Global Retail Cloud Market Size to Grow at a CAGR of 16.80% in the Forecast Period of 2023-2028
The ‘Global Retail Cloud Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global retail cloud market, assessing the market on the basis of its segments like model type, deployment, organisation size, solution, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Retail Cloud Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 16.80%
The increasing adoption of retail cloud can be attributed to the improved communication and automated operations which come along with retail cloud computing. Retail cloud enhances the growth of retail business by reaching a greater number of people, increasing supply chain visibility, and improving security, which are key factors contributing to the retail cloud market growth.
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Retail cloud analyses customer retention through reviews and online searches which is another crucial market driving factor. The anticipated increase in adoption of smart devices is likely to heighten the prominence of social media which in turn would provide lucrative opportunities for the market expansion. The increasing adoption of omni-channel retail to accelerate product sales is another key driving factor of the market, as retail cloud helps in management of omni-channel sales networks.
Over the forecast period, the anticipated increase in purchasing power of the population, rapid urbanisation, and robust growth of retail stores across the emerging economies are expected to boost the retail cloud market growth. Moreover, some of the critical advantages offered by retail cloud include better pricing and margin management, automated personalisation which facilitates better customer understanding, and enhanced customer loyalty and retention.
Retail Cloud Industry Definition and Major Segments
Retail cloud is defined as cloud-computing technology which is used to facilitate various retail-centric operations in an efficient and fast way. Retail cloud aims at fulfilling inventory levels, and processing customer orders and shipping, among other functions. Retail cloud makes the buying experience more personalised by automating retail operations, which is a major driving factor of the retail cloud market.
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Based on model type, the market is segmented into:
• Software as a Service (SaaS)
• Platform as a Service (PaaS)
• Infrastructure as a Service (IaaS)
On the basis of deployment, the market is divided into:
• Public Cloud
• Private Cloud
• Hybrid Cloud
By organisation size, the market is bifurcated into:
• Small and Medium Enterprise
• Large Enterprise
Based on solution, the market is divided into:
• Supply Chain Management
• Workforce Management
• Customer Management
• Reporting and Analytics
• Data Security
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Retail Cloud Market Trends
The key trends in the global retail cloud market include the rapid digitalisation across the emerging economies which is revolutionising the purchasing processes to provide enhanced shopping experiences to customers. Growing focus of retailers on IT spending to increase their business profitability is further encouraging the market growth.
The thriving e-commerce sector is another crucial market invigorating trend which is accelerating the adoption of cloud retail computing by major e-retail giants. In addition, the growing presence of major retailers and manufacturers from diverse sectors on e-commerce platforms is being witnessed, which would increase competition and the demand for retail cloud.
The growing penetration of advanced automation technologies such as artificial intelligence (AI), machine learning (ML), and upgraded cloud computing software, are crucial trends in the retail cloud market. These advancements are likely to escalate the competitive landscape between the major retail players, leading to progressive product innovations and greater revenue.
In geographical terms, North America accounts for a significant share in the market. The well-established retail sector across developed economies such as the United States, is a major driving factor of the market. Moreover, the presence of a large consumer base for online shopping, availability of basic amenities such as high-speed internet, and foothold of technical innovators in the region are further propelling the market growth.
Key Market Players
The major players in the global retail cloud market report are
• Oracle Corporation
• Cisco Systems, Inc.
• Fujitsu Limited
• Microsoft Corporation
• SAP SE
• IBM Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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