Retail cloud Market to Witness a Massive Growth | CAGR 20%

Retail cloud in the study refers to cloud technology designed for retailers to enable them with cost-effective streamlined operations, the flexibility of scaling up and down the production process, real-time data reporting for interactive customer experience, and quicker speed to market the offerings. Retail Cloud allows the enterprises to expand their retail footprints while ensuring streamlined operations, ease of use of the latest cloud technology and unparalleled agility for an efficient response to the changing market dynamics. The market size in the report global retail cloud market represents revenue generated from the sale of retail cloud solutions at the consumer level

The global retail cloud market size was valued above USD 14,000 million in 2017, and is expected to cross USD 51,000 million by 2024 at a CAGR above 20% during the forecast period. With the increasing demand for customer focused, consistent, and reliable retail experience, retail cloud solutions, the global retail cloud industry is gaining huge traction.

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Report Ocean, one of the prominent market research firms has announced a novel report on Global Retail cloud Market. The report contains vital insights on the market which will support the clients to make the right business decisions. The report also analyzes current and past market performance with significant key market events that help market players and end users estimate future developments in the global market.

Furthermore, the statistical survey in the Retail cloud Market report focuses on product specifications, costs, production capacities, marketing channels, and market players. Upstream raw materials, downstream demand analysis, and a list of end-user industries have been studied systematically, along with the suppliers in this market.

High scale adoption of smart devices is driving the global retail cloud market

As per the findings of the research, the software category led the global retail cloud market in 2017 as compared to service. It is expected to continue its strong market hold with potential growth, during the forecast period. The growth is expected due to increasing demand for full software suit systems by various small and medium enterprises, which are lacking technical staff and capital for cloud transition. However, due to the rise of e-commerce and mobility has made it necessary for retailers to have greater visibility into the entire supply chain, thereby increasing their focus on retail cloud services.
Software as a service (SaaS) has been a forerunner in the highest revenue contribution to the global retail cloud market

With information technology (IT) evolving rapidly, retailers are looking for advanced software solutions to improve their business outcomes and face the increasing challenges of meeting dynamic consumer demands. SaaS allows retailers with significant cost reductions to effectively serve the existing market and open new ones.
Globally, North America contributed the largest revenue to the global retail cloud market, accounting for nearly 35% of the total revenues in 2017, and is expected to remain the largest market during the forecast period as well. The retail cloud market has been witnessing higher growth in developing regions such as Asia-Pacific, as compared to the developed regions such as North America, and Europe. However high price sensitivity and competition is expected in the North American and European retail cloud market during the forecast period.

Competitive Outlook
The research states that the global retail cloud marketplace is competitive in nature, with players developing new seamless retail cloud offerings along with various subscription and attractive low-cost solutions for higher new market penetration. Some of the major players in this industry are Epicor Software Corporation, SAP SE, IBM, Microsoft Corporation, Oracle Corporation, Infor, RetailCloud, and, Cisco Systems Inc.
In the recent past, partnership and agreements have been the major recent activities in the global retail cloud market. For instance, In July 2018 Accenture and Google Cloud partnered to launch the Accenture Google Cloud Business Group (AGBG) which would be focused to enable companies leverage Google Cloud technology and help provide exceptional customer experiences and speed up their digital transformation journeys. The new partnership group will focus on consumer-packaged goods, health, and retail industries. Most of the major vendors in the global retail cloud market are actively focused on enhancing their offerings to meet the ongoing demand.

Market Segmentation: Global Retail Cloud Market
By Solution
, Software
o Supply Chain Management
o Customer Management
o Workforce Management
o Reporting & Analytics
o Others
, Service
o Managed
o Professional
By Model
Software as a Service (SaaS)
Platform as a service (PaaS)
Infrastructure as a Service (IaaS)
By Deployment
Public Cloud
Private Cloud
Hybrid Cloud
By Enterprise Size
Large Enterprise
Small and Medium Enterprise (SME)
By Region
North America
Europe
Asia Pacific
LATAM
MEA

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