Global e-commerce market to reach $9.3t by 2027

E-commerce transactions already hit $5.9t in 2022.

The global e-commerce market is expected to reach $9.3t by 2027, rising by around 9.5% annually from 2022 on the back of improved technology, new delivery services, and increasing internet adoption.

In a report, GlobalData said e-commerce transactions grew to $5.9t in 2022 from $2.5t in 2016, with the pandemic contributing to the accelerated shift to online shopping.

“Although the e-commerce industry will grow globally, key geographical disparities can be observed. The US and China currently dominate the market and will account for over half of the e-commerce industry’s value in 2027. However, emerging markets should not be overlooked,” Aisha U-K Umaru, Analyst, Thematic Intelligence at GlobalData.

It cited India as one of the fastest-growing e-commerce markets as it is expected to increase by 23% every year from 2022 to 2027.

Regulatory bodies handling antitrust and data privacy concerns may stop the internet super-monopolies’ plans to continue expansion, GlobalData said, noting that one or two players usually dominate each sector.

The rise of online marketplaces is also allowing new merchants to enter the e-commerce space.