Global retail cloud market worth $11,114.0 million in 2016
The study reveals that the global retail cloud market is likely to grow from $11.114.0 million in 2016 to $40,723.5 million by 2023. Due to increasing adoption of smartphones globally, shift toward omni-channel experience, and greater demand for compliance and collaboration, the global retail cloud market is gaining traction.
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Insights on market segments
As per the findings of research, the retail cloud solution forms larger part of the global retail cloud market compared to products in this market. Among various deployment models of retail cloud, public cloud is expected to witness the highest growth in demand during the forecast period. Small and medium enterprises are the larger user of retail cloud compared to large enterprises. This trend is further expected to continue in the coming years. Among various regions, retail cloud market is expected to witness fastest growth in demand from Asia-Pacific, during the forecast period.
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.
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.
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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.