New data from Juniper Research has found that the digital commerce market is set to increase from $4.9 Trillion in 2015, to just over $8 trillion by 2020. In perspective, the GDP of Japan (the world’s 3rd largest economy in terms of nominal GDP) was estimated to be $4.6 trillion in 2014.

Research author Lauren Foye added:

“The digital commerce market as a whole is seeing an ever increasing propensity towards an omni-channel approach, and this extends to eCommerce where the mobile and tablet platform is seeing increased use towards the purchasing of physical goods, either for delivery or collection. In addition, global online banking users as a proportion of banked individuals are forecast to cross the 50% mark in 2016.”

Online retail events such as Cyber Monday have been credited with boosting online platform incomes, and 2015 was no exception, with many retailers turning record profits. China’s own Black Friday event known as ‘Singles’ Day’ reportedly saw eCommerce giant Alibaba sell 91.2 billion yuan ($14.3 billion) in goods. The research also observed that digital transaction volumes would be further bolstered with the continued transition to digital formats, and the rise in streamed subscription services.