Global digital commerce set to surge to $34 trillion by 2029

By Seun Johnson

With the global digital commerce market currently valued at $23 trillion, recent projections indicate a strong leap to $34 trillion by 2029, a remarkable 65% surge in the sector’s growth.

This projection according to Juniper Research is expected to be driven by Latin America and Asia Pacific, two regions that are seeing increasing access to e-commerce as infrastructure develops, supported by the growing availability of local payment methods.

The new study includes data splits for digital commerce spend within digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments and QR code payments.

The research also stated that success in emerging markets is vital to global growth for international digital commerce platforms, as e-commerce in developed countries is increasingly saturated.

In particular, the report identified that the rate of growth in value will be 241% higher in Latin America than in North America between 2024 and 2029, representing a major opportunity.

To capitalise on this, the study urges digitalization commerce platforms to support more local payment methods, such as local digital wallets and account-to-account (A2A) payments, rather than solely relying on card payments.

This according to the report, will enable platforms to tap into emerging markets’ growth specifically, as this is heavily tied to enabling access to large populations who lack access to cards.

Author of the Research, Nick Maynard said: “Cards have powered the emergence and establishment of the digital commerce sector in key developed markets, but international merchants must look beyond cards to capitalise on this next phase of growth.

“As even developed markets look to implement A2A payments within e-commerce, embracing local payment methods must be a clear priority in all markets”.

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