The Retail Cloud Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/retail-cloud-global-market-report
According to The Business Research Company’s Retail Cloud Global Market Report 2024, 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.
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.
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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
Major companies operating in the retail cloud market are increasing their focus on introducing retail analytics platforms, such as EY Retail Intelligence, to maximize their revenues in the market. EY Retail Intelligence is a comprehensive analytics solution that uses data-driven insights to help retailers make strategic decisions, improve customer experiences, and optimize operational efficiency across the retail value chain. For instance, in January 2023, Ernst & Young Global Limited, a UK-based company, launched a new EY Retail Intelligence solution. This new version builds on the Microsoft Cloud and Cloud for Retail to provide consumers with a seamless and streamlined shopping experience. The platform uses advanced technologies such as artificial intelligence, image recognition, and analytics to collect data across all channels and turn it into valuable EY Retail Intelligence.
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
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26. South America Retail Cloud Market
27. Brazil Retail Cloud Market
28. Middle East Retail Cloud Market
29. Africa Retail Cloud Market
30. Retail Cloud Market Competitive Landscape And Company Profiles
Top Major Players:
- Alphabet Inc
- Google LLC
- Microsoft Corporation
- Alibaba Group Holding Limited
- NTT Limited
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