The growing adoption of smartphones significantly boosting the growth of the global Digital Marketplace Market

According to a new research report by Next Move Strategy Consulting, the Global Digital Marketplace Market was valued at USD 521.91 billion in 2023 and is predicted to reach USD 1064.90 billion by 2030, with a CAGR of 10.6% from 2024 to 2030 during the forecast period, 2024–2030.

The proliferation of smartphones worldwide has been a key driver in the exponential growth of the market. As reported by the International Telecommunication Union (ITU), there were over 8.58 billion mobile subscriptions globally in 2022, surpassing the global population of 7.95 billion.

This widespread adoption of smartphones has transformed them into indispensable tools, granting users seamless access to online platforms from virtually anywhere.

Consequently, this heightened accessibility has broadened the potential customer base for e-commerce online marketplaces, enabling a larger segment of the population to participate in online commerce.

Furthermore, smartphones offer a range of features, such as mobile applications and user-friendly websites, which enhance the overall browsing, purchasing, and selling experience on e-commerce marketplaces.

Consequently, the growing reliance on smartphones has spurred the expansion of the market, leading to heightened transactions, revenue, and global market penetration.

Moreover, the global expansion of the e-commerce sector is driving the growth of the digital marketplace market worldwide through various interconnected mechanisms.

As e-commerce continues to proliferate across different regions and industries, digital marketplaces become essential platforms, aggregating diverse products and services from numerous sellers and providing consumers with convenient access to a wide range of offerings.

According to the International Trade Administration, the global retail e-commerce sector is expected to grow at a CAGR of 11.16% between 2023 and 2027.

This expansion is fueled by increasing internet penetration, rising smartphone ownership, and advancements in digital payment systems, which collectively contribute to a growing base of online shoppers.

However, cybersecurity threats, including data breaches and fraud, pose significant risks to online marketplaces by undermining consumer trust and consequently restraining market growth.

On the contrary, the integration of Augmented Reality (AR) and Virtual Reality (VR) technologies in online marketplaces is anticipated to create lucrative opportunities in the market.

By leveraging AR and VR, digital marketplaces can provide users with more immersive and engaging shopping experiences. These technologies allow consumers to visualize products in real-world settings, virtually try them before purchase, and explore interactive virtual environments.

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According to the report, leading players operating in the digital marketplace market include Amazon 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., Hipages Group, and others. These companies are adopting various strategies such as collaboration, product lunches and others in order to maintain the dominance in the global market.

For instance, in April, 2024, Walmart collaborated with the Jessica Simpson Collection, introducing a new line of boho-chic fashion to its growing assortment. This partnership aimed to expand Walmart's fashion offerings and cater to diverse consumer preferences by providing affordable yet stylish clothing options.

Also, in February 2024, Amazon launched a fresh ecommerce platform in India to capitalize on the country's thriving online shopping landscape. The platform provides an extensive array of products, expanding Amazon's reach in the Indian market.

In addition, in February 2024, JD.com launched ChatJD, a product similar to ChatGPT, focusing on retail and finance sectors with features including content generation and dialogue capabilities. This aims to enhance user experiences in areas such as product summaries on shopping websites and financial analysis assistance in e-commerce, logistics, and payments.

Moreover, in January 2024, Etsy launched a new AI-powered "Gift Mode" feature to help shoppers find personalized gifts for any occasion. The interactive tool allows users to enter details about the recipient, such as their interests and relationship to the giver, and then uses Etsy's machine learning technology to suggest relevant gift options from the platforms over 100 million items.

Key Insights from the Digital Marketplace Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the digital marketplace market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the players in the global digital marketplace market along with their competitive analysis are provided in the report.