The global e-commerce market is set to grow at an average of 11 per cent over the next five years, with Latin America leading the way, new Worldpay data has revealed.

In its annual Global Payments Report, Worldpay found that the Latin American e-commerce market is set to grow at an annual rate of 19 per cent over the next five years, rising from $59 billion today to $118 billion in 2021 – the largest increase of any region.

The research also found that the three fastest-growing countries for e-commerce are Colombia, Nigeria and Argentina. These countries are forecast to lead the world with annual rises in e-commerce of 31, 30 and 24 per cent respectively.

Worldpay’s research also examined the growth in mobile commerce, and found that total m-commerce penetration is set to rise from 38 per cent in 2017 to 47 per cent in 2021, driven by increased smartphone ownership and faster mobile networks.

Latin America is set to be in the vanguard of m-commerce growth, with Colombia seeing a 64 per cent rise, and 45 per cent in Argentina – putting them in first and fifth position globally.

Shane Happach, chief executive officer, global e-commerce at Worldpay, said: “No one can predict the global economic climate over the next five years, but we can be sure that consumer appetite for online and mobile shopping will continue to see extremely strong growth.

“The rise in smartphone adoption and the continued improvement in mobile networks have important implications for merchants looking to take advantage of an increasingly well-connected middle class with greater disposable income.

“However, it’s important for retailers to understand the idiosyncrasies of each territory. No two markets are the same in terms of the population’s preferred payments methods, and each has different regulatory requirements, mobile penetration and banking practices.

“With the right support, however, retailers can seize a unique opportunity to take a lead in these emerging e-commerce markets.”

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