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Commerce Cloud Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)

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New York, Aug. 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Commerce Cloud Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06484245/?utm_source=GNW
The Commerce Cloud Market size is expected to grow from USD 26.77 billion in 2023 to USD 57.37 billion by 2028, at a CAGR of 16.47% during the forecast period (2023-2028).

The massive growth of the e-commerce industry, coupled with the significant adoption of cloud computing solutions across industries, is expected to act as a major driver for the growth in the adoption of Commerce Cloud globally.

Key Highlights
Due to its minimal latency and networking virtualization capabilities, 5G is expected to facilitate secure and automated payment methods, which would boost the adoption and usage of cloud applications like mobile payments, smart wallets, and other digital banking services that are anticipated to use 5G for a quick and safer banking experience. Thus, the aforementioned reasons imply that 5G wireless networks would boost the adoption of cloud commerce systems.
Also, an increasing focus on improving customer experience in the industry is expected to drive the market’s growth. Technological advancements are raising customers’ expectations and reshaping how they experience different brands. Companies that take a holistic CX (Customer Experience) approach by investing in technologies that will digitally transform the business to stay ahead of customer expectations see a 92% customer retention rate.
However, privacy and security issues such as data security and network security, among others, are expected to hinder the adoption of Commerce Cloud solutions, especially amongst small and medium-sized businesses.
Moreover, during the COVID-19 pandemic, the business landscape changed drastically, with a significant increase in the demand for digital business platforms. Hence, Salesforce Commerce Cloud released four quick-start pandemic business packages specifically designed to help conduct business during COVID-19.
Furthermore, companies require the flexibility of multiple clouds. However, they continue to struggle with the complexity, operational silos, and costs of managing private and public clouds. Businesses require a unified solution that provides a consistent experience, tooling, and operational practices across clouds. Due to this, companies are focusing on enhancing their existing solutions.
In October 2022, HCL Technologies, a global technology company, and Google Cloud announced the substantial expansion of their long-standing collaboration, with additional capabilities and service solutions to accelerate business migration to Google Cloud.

Commerce Cloud Market Trends

B2C Commerce Platform Expected to Gain Maximum Traction

Cloud-based technology enables the provision of consistent data, which can drive the growth of these tools. Managing data feeds (data scrubbing, validation, and preparation for distribution) in a cloud-based repository makes it possible to achieve consistent management and distribution of data throughout an organization’s internal systems. This ensures that the customers are provided with real-time, updated information that could contribute to a better experience. ?
B2C Commerce Cloud Platforms are likely to get the most attention from brands and retailers who are looking for ways to give customers easy and enjoyable shopping experiences. Commerce Cloud has a set of solutions that help brands and retailers come up with new ideas quickly, give customers connected, personalized experiences, and increase customer engagement, sales, and loyalty across channels.
B2C organizations use digital technology to focus and enhance their retail CRM services across several online channels. Machine learning, artificial intelligence, big data, and other new technologies make it possible for B2C companies to offer customized content on their web, mobile, and social media sites.
It enables retailers to effortlessly develop and launch new campaigns and promotions based on customer behavior, channel, and location without the need for IT help. AI is used in these systems to make more money by analyzing real-time information about customers and increasing conversions through smart search results.
Right Scale’s annual State of the Cloud Report for 2021 says that 36 percent of companies spend more than USD 12 million per year on public clouds, 59 percent plan to make cloud migration a top priority, and 76 percent use cost efficiency and savings to measure cloud progress.

North America Expected to Dominate the Market

Due to several market players in the region, North America is expected to dominate the commerce cloud market globally, such as IBM, Salesforce, SAP, Oracle, Amazon Web Services, Google LLC, and many more. These regionally based solution providers are making significant investments and innovations in the commerce cloud field to augment regional growth.
The region’s digitization of commerce has resulted in the emergence of new markets, democratizing consumer and seller access to new opportunities. People today have more ways to spend their money than ever before, and businesses have a lot of new digital ways to reach markets they haven’t been able to reach before.
Several retailers collaborate with B2C commerce cloud providers to create unified, intelligent digital commerce experiences, both online and in-store. For instance, in June last year, Salesforce collaborated with TikTok to make it simple for Commerce Cloud merchants to participate in the TikTok community by marketing to consumers and making their products more discoverable. This collaboration is the latest Commerce Cloud platform investment to assist businesses in reaching social-media-savvy customers.
Salesforce continues to expand its marketing and commerce solutions, focusing on “data-driven experiences.”There is a strong emphasis on Marketing Cloud CDP, Salesforce’s customer data platform, and it is the launching platform for other advancements. Another point of contention is the connection between Commerce Cloud and Marketing Cloud.
Companies are also emerging in the region to provide innovative commerce cloud solutions and attract maximum market share. For instance, in June 2022, Salesforce introduced new customer 360 features across its commerce and marketing clouds to help businesses develop trusted connections at scale.

Commerce Cloud Industry Overview

The competitive landscape of the Commerce Cloud market is moderately fragmented owing to the presence of several major players, such as Salesforce, IBM, SAP, Oracle, Amazon Web Services, Google, Adobe, and many others, and the emergence of several small and medium-sized businesses. The market players view expansion as a lucrative path to expand their global presence and attract maximum market share. They are, therefore, making strategic partnerships and collaborations with retailers worldwide. Also, the solution providers are investing significantly to innovate their solutions, which will help them further increase their market presence.

Accenture bought The Stable, a commerce agency that helps consumer brands build and run their own digital commerce channels and manage their brand and sales performance at major North American retailers, in August 2022. This added to Accenture’s ongoing investments in commerce, which help clients grow faster and stay relevant.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484245/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

HONOR Unveils Four-Layer AI Architecture and Forges Ahead with Google Cloud for More AI Experiences at VivaTech 2024

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Experience AI-powered Studio-level Portrait Photography on the New HONOR 200 Series  
PARIS, May 22, 2024 /PRNewswire/ — Global technology brand HONOR has made its debut today at VivaTech, one of Europe’s largest tech and innovation events. During its keynote, HONOR showcased its innovative approach to on-device AI and unveiled its pioneering Four-layered AI Strategy. HONOR also announced upcoming Gen-AI experiences with Google Cloud, which are set to be featured on its anticipated smartphones, opening up exciting possibilities for enhancing user experiences.

“At HONOR, we firmly believe that, by combining the power of on-device AI’s personalization, intuitiveness, and privacy protection, everyone can unlock the full potential of AI safely and securely,” said George Zhao, CEO of HONOR Device Co., Ltd. “We are also delighted to forge ahead with Google Cloud, leveraging our combined expertise to unlock the potential of this hybrid approach and deliver even more seamless AI experiences to our users.”
Introducing HONOR’s Four-Layer AI Architecture
During the keynote, HONOR unveiled its Four-Layer AI Architecture and demonstrated its strategic focus on integrating AI into MagicOS. This Four-Layer Architecture comprises distinct layers. At the base layer, Cross-device and Cross-OS AI form the foundation of an open ecosystem, which allows the sharing of computing power and services among devices and operating systems. Building upon this foundation, the Platform-level AI layer enables a personalized operating system, allowing intent-based human-computer interaction and personalized resource allocation. At the third layer, App-level AI is poised to introduce a wave of innovative, generative AI applications that will revolutionize user experiences. Lastly, at the top, the Interface to Cloud-AI services layer provides users with easy access to massive cloud services while prioritizing privacy protection, creating a truly holistic and future-forward AI experience.
As part of MagicOS 8.0, Magic Portal is the industry’s first intent-based UI, which understands user behavior and streamlines complex tasks into single-step processes. Currently, Magic Portal supports 100 top applications across seven scenarios, including travel, productivity, messaging, search, entertainment, shopping, and social media, with plans to expand usage scenarios to provide even more seamless and intelligent AI experiences in the future.
As part of HONOR’s Four-Layer Architecture, HONOR is set to integrate cutting-edge Gen-AI experiences, powered by Google Cloud, into its upcoming smartphones, promising to deliver a new level of intelligence and innovation to users with enhanced privacy protection.
Revolutionizing Portrait Experience with HONOR 200 Series
Following the successful launch of AI Motion Sensing Capture, a cutting-edge feature that leverages AI to automatically capture fast-moving actions, HONOR also announced that the upcoming HONOR 200 Series will take mobile photography to new heights with an all-new AI-enhanced Portrait experience.
The HONOR 200 Series is poised to revolutionize portrait photography by bringing the mastery of Studio Harcourt, a legendary French photography studio known for its expertise in capturing classic portrait shots with iconic figures, to every step of the process, leveraging AI technology to recreate the iconic studio’s legendary lighting and shadow effects.
By using AI to learn from a vast dataset of Studio Harcourt portraits, the HONOR 200 Series has successfully broken down the entire portrait photography process into nine distinct steps, and perfectly replicates the full Studio Harcourt method, ensuring flawless and studio-quality portraits with every shot.
The HONOR 200 Series is set to launch in Paris on June 12, powered by MagicOS 8.0, further solidifying HONOR’s commitment to democratizing AI technology. In a move to make AI more accessible to a wider audience, HONOR also announced plans to roll out MagicOS 8.0 to its HONOR Magic V2 and HONOR 90 devices, empowering more users to experience the transformative power of AI.
The Human-AI Synergy: Smart Devices for a Better Future
At the event, HONOR also hosted an insightful panel discussion featuring esteemed industry expert Dr. Justine Cassell. The discussion delved into the future of multimodal interaction, highlighting how this integration enhances convenience and privacy protection for device users.
“On-device AI can better empower individuals,” emphasized George. “The on-device offers personalized recommendations while safeguarding user privacy by keeping data on the device. For instance, HONOR’s Magic Portal design ensures users retain control over service selection and decision-making.”
In terms of multimodal interaction, Dr. Justine Cassell noted, “Humans live multimodally. The rise of on-body devices like rings, and pins, alongside powerful smartphones, shows growing comfort with AI integrating verbal language, and nonverbal cues like gestures and facial expressions. This predicts the adoption of multimodally-sensitive AI on phones.”
“Human-centric is HONOR’s design philosophy, with human at the center of all devices,” George envisioned. “Empowered by AI, cross-device integration can combine the unique advantages of different devices in the future. Rather than learning user behaviors in isolation on each device, this approach allows for macro-level, unified user intent recognition, offering tailored recommendations and suggestions.”
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Borderless AI Appoints Former Chime HR Executive Beth Steinberg to Board of Advisors to Build on Global HR Expertise

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Steinberg’s decades of experience driving strategies for corporate talent and people management will strengthen the company’s market position and enhance its impact on the global human resources space
TORONTO, May 22, 2024 /PRNewswire/ — Borderless AI, the AI-powered startup revolutionizing the Employer of Record (EOR) industry, has appointed Beth Steinberg, former Chief People Officer at Chime, to its Board of Advisors to leverage her deep understanding of the unique needs of human resources teams to build successful global HR programs.

Following Borderless AI’s $27M seed funding in March 2024, Steinberg’s appointment furthers the company’s focus on harnessing the vast capabilities of generative AI to automate and accelerate the processes of onboarding, managing, and paying international team members.  Borderless AI’s novel AI agent Alberni, is the first of its kind specifically created to perform complex and time-consuming HR tasks, such as automating the process of generating global employment agreements or onboarding new global employees, all within minutes by leveraging conversational AI. Steinberg’s appointment underscores the need for advanced technology to propel innovation in the HR category and the company’s commitment to advancing the work of people management and HR teams.
“Having an acute sense of the HR industry is critical to ensure we are providing products and services to our customers that drive real value and impact,” said Willson Cross, co-founder and CEO of Borderless AI. “Beth brings vast expertise and understanding of the nuances of the human resources category, and her leadership experience and passion for innovation will help Borderless AI equip organizations with the tools and information they need to scale globally and deliver results for their people.”
Steinberg most recently held the position of Chief People Officer of  Chime, where she currently serves in an advisory role. During her time as Chime’s Chief People Officer, Steinberg led the company’s human resources strategy, building purposeful programs to drive HR efforts and people and team growth across the organization.
“I am excited to join the advisory board of Borderless AI, a company whose mission aligns with my belief that talent should be borderless,” said Steinberg, Board of Advisors, Borderless AI. “The company’s all-in-one platform allows businesses to focus on growth while tapping into the world’s talent pool, simplifying global HR processes. By harnessing this innovative technology, Borderless AI is breaking down barriers and empowering companies to build diverse, high-performing teams. I look forward to being part of this transformative journey.”
Steinberg joins Borderless AI as a tenured HR expert, with over 30 years of experience holding leadership and advisory roles in the human resources field.  In addition to her role as Chime’s CPO, she has led human resources teams at various companies including Meta, Nike, Electronic Arts, and Nordstrom, driving change and impact on an individual and company level.
A committed member of the  HR community at large, Steinberg will continue to advise numerous other companies, including freelance and talent management platform Contra, and VC firm Felicis,  in addition to her role on Borderless AI’s Board of Advisors. She also holds an acting role at Mensch Ventures, the People and Talent advisory firm she founded in 2016, and has served for over 10 years as a company sponsor and mentor in the TechWomen program, helping to empower young women around the world to build careers in STEM.
Steinberg is joining the Board of Advisors alongside recent appointee Leonard Shen, a former Visa and PayPal executive, who is advising the company’s growth in the compliance arena. Together, Steinberg and Shen bring expertise in pivotal functions to further Borderless AI’s market position and advancement in the EOR space.
For more information on Borderless AI, visit hireborderless.ai. You can also try out Alberni for free here.
About Borderless AIBorderless AI is a global payroll solution that leverages the power of generative AI to automate and speed up the process of onboarding, managing, and paying international team members. With Borderless AI, businesses can compliantly hire and manage talent worldwide without establishing a foreign entity while alleviating the complexities and risks associated with hiring global employees. With a focus on innovation and customer service, Borderless AI developed Alberni, the world’s first AI agent for global HR. Alberni uses conversational AI to simplify global employment tasks from contract creation to expense management. The company is headquartered in Toronto, Canada, and has raised $27 million in seed funding to date, backed by Susquehanna and Aglaé Ventures.
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Peloton delivers Platform v2 with enhanced security, mobility, and speed, powering business solutions for the world’s energy enterprises

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CALGARY, AB, May 22, 2024 /PRNewswire/ — Peloton Computer Enterprises Ltd. — the global standard for energy data management is proud to announce the release of Platform v2. The Peloton Platform delivers a cohesive experience for traditionally siloed operations, hosting solutions encompassing Well Data Lifecycle, Production Data Lifecycle and Land Data Management. The Platform is designed to manage your assets by providing efficiencies for removing disparate processes and data redundancy. Peloton Platform maximizes security, leverages mobility, accelerates data input, and enables real-time, data driven decisions for energy clients. Learn how you can GET IT ALL, and get it today at https://www.peloton.com/get-it-all-lp.

 
Security: Peloton’s best in class security includes our 24/7 security team and SOC1/2 compliance embedded within the Peloton Platform. With superior security measures and dedicated platform monitoring, Peloton ensures data integrity and reliability, backed by global, redundant data centers to minimize the risk, and offer material cost savings compared to on-premises solutions.Mobility: The Platform offers industry leading mobility, allowing customers to access and manage critical operational data anytime, anywhere. With intuitive mobile apps and fast, local data centers, Peloton empowers users with seamless accessibility and enhanced productivity.Integration: The Peloton Platform provides data integration across all three solutions (Well Data Lifecycle, Production Data Lifecycle, and Land Data Management) creating a unified ecosystem for the data management of your assets. Plus, ETL/Web API processes empower organizations to seamlessly manage integrations to third party databases and applications. By centralizing these functions, Platform clients benefit from saving countless hours of manual data entry and significant costs associated with rework from relying on disparate or out of date information. The Platform delivers stakeholder data trust and peak data efficiency, ensuring better decision-making and resource optimization across organizational silos.Faster Data Input: Peloton’s Well Data Lifecycle, Production Data Lifecycle and Land Data Management solutions on the Peloton Platform, revolutionize data input workflows by automating processes and reducing manual entry. With a suite of direct integrations, import tools, automated data synthesis from sensor and contextual data points, our solutions accelerate data entry and enhance accuracy, enabling users to focus on critical tasks without the burden of tedious data input.Real-time: The Peloton Platform offers real-time data ingestion and visualization in cloud storage solutions, providing clients with instant access to critical data during and after operations. With ultra-low latency connections and standardized data delivery, Peloton empowers clients with actionable insights for efficient decision-making using current information.”Organizational data silos and data redundancy breed frustration and erode trust in your operations. Too many organizations are still relying on disparate processes and custom solutions preventing a single source of truth and hampering their abilities to do more with less effort”, said Adil Walji, Peloton CTO.
About Peloton: Peloton is a leading provider of innovative technology solutions for the energy industry, offering solutions to optimize operations and enhance productivity. With a focus on security, mobility, integration, and real-time monitoring, Peloton powers energy clients to thrive in an ever-evolving landscape. For more information, visit https://www.peloton.com/get-it-all-lp.
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