The Global Retail Cloud Market size was valued above USD 14,000 million in 2017, and is expected to cross USD 51,000 million by 2024 at a CAGR above 20% during the forecast period. With the increasing demand for customer focused, consistent, and reliable retail experience, retail cloud solutions, the global retail cloud industry is gaining huge traction.
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High scale adoption of smart devices is driving the global retail cloud market
As per the findings of the research, the software category led the global retail cloud market in 2017 as compared to service. It is expected to continue its strong market hold with potential growth, during the forecast period. The growth is expected due to increasing demand for full software suit systems by various small and medium enterprises, which are lacking technical staff and capital for cloud transition. However, due to the rise of e-commerce and mobility has made it necessary for retailers to have greater visibility into the entire supply chain, thereby increasing their focus on retail cloud services.
Software as a service (SaaS) has been a forerunner in the highest revenue contribution to the global retail cloud market
With information technology (IT) evolving rapidly, retailers are looking for advanced software solutions to improve their business outcomes and face the increasing challenges of meeting dynamic consumer demands. SaaS allows retailers with significant cost reductions to effectively serve the existing market and open new ones.
Globally, North America contributed the largest revenue to the global retail cloud market, accounting for nearly 35% of the total revenues in 2017, and is expected to remain the largest market during the forecast period as well. The retail cloud market has been witnessing higher growth in developing regions such as Asia-Pacific, as compared to the developed regions such as North America, and Europe. However high price sensitivity and competition is expected in the North American and European retail cloud market during the forecast period.
The research states that the global retail cloud marketplace is competitive in nature, with players developing new seamless retail cloud offerings along with various subscription and attractive low-cost solutions for higher new market penetration. Some of the major players in this industry are Epicor Software Corporation, SAP SE, IBM, Microsoft Corporation, Oracle Corporation, Infor, RetailCloud, and, Cisco Systems Inc.
In the recent past, partnership and agreements have been the major recent activities in the global retail cloud market. For instance, In July 2018 – Accenture and Google Cloud partnered to launch the Accenture Google Cloud Business Group (AGBG) which would be focused to enable companies leverage Google Cloud technology and help provide exceptional customer experiences and speed up their digital transformation journeys. The new partnership group will focus on consumer-packaged goods, health, and retail industries. Most of the major vendors in the global retail cloud market are actively focused on enhancing their offerings to meet the on going demand.
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