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 User (Commercial and Personal) – Global Opportunity Analysis and Indu

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 User (Commercial and Personal) – Global Opportunity Analysis and Industry Forecast, 2024–2030

The Digital Marketplace Market size 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.

The internet penetration rates continue to increase across different regions and demographics, more individuals gain access to online platforms, creating a larger volume of potential consumers for digital marketplaces. This widespread connectivity enables seamless access to digital marketplaces, allowing users to explore a diverse range of products and services from anywhere with an internet connection. Moreover, improved internet infrastructure and the advent of high-speed networks enhance the online shopping experience, enabling faster page load times, smoother transactions, and richer multimedia content. According to the Gitnux, a global commerce media LLC company, the global 5G connections projected to reach 3.6 billion by 2025. This expansion of internet penetration rate not only broadens the reach of digital marketplaces but also fosters greater engagement and participation in online commerce, driving the overall growth and evolution of the digital marketplace market on a global scale.

Furthermore, 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. Conversely, 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.

Segment Overview

The global digital marketplace market is segmented on the basis of platform, model type, end user, and region.
By platform, the market is classified into desktop, mobile, and tablets.
By model type, the market is segmented into Business to Business (B2B), Business to Consumer (B2C), and Consumer-to-Consumer (C2C).
By end user, the market is divided into commercial and personal.
Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Asia Pacific Dominates Digital Marketplace Industry

The Asia-Pacific region leads the global market due to increasing disposable income, as it enhances purchasing power and fosters a growing appetite for online shopping and digital services. This economic trend is complemented by rapid urbanization, which is expanding access to digital infrastructure and technology. According to the Government of China, China’s per capita disposable income rose to USD 5,511 in 2023, reflecting a year-on-year increase of 6.3% in nominal terms. As consumers' purchasing power grows, there is a greater tendency to spend on discretionary items, including those available on digital marketplaces. With more disposable income, consumers increasingly turn to online platforms to meet their shopping needs and desires. This heightened demand for goods and services drives traffic to digital marketplaces, boosting sales volumes and revenue.

Additionally, increased government initiatives in the region significantly drive the digital marketplaces market. The Government of India launched the ""Open Network for Digital Commerce (ONDC)"" in 2022, aiming to provide equal opportunities for Micro, Small, and Medium Enterprises (MSMEs) to thrive in digital commerce and democratize e-commerce. By offering a platform for MSMEs to showcase their products and reach a broader audience, ONDC stimulates innovation and entrepreneurship. This initiative enables MSMEs to participate more effectively in the digital marketplace ecosystem, increasing competition and diversity in the market.

Moreover, the rise in mobile phone purchases is a significant driver for the growth of the digital marketplaces market in the region. According to the International Trade Administration, purchases via mobile phones in South Korea increased from USD 134 billion in 2021 to USD 134.3 billion in 2022. Additionally, a 2023 Ministry of Science and ICT report stated that 99.96% of Korean households had internet access in 2022. This heightened mobile phone ownership and internet connectivity enable seamless integration with various e-commerce apps and platforms, facilitating smooth and convenient shopping experiences for consumers and further propelling market growth within the region.

Key Market Players

The key players 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

Recent Developments

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.

April 2024,

Rakuten Mobile partnered with Radcom to further enhance Rakuten Mobile's network performance and customer experience by leveraging Radcom's advanced network intelligence technology. The extension underscored the successful collaboration between the two companies and highlights Rakuten Mobile's continued commitment to delivering high-quality and innovative telecom services.

March 2024,

Shopee, the e-commerce platform operated by Sea Ltd., expanded its presence into Mexico with the launch of its mobile app. This marks Shopee's entry into the Mexican online market, offering consumers access to a wide range of products through its user-friendly platform.

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.

November

Airtasker partnered Trustpilot to facilitate its growth in new markets. This partnership underscored Airtasker's commitment to leveraging digital tools and platforms to expand its presence and solidify its position in the competitive landscape of online service marketplaces.

KEY BENEFITS
• The report provides quantitative analysis and estimations of the digital marketplace market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
• The study comprises a deep dive analysis of the digital marketplace market including the current and future trends to depict prevalent investment pockets in the market.
• Information related to key drivers, restraints, and opportunities and their impact on the digital marketplace market is provided in the report.
• Competitive analysis of the players, along with their market share is provided in the report.
• SWOT analysis and Porters Five Forces model is elaborated in the study.