UK Digital Marketplace Market

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UK 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: 27-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A

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UK Digital Marketplace Market Overview

The UK Digital Marketplace Market size was valued at USD 21.15 billion in 2023, and is predicted to reach USD 37.55 billion by 2030, at a CAGR of 8.4% from 2024 to 2030. Digital marketplaces, also known as online marketplaces or digital commerce platforms, act as virtual centers where individuals interested in buying or selling goods, services, or information come together to carry out transactions. Serving as intermediaries, these platforms facilitate exchanges among different parties, including buyers and sellers, within a centralized online environment designed for effortless product discovery, purchasing, and delivery. Notable examples of online marketplaces include leading e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr. 

Utilizing advanced technology, these platforms streamline transaction processes, ensuring fast and secure payment processing while protecting the financial details of all participants. Moreover, they enhance user experiences by offering features such as customer reviews, ratings, and mechanisms for resolving transaction-related issues. Consequently, online marketplaces harness technology to enhance the overall online commerce experience, making it more convenient and secure for both buyers and sellers. They play an essential role in the modern economy by bridging the gap between businesses and consumers across geographical boundaries, thereby enabling smooth and convenient global commerce.

Increased Smartphone Usage is Driving the UK Digital Marketplace Market Growth

The UK commands a significant share in the digital marketplace market, largely fueled by the widespread ownership of smartphones in this region. According to data from the Pew Research Center in February 2024, a staggering 86% of the UK population possesses a smartphone. This widespread ownership translates into heightened accessibility to digital platforms among consumers.

As the ownership of smartphones continues to rise, the influence and outreach of online marketplaces in the UK expand accordingly. This surge in smartphone adoption not only enhances convenience for consumers but also creates ample opportunities for businesses to engage with their target audience effectively, thereby consolidating the UK's dominance in the online marketplaces sector.

 

E-Commerce Expansion is Stimulating the UK Digital Marketplace Market Growth

The UK digital marketplace market growth is further propelled by strategic initiatives such as the "E-Commerce Week" campaign launched in February 2024. Designed to promote international sales on e-commerce platforms, this campaign aims to encourage 70,000 small businesses to venture into global markets. Supported by the UK’s E-Commerce Trade Commission, established by the Institute of Export & International Trade (IOE&IT) in June 2023, this initiative incentivizes businesses to expand their online footprint. 

Consequently, there is a notable surge in listings and transactions on online marketplaces, driven by the impetus provided by the E-Commerce Week campaign. This concerted effort is poised to significantly bolster the online marketplace market in the UK, further solidifying its position as a dominant player in the industry.

Obstacles From Cybersecurity Threats and Consumer Trust Issues Within Digital Marketplaces Hamper the Market's Growth 

The reluctance of consumers to share personal data or engage in transactions online, driven by apprehensions about privacy violations or financial risks, undermines trust in digital marketplace.

Consequently, this diminished trust leads to decreased utilization of online marketplaces and a reluctance to participate in online shopping activities, ultimately impeding market expansion. Moreover, occurrences of data breaches or fraudulent activities tarnish the reputation of digital commerce platforms, dissuading both consumers and businesses from active participation in the online marketplace ecosystem.

 

Integration of Augmented Reality (AR) and Virtual Reality (VR) Technologies Presents a Promising Opportunity for Online Marketplaces

Through the incorporation of AR and VR, digital marketplaces elevate the shopping experience by offering users immersive and enriched interactions. These technologies enable consumers to visualize products in real-world settings, virtually test them before making a purchase, and navigate interactive virtual environments.

Such immersive encounters not only enhance customer engagement and cultivate brand loyalty but also drive sales. Moreover, AR and VR empower businesses to effectively showcase their products, providing users with detailed information and personalized recommendations. Thus, the integration of virtual reality technologies hold the potential to transform the landscape of digital commerce platforms, delivering innovative and compelling shopping experiences.

 

Competitive Landscape

The key market players operating in the UK 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.

UK 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 21.15 Billion

Revenue Forecast in 2030

USD 37.55 Billion

Growth Rate

CAGR of 8.4% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Increased smartphone ownership boosts the market growth.

  • E-commerce expansion drives the growth of industry.

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 UK online marketplace market 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 the Next Move Strategy Consulting, the size of the UK digital marketplace market is estimated at USD 21.15 billion in 2023.

The integration of Augmented Reality (AR) and Virtual Reality (VR) Technologies is expected to create opportunities for the UK digital marketplace market.

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

According to the Next Move Strategy Consulting, the size of the UK digital marketplace market is estimated to be at USD 37.55 billion in 2030.

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