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Retail Cloud Market: Key Drivers, Research Insights, and Report 2024-2033
Retail Cloud Market Demand
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According to The Business Research Company's, The retail cloud market size has grown rapidly in recent years. It will grow from $33.1 billion in 2023 to $39.18 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to legacy systems transition, mobile commerce trends, demand for omnichannel experiences, supply chain optimization.
The retail cloud market size is expected to see rapid growth in the next few years. It will grow to $81.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to enhanced cybersecurity measures, sustainable and green computing, regulatory compliance challenges. Major trends in the forecast period include rapid digital transformation, augmented reality (AR) and virtual reality (VR) experiences, personalization and customer insights, e-commerce acceleration, blockchain for transparency.
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Market Drivers and Trends:
The rapid adoption of smartphones is expected to drive the growth of the retail cloud market going forward. High internet usage and the acceptance of 5G-enabled smartphones have surged in both advanced and emerging economies, allowing users to connect with people worldwide in real time. This ease of data access has led to a growth in demand for smartphones. The retail cloud users can access and retrieve data from anywhere in the world using their smartphones. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. By 2025, there will be 68.3 million people living in the UK, of whom 95% (or about 65 million people) will have smartphones. Therefore, the rapid adoption of smartphones will propel the retail cloud market growth.
Technological advancements are a key trend gaining popularity in the retail cloud market. The market is witnessing the need for cloud computing technology that improves the customer experience while simplifying procedures and lowering IT costs. Major companies operating in the retail cloud market are focused on providing technologically advanced solutions to strengthen their market position. For instance, in March 2022, Snowflake, a US-based cloud company, launched a retail data cloud to facilitate collaboration, provide exceptional customer experiences, and optimize retail operations. The retail data cloud enables retailers, manufacturers, distributors, CPG vendors, and industry technology providers to exploit their data, access new data, and cooperate seamlessly throughout the retail industry.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Alphabet Inc., Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, NTT Limited, Amazon Web Services Inc., Accentur*e plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Fujitsu Limited, SAP SE, Salesforce.com Inc., Cognizant Technology Solutions Corp, Baidu Inc., Adobe Inc., VMware Inc., Atos SE, Workday Inc., T-Systems International GmbH, Infor Inc., Rackspace Technology Inc., Nutanix Inc., Blue Yonder Group Inc., Epicor Software Corporation, Lightspeed Commerce Inc., JDA Software Group Inc., Tekion Corp, SPS Commerce Inc., SymphonyAI Retail CPG
Retail Cloud Market 2024 Key Insights:
• The retail cloud market size is expected to see rapid growth in the next few years. It will grow to $81.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• Accelerating Retail Cloud Market Growth Through The Rapid Adoption Of Smartphones
• The Surge Of Technological Advancements In The Retail Cloud Market
• North America was the largest region in the retail cloud market in 2023
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