The global retail cloud market is projected to reach $40,729.5 million by 2023, growing at a CAGR of 20.5% during 2017 - 2023.
Global retail cloud market worth $11,114.0 million in 2016
The study reveals that the global retail cloud market is likely to grow from $11.114.0 million in 2016 to $40,729.5 million by 2023. Due to increasing adoption of smartphones globally, shift toward omni-channel experience, and greater demand for compliance and collaboration, the global retail cloud market is gaining traction.
Insights on market segments
As per the findings of research, the retail cloud solution forms larger part of the global retail cloud market compared to products in this market. Among various deployment models of retail cloud, public cloud is expected to witness the highest growth in demand during the forecast period. Small and medium enterprises are the larger user of retail cloud compared to large enterprises. This trend is further expected to continue in the coming years. Among various regions, retail cloud market is expected to witness fastest growth in demand from Asia-Pacific, during the forecast period.
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The market to witness fastest growth in Asia-Pacific during forecast period
Geographically, North America has been the largest market for retail cloud, whereas the market in Asia-Pacific is expected to witness highest growth among all regions due to huge potential of cloud based technology adoption. Due to the strengthening economy of Asia and rapid improvement in the technology infrastructure, the the adoption of retail cloud solution in the region is expected to increase. This is also expected to streamline various operational issues faced by retailers in the region.
Professional service to contribute largest to the global retail cloud market during the forecast period
Professional service is expected to hold larger market during 2017-2023. It includes services that enable retailers in reducing functional and operational complexities, lowering risk to go-to-market, and increase return on investment (RoI). Globally, the retail sector is shifting toward cloud adoption in order to provide better and interactive customer experience. In addition, professional service also includes project management, training and development, product pre-planning, and service deployment methodology.
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Adoption of smartphones and demand for interactive consumer experience bolsters the global market growth
The factors driving the growth of the market include rapid adoption of smartphones globally, need for compliance and collaboration, and shift toward omni-channel by retailers. With rapid increase in the adoption of smartphones and tablets, the devices are serving a point of sale (POS) systems helping in handling the inventory, payment management, and location information. Further, through smartphones and cloud technology, retailers can capture real time information to adjust their product and service according to the market conditions and take advantage of new growth opportunities.
Globally, with the increase in customer expectation for more variety, convenience, information and access to the product and service from retailers, the complexity of supply chain is increasing. This has led to over pressure the retailer to balance the risk of bringing product to the market more quickly, ensuring proper assessment of the offerings. Retail cloud solution allows retailers with end-to-end compliance lifecycle management, which help them in capturing the detailed product information during the raw material sourcing and selection of various suppliers and the product manufacturing processes.
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