According to a market research study published by Contrive Datum Insights, North America brought in the most money, Asia Pacific is projected to have a fast revenue CAGR
Farmington, March 18, 2023 (GLOBE NEWSWIRE) — The Global Retail Cloud Market Is Expected To Reach USD 109.98 Billion By 2030, Growing At A CAGR Of 4.56% During The Forecast Period from 2022 To 2030. As new technologies come out, the store business starts to use them in new ways. The retail industry is moving its business apps and infrastructure tools to cloud service architectures like platform as a service, software as a service, and infrastructure as a service. In the retail business, which is in the middle of a revolution, the power has shifted from sellers to customers. Since more and more people are using smartphones and social media, the power has passed from sellers to customers. Through social media and reviews on a wide range of websites, consumers can influence product trends.
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Cloud computing helps the retail business with things like handling the workforce, the supply chain, the security of data, the Omni channel, and managing customers. Cloud technology makes it easier for retailers to combine data from different sources to get a clear view of their customers across all networks and transactions. This information helps market goods in a direct and personal way all over the world.
Retail Cloud Market Recent Developments:
- In July 2021, Google Cloud expanded its partnership with The Home Depot, an American home improvement retailer, to enhance the shopping experience for customers. The company leverages Google Cloud infrastructure and artificial intelligence capabilities to meet customers’ growing needs and personalize experiences.
- June 2021 – Oracle Corporation enters into partnership with sporting goods retailer Wiggle. Through this partnership, Wiggle migrated its on-premises retail solution to Oracle Merchandising Financial Planning and Merchandising Cloud Service on Oracle Cloud Infrastructure. It helps companies save time and costs and focus on their business when they migrate to the cloud. Wiggle Adds Retail Demand Forecasting Cloud Service to Forecast Consumer Demand at Accelerated Growth.
- June 2021 – IBM Corporation and GK Software partner to enhance customer experience by delivering omnichannel experiences and accelerating retail innovation using hybrid cloud technologies. Through this partnership, GK software’s CLOUD4RETAIL solution is accessible through the IBM cloud, which accelerates the adoption of hybrid cloud in the retail industry.
Retail Cloud Market Dynamics:
Drivers:
The retail cloud market is growing because of things like the rising demand for digital customer experiences, the widespread use of smartphones, the growing importance of compliance and relationships, and retailers’ quick adoption of omnichannel marketing. The fast spread of smartphones around the world has gotten a lot of attention because these devices work well as point-of-sale (POS) systems and can handle payments, inventory, and location tracking. Also, the combination of smartphones and cloud technologies makes it possible for retailers to get information in real time so they can make their products and services fit what customers want and take advantage of new possibilities for growth.
Opportunity:
The fast growth of the Internet of Things (IoT) in the retail vertical is one of the biggest possibilities in the retail cloud market. When efficient and linked solutions are used in the retail sector, risk should go down and production costs, product inventory, and managing inventory should go down as well. By using connected devices like sensors, radio frequency identification (RFID) chips, and cameras, retailers can collect important in-store data that can be used to make better business choices using cloud technology.
Regional Outlook:
North America made the most money in 2020, and it is expected to stay at the top of the list during the forecast period. Stable revenue growth can be explained by the fast growth of the retail industry and the rising demand for cloud-based solutions for retail. Also, businesses are changing to make in-store shopping for customers more specialized. This is likely to help the income of the market in the area grow.
Asia Pacific is expected to have a fast sales CAGR over the next few years. This is because more companies in developing countries like India, China, and Japan are using new technologies to make their business models more efficient. Companies all over the world have been working on technologies like cloud, AI, ML, and IoT as part of the digital transformation trend and to stay relevant in changing business settings. Using cloud-based retail solutions will make things run more smoothly, improve the customer experience, and make boring, time-consuming chores easier. Several important players are also trying to strengthen their place in countries in the Asia-Pacific region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 13.2% from 2023 to 2030 |
| Revenue Forecast by 2030 | USD 109.98 Billion |
| By Type |
|
| By Applications |
|
| By Companies | Oracle, Cisco Systems, SAP SE, International Business Machines Corporation, Microsoft, Computer Sciences Corporation, Fujitsu Limited, Infor, Epicor Software Corporation, JDA Software Group, Syntel, Rapidscale, Retailcloud, Retail Solutions, Softvision, Concur Technologies, Amazon, Google, Alibaba, Tecent, Baidu, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Retail Cloud Market Key Segments Covered:
Top Market Players:
Oracle, Cisco Systems, SAP SE, International Business Machines Corporation, Microsoft, Computer Sciences Corporation, Fujitsu Limited, Infor, Epicor Software Corporation, JDA Software Group, Syntel, Rapidscale, Retailcloud, Retail Solutions, Softvision, Concur Technologies, Amazon, Google, Alibaba, Tecent, Baidu, and Others.
Retail Cloud Market by Types:
- Software as a Service
- Platform as a Service
- Infrastructure as a Service
Retail Cloud Market by Applications:
- Small and Medium Enterprises
- Large Enterprises
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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