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News Live: Retail Cloud Market Worth USD 51,471.3 Million and expand at a CAGR of 16% from 2018 to 2024
Retail Cloud Market
According to a new market report, the global retail cloud market was valued at USD 14,128.0 Million in 2017 and is projected to expand at a CAGR of 16.00% from 2018 to 2024, by value, reaching around USD 51,471.3 Million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to global retail cloud market in 2017. The global market for retail cloud is segmented by solution, model, deployment and enterprise size. The solution segment is further segmented into software and services. The model segment is further categories into Software as a Service (SaaS), Platform as a service (PaaS), and Infrastructure as a Service (IaaS). By deployment the market is segmented based on public cloud, private cloud and hybrid cloud. On the basis of enterprise the market is segmented as large enterprise and small and medium enterprise (SME).
Global Retail Cloud Market: Competitive Dynamics
Major Industry players in global retail cloud market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the Retail Cloud market. For instance, Oracle Corporation plans to increase its revenue from cloud and on premise software businesses through software license updates, higher product support offerings, and associated services.
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Globally, customers while expecting more variety, convenience, information and access to the product and service from retailers, the complexity of supply chain is increasing. This has led to over pressure the retailer to balance the risk of bringing product to market more quickly ensuring proper assessment of the offerings. In order to ensure continuous brand identity and protect consumer trust, retailers are in demand for compliance management services. Thus surging need for better compliance and collaboration in retail cloud market will accelerate market growth over the forecast period.
Geographically, the global Retail Cloud market is bifurcated into North America, Asia Pacific, Europe, LATAM and MEA. North America Retail Cloud market was the most prominent market contributing significant revenue within the manufacturing industries. Thus, the demands for Retail Cloud products, like software and services will generate higher revenue returns over the forecast period.
The global Retail Cloud market is segmented as below:
Global Retail Cloud Market, by Types/Services
Software and Services
Global Retail Cloud Market, by Applications
Large Enterprise, Small and Medium Enterprise (SME)
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High scale adoption of smart devices is driving the global retail cloud market
Increasing adoption of smart devices such as smartphones and tablets is a major factor, escalating the growth of global retail cloud market. The rapid adoption of smart devices is attributed to factors such as demand for better network connectivity, seamless information sharing, and growing number of online activities in retail industry which is positively impacting the market.
Mobile payment technology is being used to purchase retail products, globally. Apart from this, with advent of smart devices, retailers are able to communicate directly with prospects according to their previous purchase history and interest. This enables retailers to align their business strategy as per the specific interest of consumers and increase operational efficiency. Further, due to faster processing, easy product comparison, and cheaper credit fees, increasing adoption of smart devices is expected to continue drive the global market for a longer term.
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