"We Envision Growth Strategies Most Suited
to Your Business"
The global retail cloud market size is expected to reach USD 39.63 Billion by 2026. Various initiatives such as the adoption of omnichannel retailing, adoption of artificial intelligence, internet and digitalization in the retail sector, adopted by market vendors are prognosticated to drive the market growth. According to a report by Fortune Business Insights, 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,” the market is expected to rise from USD 11.89 Billion in 2018 at a CAGR of 16.3 % during the forecast period of 2019 to 2026.
Retail cloud is a quick and flexible data processing system that contributes to the success of a company by retail stores. It is cost-efficient and runs low on any risk factors, thus ensuring optimal access to information related to consumers, products ore processes irrespective of time. The Internet plays a major role in the retail cloud industry.
The data extracted from consumers is based on their shopping or search history, most recent product searches, and so on. Such information becomes valuable for retailers as they can use their marketing strategies in the form of advertising and thus, attract revenue to their company. With the advent of cloud computing, it has become easier for retailers to focus on their core business in this rapidly changing generation.
Small and Medium Segments to Dominate Market with Adoption of Numerous Cloud-based Applications
Based on prevailing retail cloud market trends, the market can be segmented in terms of solution, enterprise size, deployment, model type, and geography. With respect to solution, the market is classified into omnichannel, data security, reporting and analytics, customer management, workforce management, and supply chain management.
Among these, two segments namely reporting and analytics and data security are anticipated to help increase the retail cloud-scale unit during the forecast period. This is attributable to the smart advertising and marketing strategies adopted by companies with the help of data security and reporting and analytics.
Based on enterprise size, the market is divided into large, small and medium. Among these, the small and medium segment is expected to exhibit a CAGR of 17.7% in the forecast duration. Retail cloud-based computing solutions help to stay put in the competition by reinvesting both resources and time into product, sales, and marketing, along with other sale generating areas. In terms of deployment type, the market is divided into public, private, and hybrid.
Based on the model type, the market is classified into software as a service, platform as a service, and infrastructure as a service. Among these, the software as a service segment is anticipated to generate high revenue in the forecast period. This is owing to the fact that software as a service is being utilized by numerous small and medium retail industries across the world for managing different consumer requirements with ease by maintaining logistics.
Growth of Small and Medium Enterprises to Help Asia Pacific Market Register Rapid CAGR
Geographically, the retail cloud market is categorized into Latin America, Asia Pacific, North America, Middle East, and Africa and Europe. Among these, the market is prognosticated to be dominated by North America on account of wide adoption of cloud-based solutions in the retail industry of developed nations such as Canada and the U.S. In 2018, North America generated a revenue of USD 4.81 Billion owing to the rise in investments in mobile and advanced retail cloud technology.
On the other hand, the rise of small and medium enterprises in retail cloud salesforce in the developing nations of Asia Pacific namely India, China, and Japan is further expected to help this region register a rapid growth rate during the forecast period. Companies such as Alibaba Cloud are investing in industries such as logistics, entertainment, retail, and others digitally and are thus projected to help this region attract high revenue in the coming years.
list some of the significant players in their report
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/retail-cloud-market-101599
Global Retail Cloud Market Scope Table of segmentation
Value (USD Billion)
By Model Type
By Enterprise Size