Market Insights Technology Software Enterprise Software

eCommerce Software - India

India

The eCommerce Software market in India is predicted to witness a significant growth in revenue, with projections indicating that it will reach INR €95.53m by 2024.
This growth is expected to continue at a compound annual growth rate (CAGR) of 11.13% from 2024 to 2029, resulting in a market volume of INR €161.90m by 2029.
Furthermore, it is noteworthy that the average Spend per Employee in the eCommerce Software market is expected to reach INR €0.18 in 2024.
In comparison to other countries, United States is anticipated to generate the highest revenue, with projections indicating a revenue of €4,005.00m in 2024.
India is experiencing a surge in demand for eCommerce software, driven by the rapid growth of online retail and the increasing adoption of digital payments.

Key regions: China, Japan, Germany, United Kingdom, France

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Analyst Opinion

The eCommerce Software market in India has been experiencing significant growth in recent years, driven by a variety of factors.

Customer preferences: Indian consumers are increasingly turning to online shopping due to the convenience and variety of products available. This has led to a growing demand for eCommerce software that can provide a seamless shopping experience for customers. Additionally, the rise of mobile devices has made it easier for consumers to shop online, further driving the need for eCommerce software that is optimized for mobile devices.

Trends in the market: One trend in the Indian eCommerce software market is the increasing use of artificial intelligence (AI) and machine learning (ML) to provide personalized shopping experiences for customers. This includes features such as product recommendations based on previous purchases and chatbots that can provide customer support.Another trend is the growing popularity of social commerce, which allows customers to purchase products directly through social media platforms. This has led to an increased demand for eCommerce software that can integrate with social media platforms and provide a seamless shopping experience for customers.

Local special circumstances: India has a large and growing population, with a significant portion of the population being young and tech-savvy. This has led to a high level of competition in the eCommerce market, with both domestic and international companies vying for market share. Additionally, India has a complex regulatory environment that can make it challenging for eCommerce companies to operate in the country.

Underlying macroeconomic factors: India has experienced strong economic growth in recent years, with a growing middle class that has more disposable income to spend on eCommerce purchases. Additionally, the Indian government has launched several initiatives to promote digital payments and eCommerce, which has helped to drive the growth of the eCommerce software market. However, the COVID-19 pandemic has had a significant impact on the Indian economy and may lead to changes in consumer behavior and demand for eCommerce software in the coming years.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.