Retail Cloud Market Report Scope and Overview
The SNS Insider report indicates that the Retail Cloud Market was valued at USD 53.37 billion in 2023. It is estimated to reach USD 208.91 billion by 2031 and grow at a staggering CAGR of 18.6% over the forecast period 2024-2031.
The several key factors propelling the retail cloud market forward. The rising adoption of cloud computing offers retailers a cost-effective and efficient way to manage their operations. Cloud solutions eliminate the need for expensive upfront investments in hardware and software infrastructure, allowing retailers to scale their operations up or down as needed. The demand for scalability and flexibility in the retail sector is surging. Cloud technology, with its inherent scalability, empowers retailers to adapt quickly to changing market conditions and customer preferences.
A Salesforce study revealed that 73% of consumers utilize multiple channels during their shopping journeys. To cater to this trend, retailers are heavily invested in improving their omnichannel offerings, and cloud solutions play a pivotal role in facilitating this integration.
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Key Players:
- Syntel
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- IBM Corporation
- Cisco Systems
- Accenture
- Fujitsu Global
- Infor
- Others
Segmentation Analysis
In 2023, the solution segment dominated the global market, accounting for a staggering 64.8% share. This dominance can be attributed to the ever-increasing demand for solutions like customer management, supply chain management, workforce management, and data security.
Customer management solutions, for instance, leverage cloud technology to personalize customer experiences and track data, ultimately boosting loyalty, satisfaction, and retention.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Component
- Solution
- Customer Management
- Supply Chain Management
- Workforce Management
- Data Security
- Others
- Service
- Professional Services
- Managed Services
On The Basis of Service Model
- Software as a Service
- Platform as a Service
- Infrastructure as a Service
On The Basis of Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
On The Basis of Organization Size
- Small and Medium Enterprise
- Large Enterprise
Impact of Global Events
The report acknowledges the potential headwinds caused by the ongoing Russia-Ukraine war and the looming economic slowdown. This, coupled with pre-existing inflationary pressures, has pushed consumer costs worldwide to a 10-year high.
Retail confidence has plummeted, signifying a potential economic downturn. Rising inflation and declining consumer spending pose significant challenges for the retail industry, squeezing profit margins and dampening sales. The tourism sector has also witnessed a significant decline, with hotels reporting a 20-25% cancellation rate from international tourists.
Regional Development: North America Leads, Asia Pacific Poised for Growth
In 2023, North America held the largest market share at 39.8%, with the United States and Canada emerging as key growth centers. This dominance stems from the region’s early adoption of cloud technology, widespread use of omnichannel shopping practices, and a growing demand for data analytics and insights within the retail sector.
The Asia Pacific market is expected to witness significant growth in the coming years. This is primarily driven by the burgeoning demand for cloud-based services among Small and Medium Enterprises (SMEs) in the region. Recognizing the benefits of cloud solutions in enhancing efficiency and competitiveness, SMEs are increasingly adopting these technologies.
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Recent Development
In January 2023: Ernst & Young Global Limited introduced the EY Retail Intelligence solution, built on Microsoft Cloud. This cloud-based solution aims to provide a seamless and user-friendly shopping experience for consumers. Such innovative developments highlight the continuous evolution of the retail cloud market.
Key Takeaways from the Retail Cloud Market Study
- The retail cloud market is experiencing explosive growth, driven by the increasing adoption of cloud solutions that offer scalability, cost-effectiveness, and agility.
- Omnichannel retailing and the demand for data-driven insights are key factors propelling market expansion.
- The solution segment dominates the market, with customer management, supply chain management, and data security solutions leading the charge.
- While the ongoing global crisis and economic slowdown pose challenges, the Asia Pacific region presents significant growth opportunities due to the rising adoption of cloud solutions by SMEs and the region’s strong economic fundamentals.
- Continuous innovation and building resilient supply chain networks will be paramount for retailers to thrive in the dynamic retail cloud market.
The report underscores the importance of continuous innovation and adaptation for retailers to thrive in the evolving market landscape. Cloud solutions that leverage artificial intelligence (AI) and machine learning (ML) will be instrumental in personalizing customer experiences, optimizing inventory management, and streamlining operations.
Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Retail Cloud Market Segmentation, by Component
- Solution
- Service
- Retail Cloud Market Segmentation, by Service Model
- Software as a Service
- Platform as a Service
- Infrastructure as a Service
- Retail Cloud Market Segmentation, by Organization Size
- Small and Medium Enterprise
- Large Enterprise
- Retail Cloud Market Segmentation, by Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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