Overview and Scope
Retail cloud is a cloud-based retail solution that combines artificial intelligence (AI) and data analytics, which allow retailers to build goods responsive to consumer feedback. Retailers can use cloud computing to obtain information from internet sources to meet their customers’ needs. Cloud computing allows for the streamlining of supply chains and logistics and the delivery of high-quality and seamless client experiences.
Sizing and Forecast
The retail cloud market size has grown rapidly in recent years. It will grow from $33.1 billion in 2023 to $39.18 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to legacy systems transition, mobile commerce trends, demand for omnichannel experiences, supply chain optimization.
The retail cloud market size is expected to see rapid growth in the next few years. It will grow to $81.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to enhanced cybersecurity measures, sustainable and green computing, regulatory compliance challenges. Major trends in the forecast period include rapid digital transformation, augmented reality (AR) and virtual reality (VR) experiences, personalization and customer insights, e-commerce acceleration, blockchain for transparency.
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Segmentation & Regional Insights
The retail cloud market covered in this report is segmented –
1) By Type: Channel Operations, Supply Chain Management, Customer Management, Merchandising, Workforce Management, Reporting and Analytics, Data Security
2) By Service Model: Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)
3) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
4) By Organization Size: Small and Medium Enterprise, Large Enterprise
North America was the largest region in the retail cloud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rapid adoption of smartphones is expected to drive the growth of the retail cloud market going forward. High internet usage and the acceptance of 5G-enabled smartphones have surged in both advanced and emerging economies, allowing users to connect with people worldwide in real time. This ease of data access has led to a growth in demand for smartphones. The retail cloud users can access and retrieve data from anywhere in the world using their smartphones. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. By 2025, there will be 68.3 million people living in the UK, of whom 95% (or about 65 million people) will have smartphones. Therefore, the rapid adoption of smartphones will propel the retail cloud market growth.
Key Industry Players
Major companies operating in the retail cloud market report are Alphabet Inc., Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, NTT Limited, Amazon Web Services Inc., Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Fujitsu Limited, SAP SE, Salesforce.com Inc., Cognizant Technology Solutions Corp, Baidu Inc., Adobe Inc., VMware Inc., Atos SE, Workday Inc., T-Systems International GmbH, Infor Inc., Rackspace Technology Inc., Nutanix Inc., Blue Yonder Group Inc., Epicor Software Corporation, Lightspeed Commerce Inc., JDA Software Group Inc., Tekion Corp, SPS Commerce Inc., SymphonyAI Retail CPG
The retail cloud market report table of contents includes:
1. Executive Summary
2. Retail Cloud Market Characteristics
3. Retail Cloud Market Trends And Strategies
4. Retail Cloud Market – Macro Economic Scenario
5. Global Retail Cloud Market Size and Growth
…
32. Global Retail Cloud Market Competitive Benchmarking
33. Global Retail Cloud Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Cloud Market
35.Retail Cloud Market Future Outlook and Potential Analysis
36. Appendix
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