Retail Cloud Market Key Players, End User, Demand and Consumption By 2025
Retail cloud is a multi-billion dollar market nowadays, thanks to the swift uptake of cloud-based solutions by savvy retailers of almost all sizes, worldwide. Cloud technology such as software as a service (SaaS) helps them to modernize their operations, provide better services to customers, and most importantly are cost effective as it does not require building customized programs for various processes.
Increasing preference for smartphones, rising popularity of omni-channel retail, and ease of use is said to catalyzing growth in the global market for retail cloud. With cloud technology, retailers can adjust to several conditions and attain real-time information. Data tracking has never been so easy, thanks to the advent of cloud in retail processes.
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At the forefront of driving demand in the global market for retail cloud are the SMEs. This is because cloud services accord them high degree of efficiency, ease of use, and most importantly, flexibility. With smartphones and tablets functioning as PoS systems these days, which are increasingly inching towards cloud, the global retail cloud market is expected to surge. Handling payments, inventory, and location information are some other functions cloud systems perform. All these benefits have helped the market flourish.
North America is a key region in the global market for retail cloud on account of being an early adopter of latest cutting-edge technologies. A copious number of astute retailers in the region, trying to increase customer engagement with personalization of their in-store experience, are also serving to boost the market. Asia Pacific is another lucrative market that is being powered by the fast expanding major economies of India and China that are home to a copious number of retailers resorting to cloud-based services.
Global Retail Cloud Market: Overview
As the retail industry constantly strives to meet the ever-expanding needs of consumers, the global retail cloud market will undergo substantial expansion over the next few years. The towering popularity of social networking, the rapid expansion of e-commerce, and ongoing technological advancements are dictating changing consumer demands. Cloud computing enables retailers to keep pace with the transformations in the market scenarios, by providing accuracy, agility, and cost-efficient solutions. Therefore, the adoption of cloud services in retail have become crucial in the survival of several retailers.
Global Retail Cloud Market: Key Trends
Greater popularity of smartphones, increasing preference for omni-channel experience, and ease of use are the primary driving forces of the global retail cloud market. With cloud technology, retailers can adjust to several conditions and attain real-time information. Data tracking has never been so easy, thanks to the advent of cloud in retail processes.
SMEs have been adopting cloud services to a considerable extent, as these services offer high efficiency, ease of use, and flexibility. As smartphones and tablets are now operating as PoS systems, which are gradually moving towards cloud, the global retail cloud market is expected to surge. Handling payments, inventory, and location information are some other functions cloud systems perform. All these advantages have stoked the growth of the market.
On the other hand, the market might face a major bottleneck due to data privacy and data security concerns. However, the rising demand from SMEs is expected to aid market expansion.
Global Retail Cloud Market: Market Potential
The market for retail cloud has been witnessing several product and service launches. The recent launch of a new cognitive platform, IBM Machine Learning, is likely to have a positive impact on the growth of the global retail cloud market. Making its debut on the z System mainframe, the integration of IBM Machine Learning is expected to benefit not only the healthcare sector in terms of personalized medicine, but also several retail processes. It can handle innumerable daily transactions in banking, retail, government, and insurance sectors, among many others.
Another important development in this area is the launch of a tool that enables retailers to estimate the value of expanding and launching a new financing program in advance by Vyze, which is a cloud solutions provider for manufacturers and retailers.
Star Micronics announced the launch of its versatile cloud printing solution in February 2017. The Star CloudPRNT (TM) technology offers several connectivity options. Remote printing is possible with this solution, where one can securely and directly print from a web server, eliminating the need for cloud-based PoS applications. As this product can be used in retail applications, the market for retail cloud might undergo transformations.
Global Retail Cloud Market: Regional Outlook
Escalating cloud adoption in the retail sector aimed at harnessing better business opportunities has been responsible for the growth of the market in Asia Pacific. Increasing number of retailers in countries such as India and China are opting for cloud-based services so as to attend to customer concerns and queries and this will continue to boost the APAC market. North America is likely to dominate the global market for retail cloud. Personalization of consumer's in-store experience has been one of the major growth drivers of the market in this region.
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