.com domain extension, operated by VeriSign Inc is one of the first domain extension implemented in the Internet in 1985. The first registered domain was Symbolics.com, registered on 15th of March, 1985. .com name is derived from “commercial”. Now it has become the most widespread domain extension, with 115.6 million registered .com domain names as of 31st of December, 2014 (from the more than 280 million domain names in total). .com domain extension keeps evolving with the increasing internet access throughout the world, and now .com domain extension has become a symbol of online presence in the internet. As an example, the domain name newly founded startup use is massively overwhelmed by .com names. Its popularity is also due to its low price: it can be registered for as low as 8 USD for a year. At the same time, the highest priced domains possess .com extension.
.com domain extension also possess direct traffic. As an example, recipes.com has an Alexa rank of 486k without having any content on it. Thus, a right name with .com extension is able to generate revenue from PPC ads.
In summary, if you want to have a well established presence in the internet, owning a .com domain name for your business is a must.