According to the report by Fortune Business Insights in their report, titled “Retail Cloud Market Size, Share & Industry Analysis, By Model Type (Infrastructure as a Service, Platform as a Service and Software as a Service), By Deployment (Public, Private and Hybrid Cloud), By Solution (Supply Chain Management, Workforce Management, Customer Management, Reporting & Analytics, Data Security, Omni-Channel and Others), By Enterprise Size (Small & Medium and Large Enterprise) and Regional Forecast, 2019-2026,” predicts such initiatives to bode well for the market growth.
The Market is Anticipated to be rise from USD 11.89 Billion in 2018 and be worth USD 39.63 Billion by the end of 2026. The forecast figure is set from 2019 to 2026 and the market is expected to rise at a CAGR of 16.3%.
Based on the solution, the market is dominated by reporting and analytics and data security segments because of the support these segments provide to the retail cloud computing by the formulating smart advertising and marketing strategies. To cite an instance, retail giants such as eBay and Amazon are using smart advertising in order to increase their product preferences as per different customers by studying the shopping behavior of each customer.
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North America to Continue Dominating Market with Rapid Adoption of Cloud-based Solutions in Retail Sector
Geographically, the retail cloud market review indicates the dominance of North America on account of quick adoption of cloud-based solutions into the retail industry in developed nations such as Canada and the U.S. In addition, the surge in investment for mobile and new technologies into the retail sector is anticipated to help the regional market continue its dominance in the coming years. Currently, the e-commerce sector in the U.S. is led by Amazon and this will accelerate the rate of adoption of cloud solutions in the region in the forecast duration.
On the other side, cloud-based solutions have gained immense popularity in Asia Pacific region, especially in Japan, India, and China. As per Alibaba Cloud, identifies India as one of the hubs for cloud solutions in the region, owing to the presence of both small and medium enterprises in the nation. Alibaba also invested huge sums into various other industries in India such as logistics, entertainment, retail, and others. The penetration of digitalization and the internet have increased the rate of adoption of advanced solutions in the retail sector of the nation. This ultimately indicates the rapid growth of the regional market in the years to come.
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Some of the companies operating in the retail cloud market include:
- Oracle Corporation
- Alibaba Group
- JDA Software Group
- SAP SE
- Cisco Systems Inc.
- Microsoft Corporation
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The advent of artificial intelligence (AI) is a major factor boosting the retail cloud market. AI provides retailers the capability to an efficient in-store operation experience for managing their supply chain management and new inventory management systems. Apart from this, AI also provides precise marketing strategies, combined with personalized support and experience that helps the retail enterprises in attracting more consumers to their product. The two most important benefits from the adoption of AI into retail cloud support are improved customer support and experience. The aforementioned factors are thus expected to increase the retail cloud-scale unit in the forthcoming years.
Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Retail Cloud Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Channel operations
- Supply Chain Management
- Customer Management
- Workforce Management
- Reporting and Analytics
- Data Security
- Professional Services
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- By Service Model (Value)
- Software as A Service
- Platform as A Service
- Infrastructure as A Service
- By Deployment (Value)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Organization Size (Value)
- Small and Medium Enterprises
- Large Enterprises
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Type (Value)
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