Richmond, Dec. 20, 2023 (GLOBE NEWSWIRE) -- According to a research report "Retail Cloud Market”, By Component (Solutions {Supply Chain Management, Customer Management, Merchandising, Workforce Management, Reporting & Analytics, Data Security, Omni-channel, and Other Solutions} Services {Professional Services, Managed Services}), Service Model (SaaS, PaaS, IaaS), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (Large Enterprises, SMEs) and Region - Global Forecast to 2030.
Global Retail Cloud Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 37.37 Billion |
| Market size value in 2030 | USD 129.29 Billion |
| CAGR (2023-2030) | 19.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Service Model, Component, Deployment Model, Organization Size and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered | |
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TOC Covers in Depth & Breath on Retail Cloud Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Retail Cloud Market is experiencing robust growth and transformation driven by the dynamic landscape of the retail industry. The increasing adoption of e-commerce and omnichannel retailing is a key catalyst, prompting retailers to leverage cloud-based solutions for enhanced operational efficiency and seamless customer experiences. Cloud technologies are playing a pivotal role in optimizing various aspects of retail, including inventory management, supply chain operations, and customer relationship management. The flexibility, scalability, and cost-effectiveness of cloud solutions have become imperative for retailers seeking agility and innovation in a highly competitive market. Furthermore, the demand for real-time analytics, personalized customer engagement, and the integration of emerging technologies like artificial intelligence and machine learning are fueling the expansion of the Retail Cloud Market. As retailers continue to prioritize digital transformation, the Retail Cloud Market is poised to evolve, offering comprehensive solutions that address the diverse needs of the modern retail ecosystem.
Major Vendors in the Global Retail Cloud Market:
- AWS (Amazon Web Services)
- Microsoft
- Oracle
- Salesforce
- SAP
- Accenture
- Alibaba Cloud
- IBM
- Cisco
- VMware
- Fujitsu
- Blue Yonder
- Cognizant
- Workday
- Infor
- Rackspace
- SPS Commerce
- Atos (France)
- Epicor
- Nutanix
- Lightspeed Commerce (Canada)
- Tekion
- SymphonyAI Retail CPG
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Growing Adoption of E-commerce and Omnichannel Retailing
The growing adoption of e-commerce and omnichannel retailing has emerged as a significant driver for the retail cloud market. E-commerce has witnessed unprecedented growth as consumers increasingly prefer online shopping, driven by factors such as convenience, a wide range of product choices, and competitive pricing. To meet evolving consumer expectations, retailers are embracing omnichannel strategies that seamlessly integrate online and offline channels, providing a cohesive shopping experience. The retail cloud market plays a crucial role in supporting these trends by offering scalable and flexible solutions for managing e-commerce platforms, inventory, customer data, and analytics. Cloud-based solutions enable retailers to enhance operational efficiency, streamline processes, and gain valuable insights into customer behavior, ultimately contributing to a more personalized and responsive shopping experience across various channels. As a result, the retail cloud market is experiencing robust growth, driven by the transformative impact of e-commerce and omnichannel retail strategies on the industry landscape.
Market Dynamics
Drivers:
- Increasing Demand for Data-Driven Insights
- Shift toward Omnichannel Experience in the Retail Industry.
Opportunities:
- Personalization and Customer Experience Enhancement
- AI-Powered Innovation and Automation
- Adoption Of New Retail Technologies To Integrate Online And Offline Shopping Experiences.
Rise of Hybrid and Multi-Cloud Environments
The rise of hybrid and multi-cloud environments stands out as a prominent trend in the Retail Cloud Market, reflecting the evolving needs of retailers in their pursuit of flexible and resilient IT infrastructures. Retailers are increasingly adopting a hybrid approach, integrating both public and private clouds, to leverage the strengths of each model. This strategy allows them to balance the scalability and cost-effectiveness of public clouds with the security and control offered by private clouds. Simultaneously, the utilization of multi-cloud environments, involving the use of services from multiple cloud providers, has gained traction to avoid vendor lock-in, enhance redundancy, and optimize performance. These hybrid and multi-cloud trends empower retailers to tailor their cloud strategies to specific workloads and business requirements, ensuring agility and adaptability in a rapidly changing retail landscape. The flexibility provided by these models enables retailers to efficiently manage diverse data sets, applications, and workloads, fostering innovation and resilience in the Retail Cloud Market.
North America dominates the market for Retail Cloud Market.
The North American retail market, particularly in the United States and Canada, is experiencing rapid growth, fueled by major players like Walmart, Costco, Kroger, The Home Depot, and Target. This region leads in the adoption of retail cloud solutions, with a highly experimental retail landscape and significant use of cloud technologies, especially in specialty stores. Notably, companies like Bernhardt Furniture have successfully leveraged IBM's retail cloud solutions, resulting in a 20% increase in sales within ten weeks. The North American market remains at the forefront of cloud-based retail solutions, supported by ongoing mergers, acquisitions, and investments by key players. For instance, HCL Technologies recently introduced its 'Envisioning Retail Transformation' solution on Microsoft AppSource, catering to businesses seeking omnichannel experiences, data-driven value, and resilient supply chain models in the retail sector across the United States and Canada.
SaaS Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the Service Model segment categorized into SaaS, PaaS and IaaS. SaaS has a major share in the Retail Cloud Market. In the realm of retail cloud environments, businesses and retailers can optimize their infrastructure and business applications by leveraging various cloud service architectures, with Software as a Service (SaaS) expected to dominate the market due to its capacity to enhance customer-facing functionalities. Although the retail industry initially lagged in SaaS adoption, it has embraced this model for its cost-effectiveness, scalability, accessibility, and simplified control and maintenance. SaaS eliminates the need for significant upfront costs, hardware expenses, and the complexities of managing an online retail store. Notably, companies like UK retailer Regatta have transitioned their Cegid Retail solution to the cloud, experiencing benefits such as time savings for IT staff, reduced storage costs, and enhanced data security by shifting away from on-premises infrastructure. This move reflects the industry's recognition of the advantages offered by SaaS in streamlining operations and improving overall efficiency.
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