Retail Cloud Market Latest Growth, Trends, Analysis And Forecast by 2023

The surging usage of smart devices, requirement for collaboration and compliance, and shift of retailers toward omni-channel are propelling the retail cloud market to prosperity. Cloud solutions offer retailers cost-effective and streamlined operations, capability to scale up and down the production process, report data in real time, quickly market their products, and expand their offerings. Additionally, such solutions help retailers widen their reach, at the same time, ensuring that their operations are not hampered.

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Based on type, the market is bifurcated into services and solution, of which solutions dominated the market in the historical period. The solution bifurcation is further divided into customer management, reporting & analytics, supply chain management (SCM), data security, workforce management, and others. Among these, the largest share in the retail cloud market, in the past, was held by the SCM division. During the forecast period, reporting & analytics is projected to grow the fastest, on account of the expanding data volume, which requires effective analysis to derive useful insights into consumer purchasing patterns.

On the basis of delivery mode, the market categories are infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Among these, SaaS was the largest category during the historical period, and it will continue dominating the market throughout the forecast period. The primary reasons for the dominance of this delivery model on the industry are its high demand from retailers across the globe, which is itself a result of its ease of use and low cost.

A key trend in the retail cloud market is the adoption of multiple payment options in the retail niche. With digital technologies making inroads into people's everyday life, their demand to shop as per their own preferences, be well informed, and for multiple payment options is rising. In an effort to make the experience of shoppers smoother, retailers are integrating cloud-based payment platforms in their operations. Apart from offering customers access to numerous shopping options, retail cloud also implements enhanced point of sale (POS) solutions.

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Geographically, the retail cloud market is categorized into North America, Europe, Asia-Pacific (APC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, during the historical period, the largest share in the market, in terms of revenue, was held by the North American region. This was a result of the faster integration rate of the cloud technology in retail in this region than anywhere else, as well as the fact that retailers are scrambling to personalize the shopping experience of customers.

Therefore, as people demand a more customized shopping experience and retailers look at it as an opportunity to increase their revenue, the adoption of cloud solutions would continue increasing.

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