Key Takeaways:
- Enterprise companies will spend $18.7 billion globally on ecommerce platforms in 2024.
- The United States makes up nearly half (47.6%) of all ecommerce platform spending, with a projected spend of $7 billion in 2024.
- WooCommerce, whose parent company is Automattic, Inc., has the largest customer base with product installations detected at 184,500 companies.
- Companies earning over $5 billion in annual revenue account for 52.3% of all spending.
- Industries with the highest spend include Finance & Insurance, Manufacturing, and Public Administration.
As the world shifts toward online shopping, demand for ecommerce platforms – tools used by ecommerce businesses for online sales – is skyrocketing. Whether we’re discussing major players like Amazon or a one-person online store, the growth of ecommerce platforms has empowered online businesses to expand their potential customer base to anyone with an internet connection.
HG Insights’ data helps go-to-market teams by giving a high-resolution view into product adoption and spend. With this focused lens, HG projects that enterprise companies will spend $18.7 billion globally on ecommerce platforms in 2024. HG’s market intelligence platform has detected Commerce Application installations at 575,000 companies. (This data includes only businesses with registered addresses.)
HG’s report provides market research on the ecommerce platform market, including global spending, top vendors, and buyer profiles.
Ecommerce platform market size
Total spending on ecommerce platforms per region
Source: This data was uncovered with the HG Market Intelligence platform
According to HG data, the total ecommerce market size (total spending on ecommerce platforms) is projected to be $18.7 billion in 2024. 42.7% of this spending comes from buyers in the AMER region (North, Central, and South America), with 33.4% coming from EMEA (Europe, Middle East, and Africa) and 23.9% from APAC (Asia Pacific).
The 10 leading countries in total spending on ecommerce platforms
| Country | Total Spend | Total Companies |
|---|---|---|
| United States of America | 6,979,986,308 | 1,971,741 |
| China | 2,566,027,927 | 127,759 |
| Japan | 1,236,545,750 | 92,643 |
| United Kingdom | 853,785,503 | 299,361 |
| Germany | 744,220,549 | 189,883 |
| India | 601,770,406 | 134,630 |
| Canada | 476,689,441 | 176,717 |
| South Korea | 454,592,141 | 30,443 |
| France | 387,717,750 | 106,935 |
| Netherlands | 372,161,852 | 75,919 |
Source: This data was uncovered with the HG Market Intelligence platform
The United States spends $7 billion on commerce applications, which is about 47.6% of the total spending. There are almost 2 million installations detected. China, Japan, and the UK are the next top spenders. The UK also has the second highest number of installations (299,000).
Only North America, Europe, and APAC are on the leader list. African and Latin American countries did not spend enough to qualify for inclusion.
Ecommerce platform market share
The 10 leading vendors for commerce technology
Source: This data was uncovered with the HG Market Intelligence platform and includes only businesses with registered addresses
Automattic, Inc. is the top vendor with 184,500 customers, making up 23.2% of the ecommerce platform market share. Automattic, Inc. is the parent company behind WordPress.com, Woo, Jetpack, Tumblr, and other products, but WooCommerce – an open-source ecommerce plugin for WordPress – is their key market offering.
The top 10 ecommerce platforms
Source: This data was uncovered with the HG Market Intelligence platform and includes only businesses with registered addresses
The top 10 ecommerce platforms in this chart are ranked by the number of installations at businesses with registered addresses. They largely match the leading vendors that sell them. Several of the leading vendors – including Stripe, Inc.; SAP SE; and Paypal, Inc. – offer multiple commerce products, meaning their total customer base for this sector is spread across multiple tools.
The leading ecommerce platforms are WooCommerce and Shopify, with HG tracking 184,500 and 109,900 companies using the applications, respectively.
Ecommerce platform buyer landscape
Total ecommerce platform spending by company size (revenue)
| Revenue Range | Total Spend | Total Companies |
|---|---|---|
| $5bn and above | 9,721,99,487 | 5,843 |
| $1bn to $5bn | 3,243,675,156 | 20,429 |
| $500m to $1bn | 1,368,559,647 | 25,647 |
| $200m to $500m | 1,662,889,819 | 62,853 |
| $100m to $200m | 1,182,264,636 | 93,688 |
| $50m to $100m | 936,933,193 | 178,886 |
| $10m to $50m | 427,364,812 | 718,079 |
| $1m to $10m | 53,802,150 | 2,105,750 |
| Less than $1m | 3,406,134 | 625,585 |
Source: This data was uncovered with the HG Market Intelligence platform
As is often the case with IT spending, the majority of spend on commerce platforms comes from the largest companies (those with the highest revenue), even though the count of these companies is the smallest. HG data shows 5,843 companies earning more than $5 billion in annual revenue that spend a total of $9.7 billion on ecommerce platforms, accounting for 52.3% of all spend.
There are 2.1 million companies spending money on ecommerce platforms in the $1 million to $10 million revenue range. They make up the largest segment but only account for 0.3% of the total market size.
Total ecommerce platform spending by industry
| Industry | Total Spend | Total Companies |
|---|---|---|
| Finance and Insurance | 4,592,527,392 | 226,823 |
| Manufacturing | 4,138,867,717 | 490,579 |
| Public Administration | 2,421,869,548 | 123,221 |
| Professional, Scientific, and Technical Services | 1,548,673,402 | 856,843 |
| Health Care and Social Assistance | 1,014,972,055 | 207,524 |
| Information | 914,048,447 | 284,148 |
| Retail Trade | 772,206,180 | 246,057 |
| Wholesale Trade | 700,890,343 | 202,048 |
| Transportation and Warehousing | 649,110,617 | 86,697 |
| Educational Services | 642,814,926 | 148,784 |
| Utilities | 335,115,318 | 28,958 |
| Administrative and Support and Waste Management and Remediation Services | 275,445,084 | 170,332 |
| Construction | 186,077,434 | 207,220 |
| Mining, Quarrying, and Oil and Gas Extraction | 184,940,875 | 23,072 |
| Real Estate and Rental and Leasing | 100,230,539 | 111,259 |
| Accommodation and Food Services | 64,936,933 | 90,340 |
| Arts, Entertainment, and Recreation | 64,891,603 | 100,219 |
| Other Services (except Public Administration) | 26,503,735 | 210,010 |
| Agriculture, Forestry, Fishing and Hunting | 19,338,021 | 21,645 |
| Management of Companies and Enterprises | 1,102,194 | 2,591 |
Source: This data was uncovered with the HG Market Intelligence platform
HG’s data shows that the Finance & Insurance, Manufacturing, and Public Administration sectors spend the most on ecommerce platforms. Finance & Insurance and Public Administration both have high spend ($4.6 billion and $2.4 billion, respectively) and a relatively low company count, which indicates a high average spend per company.
The Manufacturing industry spends $4.1 billion, which is the second highest amount among all industries. Spending is spread across 490,579 companies, second only to the Professional, Scientific, & Technical Services industry.
Ecommerce platform spending by industry & company size (employees)
Source: This data was uncovered with the HG Market Intelligence platform
This chart breaks down ecommerce platform spend by industry in more granular detail, separated further by company size (number of employees). For each industry represented here, the bulk of spending on ecommerce platforms comes from companies with more employees – many of which fall in the higher revenue tiers, illustrating the connection between these trends (see the “spend by company size” chart above).
Want to dive into our IT spend forecast for the entire B2B market? Check out the report here →
Leveraging ecommerce market intelligence to accelerate growth
With $18.7 billion in revenue up for grabs, leveraging ecommerce market intelligence can help you uncover accounts with the highest likelihood to buy your products.
In this step-by-step video, Brett Castonguay, Customer Success Manager, shows how HG’s best-in-class Market Intelligence deep dives into the ecommerce market to reveal opportunities in this sector.
The HG Market Intelligence platform enables users to see which companies are using specific ecommerce platforms and drill down into spend categories to pinpoint where the best opportunities lie. Our Functional Area Intelligence (FAI) illustrates in granular detail where usage signals are coming from by company location, department, product, and more. Choose from more than 9000 intent topics to understand where a user is in the buyer’s journey, enabling a more effective sales and marketing strategy and personalized customer experience.
Ready to see how it works? Request a personalized demo and let us show you the power of our ecommerce market intelligence and how we leaped an unprecedented 74 spots to become a Momentum Leader in both of G2’s Sales Intelligence and Marketing Account Intelligence categories.
