Singapore Digital Marketplace Market

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Singapore Digital Marketplace Market by Platform (Desktop, Mobile, and Tablets), by Model Type (Business to Business (B2B), Business to Consumer (B2C), and Consumer to Consumer (C2C)), and by End Users (Commercial, and Personal)- Opportunity Analysis and Industry Forecast, 2024– 2030

Industry: ICT & Media | Publish Date: 28-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A

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Singapore Digital Marketplace Market Overview

The Singapore Digital Marketplace Market size was valued at USD 8.13 billion in 2023, and is predicted to reach USD 13.74 billion by 2030, at a CAGR of 7.7% from 2024 to 2030. Digital marketplace market, commonly known as online marketplaces or digital commerce platforms, serve as virtual hubs where individuals engage in buying or selling goods, services, or information. These platforms enable transactions between different parties, including buyers and sellers, within a centralized online space crafted to enhance the discovery, purchase, and delivery of products. Well-known examples of online marketplaces include established e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-focused platforms such as Upwork and Fiverr.

Employing advanced technology, these platforms simplify transaction processes, ensuring safe payment handling and enriching user experiences through features such as customer reviews and ratings. Consequently, virtual marketplaces play a crucial role in contemporary commerce by bridging the divide between businesses and consumers across varied locations, facilitating smooth global transactions.

E-commerce Industry Growth is Driving the Market Expansion

The growth of the e-commerce industry in Singapore significantly propels the digital marketplace market in the country. With an increasing number of consumers in Singapore turning to online shopping for its convenience and accessibility, there is a corresponding surge in demand for online marketplaces that offer a wide array of products and services. 

According to the International Trade Administration, the gross merchandise volume of Singapore's e-commerce market soared to USD 8.2 billion in 2022, and forecasts indicate a further climb to USD 11 billion by 2025. This upsurge in e-commerce activity creates fertile ground for digital platforms to cater to diverse consumer preferences and needs, fostering competition and innovation within the online marketplace ecosystem.

 

Introduction of Online Marketplaces Boosts the Singapore Digital Marketplace Market Growth

The launch of a new online marketplace for Intellectual Property (IP) services in the country plays a significant role in driving the Singapore digital marketplaces market demand. For instance, in September 2023, GoBusiness introduced a new online marketplace named GoBusiness IP Grow, that stands as Singapore's latest platform for intangible asset and intellectual property (IA/IP) services.

This platform simplifies the process for enterprises to identify their IA/IP needs and connect with suitable service providers to expand globally. The online marketplace enhances efficiency and transparency in the IP service sector, offering a centralized hub for stakeholders to connect and transact. The introduction of such specialized marketplaces contribute to the overall expansion and diversification of the digital marketplace ecosystem in the region.

Cybersecurity and Consumer Trust Challenges Impede Market Expansion

The Singapore digital marketplace market expansion faces significant obstacles due to concerns related to cybersecurity threats and consumer trust issues. When consumers perceive online platforms as susceptible to cyberattacks, they hesitate to share personal information or engage in transactions, fearing potential privacy breaches or financial harm.

This lack of trust result in decreased utilization of digital marketplaces and reluctance to participate in online shopping, thereby impeding the market growth. Additionally, instances of data breaches or fraudulent activities tarnish the reputation of online marketplaces, dissuading both consumers and businesses from active involvement in the online marketplace landscape.

 

Integration of Augmented Reality (AR) and Virtual Reality (VR) Creates Lucrative Opportunity for Market Expansion

The incorporation of AR and VR technologies is poised to drive the expansion of the Singapore digital marketplaces market. These state-of-the-art advancements enable digital platforms to offer users immersive and interactive shopping experiences. 

Through AR and VR, consumers visualize products in real-world contexts, virtually test them prior to purchase, and explore dynamic virtual environments. These immersive interactions not only enhance customer engagement and foster brand loyalty but also lead to increased sales. 

Furthermore, AR and VR empower businesses to effectively showcase their products by providing detailed information and personalized recommendations to users. Consequently, the integration of AR and VR technologies presents an exciting opportunity to revolutionize the future of digital marketplaces, offering innovative and captivating internet shopping experiences.

 

Competitive Landscape

The key market players operating in the Singapore digital marketplace industry include Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd. and others.

Singapore Digital Marketplace Market Key Segments

By Platform

  • Desktop

  • Mobile

  • Tablets

By Model Type

  • Business to Business (B2B)

  • Business to Consumer (B2C)

  • Consumer to Consumer (C2C)

By End-User

  • Commercial

  • Personal

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 8.13 Billion

Revenue Forecast in 2030

USD 13.74 Billion

Growth Rate

CAGR of 7.7% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • E-commerce sector growth boosts the market growth.

  • Introduction of online marketplace drives the growth of the market.

Companies Profiled

15

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Amazon.com, Inc.

  • Walmart Inc.

  • eBay Inc.

  • Alibaba Group Holding Limited

  • Rakuten Group, Inc.

  • Sea Limited

  • MercadoLibre, Inc.

  • JD.com, Inc.

  • Etsy, Inc.

  • Allegro.eu

  • Kogan.com

  • SEEK

  • Carsales

  • REA Group Ltd.

  • Airtasker Ltd.

Bar chart Pie chart Pie chart

Frequently Asked Questions

The key market players operating in the Singapore online marketplace industry are Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd., Freelancer Ltd., and Hipages Group.

According to Next Move Strategy Consulting, the size of the Singapore digital marketplace market was estimated at USD 8.13 billion in 2023.

The integration of Augmented Reality (AR) and Virtual Reality (VR) technologies is expected to create ample opportunities for the Singapore digital marketplace market growth.

Cybersecurity and customer trust issues related to digital commerce platforms acts as restraining factors to the growth of Singapore digital marketplace market.

According to Next Move Strategy Consulting, the size of the Singapore digital marketplace market is estimated to be at USD 13.74 billion in 2030.

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