CHICAGO, May 11, 2023 /PRNewswire/ -- The advent of IoT in retail sector and adoption of new retail technologies to integrate online and offline shopping experiences is expected to drive the growth of the global Retail Cloud Market.
The Retail Cloud Market size is expected to grow from USD 47.0 billion in 2023 to USD 114.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, according to a new report by MarketsandMarkets. The growing need for enhancing online shopping experience, increase in adoption of SaaS solutions, and surge in demand for hybrid cloud solutions with the adoption of remote working has driven the market growth.
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278 - Tables
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276 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD Million/Billion) |
Segments covered | Component, Service Model, Deployment Model, Organization Size, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | AWS (US), Microsoft (US), Google (US), Oracle (US), Salesforce (US), SAP (Germany), Accenture (Ireland), Alibaba Cloud (China), IBM (US), Cisco (US), VMware (US), Fujitsu (Japan), Blue Yonder (US), Cognizant (US), Workday (US), Infor (US) and many more. |
By Component, the services segment is expected to grow at a higher CAGR during the forecast period.
The retail cloud service segment is further segmented into professional services and managed services. Retail cloud services refer to the services that cloud infrastructure providers offer to retailers to help them manage their cloud-based solutions. These services may include cloud storage, database management, application hosting, security services, and more. Retailers can use these services to ensure that their cloud-based solutions are secure, scalable, and always available to their customers. Retail cloud services typically include a range of offerings, such as software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and other cloud-based services that are specifically tailored to meet the needs of the retail industry.
By Organization Size, large enterprises hold the largest market size during the forecast period.
Enterprises with more than 1,000 employees are considered large enterprises. The retail industry is highly competitive, and large enterprises need to stay ahead of the curve to survive. The adoption of retail cloud solutions allows large enterprises to streamline their operations, reduce costs, and enhance customer experience. Large enterprises have the resources and infrastructure to implement and manage retail cloud solutions, making it easier for them to leverage the benefits of the technology. They have a large customer base and a vast amount of data that needs to be managed efficiently, which can be achieved through retail cloud solutions.
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By Region, Asia Pacific is expected to grow at a higher CAGR during the forecast period.
The Asia Pacific region is the fastest growing region in the global Retail Cloud Market. The growth is mainly driven by the utilization of public cloud services. Public cloud services are widely used by retailers in the Asia Pacific region to enhance their operations, improve customer experiences, and drive innovation. Cloud-based marketing solutions are becoming popular among retailers in the Asia Pacific region who want to personalize their marketing efforts and reach customers across multiple channels. Cloud-based marketing providers such as Adobe and Hubspot offer tools for email marketing, social media marketing, and customer segmentation. In addition, many cloud service providers are expanding their reach by launching new data centers in the region. For instance, In 2022, Alibaba Cloud opened its data centers in Thailand, South Korea and Japan.
Top Key Companies in Retail Cloud Market:
Some of the key players operating in the Retail Cloud Market are AWS (US), Microsoft (US), Google (US), Oracle (US), Salesforce (US), SAP (Germany), Accenture (Ireland), Alibaba Cloud (China), IBM (US), and Cisco (US).
Recent Developments:
- In April 2023, AI Babtain Group, a trading business in Kuwait extended its use of Oracle Cloud by replacing its legacy applications with Oracle Retail Store Point of Service (POS) systems and Oracle Retail Customer Engagement Cloud Service to provide customers with personalized experience.
- In March 2023, Salesforce announced Einstein GPT for Commerce Cloud to offer personalized customer experience with AI.
- In February 2023, Google Cloud announced a collaboration with Accenture to support retailers in modernizing business, including new updates to Accenture's ai.RETAIL platform, which integrated Google Cloud's leading capabilities in data analytics, AI, and product discovery.
- In January 2023, Google Cloud announced four new and updated AI tools to offer a smoother online shopping experience to retail customers and assist retailers in inventory management in the stores.
- In November 2022, AWS launched AWS Supply Chain, a cloud application which will improve supply chain visibility and provides actionable insights and overcome risk related to supply chain risks, lower costs, and improve customer experiences.
- In August 2022, Accenture acquired The Stable, a commerce company to help consumer companies operate and build their digital channels and drive sales across the North American region.
- In February 2022, Best Buy, a consumer electronics retailer, partnered with AWS for cloud infrastructure services and its strategic partner for developing cloud engineering talent.
- In February 2021, Virgin Megastore was an international retailing chain partnered with SAP to implement SAP Commerce Cloud to provide an omni-channel experience.
Retail Cloud Market Advantages
- Without a physical infrastructure, retail enterprises may quickly scale their operations up or down in response to demand. Their ability to adapt quickly to shifting market conditions is aided by this.
- Retailers can access their data and apps with cloud solutions from any location, at any time, and on any device with an internet connection. Employees can now work from home, which enhances productivity and teamwork.
- Retail cloud providers make significant investments in security measures to safeguard the data of their clients from online dangers. Retailers can simply backup their data with cloud computing, lowering the risk of data loss.
- Cloud-based analytics tools may give merchants insightful data on consumer behaviour and preferences, which can help them improve their marketing and sales plans.
- Whether customers are making purchases online, in-store, or on mobile devices, companies can offer a smooth, omnichannel shopping experience thanks to cloud technology.
Report Objectives
- To define, describe, and forecast the global Retail Cloud Market based on component (solutions and services), service model (SaaS, PaaS, IaaS), deployment model (public cloud, private cloud, hybrid cloud), organization size, and region.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the Retail Cloud Market
- To analyze the market with respect to individual growth trends, prospects, and contributions to the overall Retail Cloud Market
- To forecast the market size of main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Retail Cloud Market
- To profile the key players in the Retail Cloud Market and comprehensively analyze their core competencies in each subsegment.
- To track and analyze competitive developments, such as mergers and acquisitions, new product launches, and partnerships and collaborations, in the market.
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