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Global Retail Cloud Market Size, Share, Development, Growth and Demand Forecast to 2023
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The global retail cloud market is expected to witness a CAGR of 20.5% during the forecast period, to reach $40,729.5 million by 2023. A significant growth is expected in the market due to increasing demand for higher digital customer experience and effective, yet efficient point of sale (POS) system, globally. In addition, increasing need for compliance and collaboration by retailers is driving the global retail cloud market growth.
Multiple payment options and emergence of cloud based retail business are some of the key trends observed in the global retail cloud market. Moreover, the global retail cloud market is expected to witness rapid growth, owing to the development of new technologies to help retailers with compliance and security.
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The global retail cloud market is driven by factors such as growing demand for digital customer experience, rapid adoption of smartphones, immediate need for compliance and collaboration, and shift toward omni-channel by retailers. With rapid increase in the adoption of smartphones and tablets globally, these devices are serving an effective and efficient point of sale (POS) systems, helping in handling the inventory, payment management and location information. Further, through vast adoption of smartphones and cloud technology, retailers are now able to capture the real-time information to adjust their product and service offering according to the dynamic market conditions and take advantages of new growth opportunities.
Due to high demand of compliance and collaboration systems, retail cloud allows retailers with edge-to-edge compliance lifecycle management. This enables them in observing the detailed product information during the sourcing and the selection of various suppliers and the product manufacturing processes.
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