Estimated at $596.7 billion in 2020, the WordPress economy is now expected to grow to $635 billion by the end of 2021, almost on par with revenue generated by Apple App Store ($643 billion).
If the 2021 WordPress economy were equivalent to the market capitalization of a company, it would come in tenth place worldwide, above electric car giant Tesla.
The research, commissioned by WP Engine, was carried out in the US, UK and Australia by Vanson Bourne and Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies (IMS) at Goldsmiths University of London.
The study was undertaken to assess the economic value and the social impact of WordPress and included a review of academic and industry literature.
The study also brought together over 100 collaborators, representing a cross section of the various aspects of the WordPress ecosystem including: hosts, agencies, plugin and theme providers. These are all businesses that derive revenue from WordPress.
Commenting on the study, Heather Brunner, Chairwoman and CEO of WP Engine said: “This groundbreaking research shows the definitive leadership role WordPress plays in the global digital economy.”
“A $596.7 billion economy is such a validation of the value that WordPress, its ecosystem and its robust community bring to the world. In the future, as WordPress looks to cross 50% of the web we see it playing an even larger role with individuals and businesses of all sizes as they connect, collaborate and accelerate their business growth through this incredible open source platform.”
According to Dr. Brauer, in the process of the study, a model was created that not only accounted for WordPress’ financial value, but also measured the intangible contribution from the open source community and external factors that are beyond the market’s control, such as the pandemic.