Industry: ICT & Media | Publish Date: 29-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A
The Middle East Digital Marketplace Market size was valued at USD 13.22 billion in 2023, and is predicted to reach USD 20.41 billion by 2030, at a CAGR of 6.2% from 2024 to 2030. Digital marketplace market, known interchangeably as online marketplaces or digital commerce platforms, serve as virtual meeting points where individuals engage in buying or selling goods, services, or information. These e-business platforms act as intermediaries, facilitating transactions between various parties, including buyers and sellers, within a centralized online environment tailored for effortless product discovery, purchasing, and delivery. Notable examples of online marketplaces include well-established e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr.
Leveraging sophisticated technology, these platforms streamline transaction processes, ensuring prompt and secure payment processing while safeguarding the financial data of all involved parties. Additionally, they enhance user experiences by offering features such as customer reviews, ratings, and mechanisms for resolving transaction-related issues. As a result, online marketplaces utilize technology to enhance the overall online shopping experience, making it more convenient and secure for both buyers and sellers. They fulfill an indispensable role in the modern economy by bridging the gap between businesses and consumers across different geographic locations, thereby enabling seamless and convenient global commerce.
The exponential surge in e-commerce sales and the rise in internet connectivity are acting as significant drivers for the expansion of the digital marketplace market in the Middle East region. As consumers increasingly embrace online shopping for its convenience, diversity, and accessibility, e-commerce sales are witnessing a global upsurge.
Simultaneously, the widespread proliferation of internet connectivity, particularly in previously underserved areas, is enabling more individuals to access online marketplaces. The Dubai Chamber of Commerce and Industry anticipates e-commerce to generate USD 8 billion in sales by 2025, given the UAE market's nearly 100% internet and mobile phone accessibility. With e-commerce thriving and internet connectivity becoming more ubiquitous, the Middle East digital marketplace market is poised for sustained growth, presenting unparalleled opportunities for businesses and consumers alike.
The rapid expansion of population in the region is significantly propelling the Middle East digital marketplace market forward. According to data from the United Nations Population Fund, Iran's current population stands at 89.8 million. With a burgeoning population, there is a surge in demand for goods and services, coupled with a growing adoption of technology, particularly smartphones and internet connectivity.
This demographic transformation is reshaping consumer behavior, with more individuals turning to online platforms for their shopping needs. Consequently, the Middle East digital marketplace market is experiencing robust expansion, presenting ample opportunities for businesses to tap into this dynamic industry.
The Middle East digital marketplace market expansion faces obstacles stemming from cybersecurity threats and consumer trust issues. When consumers perceive online platforms as vulnerable to cyberattacks, they refrain from sharing personal information or conducting transactions due to concerns about privacy breaches or financial harm.
This lack of trust lead to reduced usage of virtual marketplaces and reluctance to engage in online shopping, thereby impeding the 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 internet shopping environment.
The integration of Augmented Reality (AR) and Virtual Reality (VR) technologies presents an opportunity for online marketplaces to provide immersive and interactive shopping experiences. These technologies enable consumers to visualize products in real-world settings, virtually try them before making a purchase, and explore dynamic virtual environments. Such immersive experiences not only enhance customer engagement and foster brand loyalty but also drive sales.
Moreover, AR and VR empower businesses to effectively showcase their products by offering detailed information and personalized recommendations to users. Thus, the integration of AR and VR technologies are capable of the potential to revolutionize the future of the Middle East digital marketplaces market by delivering innovative and compelling shopping experiences.
The key market players operating in the Middle East 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 13.22 Billion |
Revenue Forecast in 2030 |
USD 20.41 Billion |
Growth Rate |
CAGR of 6.2% 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.