New York, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global retail cloud market size is poised to grow at a CAGR of over 23% from 2024 to 2036. The market is anticipated to garner a revenue of USD 544 billion by the end of 2036, up from a revenue of USD 38 billion in the year 2023. This growth can be attributed to the increasing demand for cloud-based solutions by retailers to automate their operations, reduce costs, and gain better insights into customer behavior. Approximately 62% of retailers cite cloud computing as a top priority, and 72% are ready to adopt it.
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A total of 46% of retailers anticipate using artificial intelligence (AI) via cloud computing by the year 2021. Retailers are also increasingly leveraging the cloud to optimize their supply chains for better efficiency and cost savings. Cloud-based solutions can help them better manage inventory, track shipments, and analyze customer data, enabling them to better anticipate customer needs and stock the right products.
Retail Cloud Market: Key Takeaways
- Market in North America to propel highest growth
- SaaS segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Increased Data Security to Boost Market Growth
One of the key benefits of Retail Cloud is the increased data security it provides for retailers. By storing sensitive customer and business data in the cloud, retailers can minimize the risk of data breaches and cyber-attacks. As retailers have access to enormous amounts of payment information, almost 25% of all cyberattacks target them. Cloud providers typically have advanced security measures in place, including encryption, firewalls, and intrusion detection systems. Additionally, cloud-based systems allow for easy and secure backup and disaster recovery, ensuring that critical data is protected and can be quickly restored in the event of a system failure or other disruption.
Retail Cloud Market: Regional Overview
The global retail cloud market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Use of Digital Technologies Such as Cloud Computing and AI to Drive the Growth in the North America Region
The retail cloud market in North America region is estimated to garner the largest revenue by the end of 2036. This is largely due to the growing use of digital technologies such as cloud computing and artificial intelligence in retail. Additionally, the growing demand for personalized shopping experiences is also driving the growth of the retail market in this region. Furthermore, key players are merging, acquiring, and investing in the market as part of their strategy to better reach customers and meet their requirements. For instance, HCL Technologies announced its 'Envisioning Retail Transformation' solution on Microsoft AppSource in April 2022. This move is part of HCL's strategy to expand its presence in the retail industry and provide customers with a comprehensive suite of solutions to help them better manage their operations.
Increasing Adoption of E-Commerce to Drive the Growth in the Asia Pacific Region
The Asia Pacific retail cloud market is estimated to garner the largest revenue by the end of 2036 driven by the rising trend of online shopping as well as increasing adoption of e-commerce. Online retail transactions in China have reached more than 700 million users. In addition, India has the third largest online shopper base globally, with an estimated 180-200 million users as of 2021. This boom in online shopping has led to increased demand for cloud services, such as cloud-hosted e-commerce platforms, cloud computing, and cloud data storage. Further, increasing e-commerce adoption in the region has led to a significant increase in demand for retail cloud computing services, as companies need data storage, analytics, and artificial intelligence solutions to manage customer interactions and supply chains.
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Retail Cloud Segmentation by Service Model
- SaaS
- PaaS
- IaaS
The SaaS segment is anticipated to hold the largest revenue by the end of 2036. This is because it has a wide range of applications such as supply chain management, inventory management, customer analytics, pricing analytics, and predictive modeling, which are all essential parts of a successful retail business. It has been observed that 72% of companies use cloud-based SaaS to deliver IT services more quickly. Additionally, the SaaS platform allows retailers to access their data in real-time, which is essential for making decisions quickly. The SaaS platform is also cost-effective, as it allows retailers to access their data from anywhere with an internet connection, and eliminates the need for costly hardware or software.
Retail Cloud Segmentation by Deployment Model
- Public
- Private
- Hybrid Cloud
The public cloud segment is anticipated to hold the hold 51% of the revenue share by the end of 2036. The public cloud offers retailers the ability to scale quickly and respond to customer needs in real-time. It also offers access to a wide range of tools, such as predictive analytics, which can help retailers better manage their inventory, optimize their pricing, and analyze customer data. By 2023, global end-user spending on public clouds is projected to reach USD 590 billion, an increase of USD 40 billion from 2021. This is largely due to the increased availability of cloud computing, which has enabled businesses to more efficiently manage their data and gain insights into customer behavior.
Retail Cloud Segmentation by Component
- Solutions
- Services
Retail Cloud Segmentation by Organization Size
- SMEs
- Large Enterprises
A few of the well-known market leaders in the global retail cloud market that are profiled by Research Nester are Oracle Corporation, Microsoft Corporation, IBM Corporation, Cisco Systems Inc., Accenture, Cognizant, Google LLC, Amazon Web Services, Inc., Wipro Limited, Snowflake Inc., and other key market players.
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Recent Development in the Market
- Wipro Limited announced new retail solutions built on the Microsoft Cloud and Cloud for Retail as well as a new Retail Innovation Experience in Mountain View, California. Through this physical, virtual, and hybrid experience, Microsoft and Wipro will collaborate to deliver new solutions that enable retailers to grow their businesses.
- Snowflake, the data cloud company, announced the launch of its Retail Data Cloud, which combines Snowflake's platform, partner-delivered solutions, and industry-specific data sets. Manufacturers, retailers, CPG vendors, distributors, and industry technology providers leverage their data and access new data through the Retail Data Cloud.
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