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 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.
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.
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.
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.
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.
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.
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 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 |
|
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.