Home Science Technology Global digital commerce expected to hit one trillion by 2024

Global digital commerce expected to hit one trillion by 2024

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E-commerce
E-commerce

A new study by Juniper Research, the foremost experts in fintech and payments markets, has found that by next year, digital commerce transaction volumes will reach 1.08 trillion globally; rising from 966 billion this year – a very strong 12% growth in a single year.

The new study, which covers digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments, QR code payments and bill payments, found that the strongest growth will be in three markets; driving overall digital commerce adoption.

Highest-growth Sectors

  • NFC Payments: 30%
  • Digital Ticketing: 19%
  • Physical Goods: 12%

Shift to Open Loop in Transit Is Catalysing NFC Growth

The research found that NFC payments are surging; boosted by increasing contactless acceptance, particularly within transit. The move to open-loop payment systems within ticketing has had an important network effect; boosting awareness of contactless payments among potential users and increasing usage within markets that previously lagged behind, such as the US and Germany.

Research author Nick Maynard commented: “The shift towards open-loop payments within ticketing has now begun to reach more remote areas, becoming the default payment method in many markets. We anticipate this momentum to boost contactless payments overall, and also increase open-loop adoption in other areas, such as for EV charging.”

Can Other Markets Accelerate Their Growth?

The research identified that with the rising cost of living reducing disposable income, digital commerce vendors need to differentiate themselves to maintain growth. As such, the research recommends that vendors in highly competitive markets, such as money transfer, focus on reducing the cost of payments as the key differentiator in the current climate.

The Research Suite    

The new market research suite offers the most comprehensive assessment of the digital commerce market to date; providing analysis and forecasts of over 29,500 datapoints across 60 markets over five years. It also includes a detailed examination of future market opportunities.

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