includes base Quantum Computing as a Service, as well as enabling and adjacent Quantum Computing as a Service. However, this updated forecast is considerably lower than IDC's previous quantum computing forecast, which was published in 2021, due to lower demand globally. Quantum Computing Market Development In the interim, customer spend for quantum computing has been negatively impacted by several factors, including: slower than expected advances in quantum hardware development, which have delayed potential return on inve

Industrial Cloud Computing Apps Gain Momentum

In the manufacturing industry, cloud computing can help leaders improve their production efficiency by providing them with real-time data about their operations. This has gained the attention of the C-suite. Total forecast Industrial Cloud platform revenue in manufacturing will surpass $300 billion by 2033 with a CAGR of 22.57 percent, driven by solution providers enhancing platform interoperability while expanding partner ecosystems for application development. ABI Research found the cloud computing manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and interoperability for manufacturers looking to maximize utility from their data. Industrial Cloud Computing Market Development "Historically, manufacturers have built out their infrastructure to include expensive data housing in the form of on-premises servers. The large initial upfront cost of purchasing, setting up, and maintaining these servers is