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
The India Digital Marketplace Market size was valued at USD 34.11 billion in 2023, and is predicted to reach USD 112.67 billion by 2030, at a CAGR of 18.2% from 2024 to 2030. Digital marketplace market, also referred to as digital commerce platforms or online marketplaces, serve as virtual centers where individuals engage in transactions involving the buying or selling of goods, services, or information. These platforms facilitate exchanges among various parties, including buyers and sellers, within a centralized online environment designed to optimize product discovery, purchasing, and delivery processes. Well-known examples of online marketplaces encompass popular e-commerce platforms such as Amazon, eBay, and Alibaba, alongside service-oriented platforms such as Upwork and Fiverr.
Leveraging sophisticated technology, these platforms streamline transactional procedures, ensuring secure payment processing while enriching user experiences through features such as customer reviews and ratings. Consequently, online marketplaces play an indispensable role in contemporary commerce by bridging the gap between businesses and consumers across diverse geographic locations, thereby facilitating seamless global transactions.
India's burgeoning population serves as a key driver for the expansion of the digital marketplace market in the country. Surpassing China as the most populous nation in 2023, India's population is projected to continue growing, reaching a peak of 1.67 billion people by mid-2063 according to United Nations estimates. This demographic growth presents a vast market opportunity for online marketplaces to address diverse consumer preferences and needs.
The increase in government initiatives in India acts as a significant catalyst for driving the digital marketplace market. The launch of the "Open Network for Digital Commerce (ONDC)" in 2022 by the Government of India aims to provide equal opportunities to Micro, Small, and Medium Enterprises (MSMEs) in the digital commerce landscape, democratizing e-commerce.
By offering a platform for MSMEs to showcase their products and reach a wider audience, ONDC fosters innovation and entrepreneurship. This initiative enables MSMEs to participate more effectively in the online marketplace ecosystem, fostering increased competition and India digital marketplace market diversity.
Concerns stemming from cybersecurity threats and consumer trust issues present significant obstacles to market expansion. When consumers perceive online platforms as susceptible to cyberattacks, they withhold personal information or refrain from transactions due to fears of privacy breaches or financial harm.
This lack of trust result in decreased utilization of digital marketplaces and reluctance to engage in online shopping, thereby impeding India digital marketplace market growth. Additionally, occurrences of data breaches or fraudulent activities tarnish the reputation of online marketplaces, dissuading both consumers and businesses from active participation in the online marketplace environment.
The integration of AR and VR technologies is expected to enhance market expansion by offering users immersive and interactive shopping experiences. These cutting-edge technologies enable consumers to visualize products in real-world settings, virtually try them before purchasing, and explore dynamic virtual environments. Such immersive experiences not only boost customer engagement and foster brand loyalty but also drive 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 a promising opportunity to revolutionize the future of digital marketplaces by delivering innovative and compelling shopping experiences.
The key players operating in the India 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.
Desktop
Mobile
Tablets
Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
Commercial
Personal
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 34.11 Billion |
Revenue Forecast in 2030 |
USD 112.67 Billion |
Growth Rate |
CAGR of 18.2% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
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. |
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.