NEW YORK, Nov. 28, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Retail Cloud Market Size, Share, Development, Growth and Demand Forecast to 2023- Industry Insights by Type (Solution and Service), by Service (Software as a Service, Platform as a Service, and Infrastructure as a Service), by Deployment Model (Public Cloud, Hybrid Cloud, and Private Cloud), by Enterprise Type (Small and Medium Enterprise, and Large Enterprise)” published by P&S Market Research, the global retail cloud market is projected to reach $40,729.5 million by 2023, growing at a CAGR of 20.5% during 2017 - 2023.
Geographically, North America has been the largest market for retail cloud, whereas the market in Asia-Pacific is expected to witness highest growth among all regions due to huge potential of cloud based technology adoption. Due to the strengthening economy of Asia and rapid improvement in the technology infrastructure, the the adoption of retail cloud solution in the region is expected to increase. This is also expected to streamline various operational issues faced by retailers in the region.
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Professional service is expected to hold larger market during 2017-2023. It includes services that enable retailers in reducing functional and operational complexities, lowering risk to go-to-market, and increase return on investment (RoI). Globally, the retail sector is shifting toward cloud adoption in order to provide better and interactive customer experience. In addition, professional service also includes project management, training and development, product pre-planning, and service deployment methodology.
The factors driving the growth of the market include rapid adoption of smartphones globally, need for compliance and collaboration, and shift toward omni-channel by retailers. With rapid increase in the adoption of smartphones and tablets, the devices are serving a point of sale (POS) systems helping in handling the inventory, payment management, and location information. Further, through smartphones and cloud technology, retailers can capture real time information to adjust their product and service according to the market conditions and take advantage of new growth opportunities.
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Globally, with the increase in customer expectation for more variety, convenience, information and access to the product and service from retailers, the complexity of supply chain is increasing. This has led to over pressure the retailer to balance the risk of bringing product to the market more quickly, ensuring proper assessment of the offerings. Retail cloud solution allows retailers with end-to-end compliance lifecycle management, which help them in capturing the detailed product information during the raw material sourcing and selection of various suppliers and the product manufacturing processes.
Internet of things (IoT) in retail is a major opportunity for the growth of the global retail cloud market. Retail industry is in need for connected solutions to eliminate the host of issues and associated cost generated from lower productivity, mishandled stocking, empty store shelves and poor inventory management. Leveraging the advantage of infrastructure equipped with cameras, sensors, beacons and RFID chips, retailers can tackle such problems and make greater use of cloud and related technology.
The research states that the global retail cloud market is moderately competitive with players introducing their product offerings catering to the specific needs of the retailers. Some of the key players in the global retail cloud market are Cisco Systems Inc., SAP SE, IBM, Microsoft Corporation, Oracle Corporation, Infor, RetailCloud, and Epicor Software Corporation.
Product launches and enhancements, and strategic partnerships have been the major recent developments in the retail cloud market. Vendors are differentiating their offering based on the set of tools providing various retail cloud solution and services according to the retailer need and overall industry demand.
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