Digital Commerce Spending to Hit $34 Trillion by 2029

A new study from Juniper Research has found global digital commerce spending will grow by 65% between 2024 and 2029, from $23 trillion in 2024. This growth will be driven by Latin America and Asia Pacific, two regions that are seeing increasing access to eCommerce as infrastructure develops, supported by the growing availability of local payment methods.

The research argues that success in emerging markets is vital to global growth for international digital commerce platforms, as eCommerce in developed countries is increasingly saturated. In particular, it identified that the rate of value growth will be 241% higher in Latin America than in North America between 2024 and 2029, representing a major opportunity.

To capitalize on this, the study urges digital 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 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.

"Cards have powered the emergence and establishment of the digital commerce sector in key developed markets, but international merchants must look beyond cards to capitalize on this next phase of growth. As even developed markets look to implement A2A payments within eCommerce, embracing local payment methods must be a clear priority in all markets,” explained research author Nick Maynard.