Global Retail Cloud Market to Be Driven By High Scale Adoption of Smart Devices - Industry Analysis by Top Key Players, Opportunities, Growth and Technological Innovations from 2018-2024
High scale adoption of smart devices is driving the global retail cloud market.
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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.
Globally, customers while expecting more variety, convenience, information and access to the product and service from retailers, the complexity of the 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.
Global Retail Cloud Market: Scope of the Report
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)
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.
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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.
Global Retail Cloud Market: Key Findings Of The Report
According the researchers of BWC, the key findings of the report “Global Retail Cloud Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
• As per the findings of the research, software category led the global retail cloud market in 2017 as compared to service. It is expected to continue its strong market hold for full software suit systems by various small and medium enterprises, which lacks technical staff and capital for cloud transition
• North America has been the largest revenue contributor to this market. According to the research, Market in North America is expected to flourish over a longer period on the edge of robust infrastructure. India is expected to grow fastest among all countries, in Asia-Pacific retail cloud market, during the forecast period. The high growth is attributed to factors such as growth in IT in retail industry, adoption of advance cloud-based solutions by small retail players, improvement in cloud platform services, and increasing competition in the regional market for customer satisfaction services by retail players
• The growth in demand for retail cloud solutions has made its provider focus on differentiated products, mainly based on the latest technology features such as cloud-based real-time tracking and efficient supply chain management
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