The retail cloud market is projected to grow at a robust CAGR of 19.6%, reaching USD 114.9 billion by 2028, up from USD 47.0 billion in 2023. The expansion is primarily driven by the rise of IoT in the retail sector and the increasing adoption of technologies that blend online and offline shopping experiences, creating a more integrated and seamless retail environment.
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By Component, the services segment is expected to grow at a higher CAGR during the forecast period.
The retail cloud service segment is further segmented into professional services and managed services. Retail cloud services refer to the services that cloud infrastructure providers offer to retailers to help them manage their cloud-based solutions. These services may include cloud storage, database management, application hosting, security services, and more. Retailers can use these services to ensure that their cloud-based solutions are secure, scalable, and always available to their customers. Retail cloud services typically include a range of offerings, such as software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and other cloud-based services that are specifically tailored to meet the needs of the retail industry.
By Organization Size, large enterprises hold the largest market size during the forecast period.
Enterprises with more than 1,000 employees are considered large enterprises. The retail industry is highly competitive, and large enterprises need to stay ahead of the curve to survive. The adoption of retail cloud solutions allows large enterprises to streamline their operations, reduce costs, and enhance customer experience. Large enterprises have the resources and infrastructure to implement and manage retail cloud solutions, making it easier for them to leverage the benefits of the technology. They have a large customer base and a vast amount of data that needs to be managed efficiently, which can be achieved through retail cloud solutions.
By Region, Asia Pacific is expected to grow at a higher CAGR during the forecast period.
The Asia Pacific region is the fastest growing region in the global retail cloud market. The growth is mainly driven by the utilization of public cloud services. Public cloud services are widely used by retailers in the Asia Pacific region to enhance their operations, improve customer experiences, and drive innovation. Cloud-based marketing solutions are becoming popular among retailers in the Asia Pacific region who want to personalize their marketing efforts and reach customers across multiple channels. Cloud-based marketing providers such as Adobe and Hubspot offer tools for email marketing, social media marketing, and customer segmentation. In addition, many cloud service providers are expanding their reach by launching new data centers in the region. For instance, In 2022, Alibaba Cloud opened its data centers in Thailand, South Korea and Japan.
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Unique Features in the Retail Cloud Market
Cloud technology helps integrate online and offline shopping experiences, enabling a unified customer journey.
Retailers can scale their operations efficiently, adjusting resources based on demand without significant infrastructure costs.
Retail cloud platforms leverage advanced analytics to provide real-time insights into consumer behavior and inventory management.
The use of IoT devices enhances inventory tracking, customer interactions, and overall operational efficiency in the retail sector.
Major Highlights of the Retail Cloud Market
Retailers are increasingly adopting cloud technology to create seamless shopping experiences across both digital and physical platforms.
The use of IoT for smarter inventory management, customer tracking, and enhanced in-store experiences is transforming the retail environment.
Cloud solutions offer retail businesses the ability to scale operations easily and cost-effectively, meeting fluctuating demand.
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Top Companies in the Retail Cloud Market
Some of the key players operating in the retail cloud market are AWS (US), Microsoft (US), Google (US), Oracle (US), Salesforce (US), SAP (Germany), Accenture (Ireland), Alibaba Cloud (China), IBM (US), and Cisco (US).
AWS is one of the leading players in the global retail cloud market. The company provides various benefits to retailers, such as scalability, data analytics, cost-effectiveness, and data security. AWS also offers a variety of machine learning tools and services that can help retailers automate and optimize operations. Retailers can use AWS Personalize to create personalized recommendations for their customers or use Amazon SageMaker to build and deploy custom machine-learning models. In addition, AWS provides a range of services, such as Elastic Load Balancing, Amazon Route 53, and Amazon CloudFront, that enable customers to distribute their applications and content across multiple regions and availability zones, further improving their availability and fault tolerance.
Microsoft is one of the leading companies that develops, manufactures, supports, and sells a range of software products and services. The company provides various solutions for cloud, mobility, and productivity. Microsoft’s major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERP) + CRM] and O365 Online) and IaaS and PaaS (Microsoft Azure [compute, integration, and networking]). It offers Microsoft Azure, which is a widely adopted cloud platform. It also offers Microsoft consulting services that provide organizations advisory for digital transformation. In the retail cloud market, the company offers Microsoft Dynamic 365. This solution is designed to help retailers manage their entire operation, from supply chain and inventory management to point of sale (POS) and customer service.Dynamics 365 for Retail provides retailers with a comprehensive set of tools and features to manage their operations, including inventory management, product information management, order management, and customer engagement. It also offers advanced analytics and reporting capabilities to help retailers make informed business decisions.
Google, founded in 1998 by Larry Page and Sergey Brin, is a multinational technology company headquartered in Mountain View, California. Renowned primarily for its search engine, Google has diversified into various technology domains including cloud computing, software, and hardware. Its parent company, Alphabet Inc., was established in 2015 as part of a corporate restructuring. Google’s major products and services include Android, YouTube, Google Maps, and Google Drive, and it is a leader in artificial intelligence and machine learning technologies. The company is also heavily involved in advertising through Google Ads and AdSense, making it one of the most valuable companies in the world.
Oracle Corporation, established in 1977 by Larry Ellison, Bob Miner, and Ed Oates, is a leading multinational computer technology corporation based in Austin, Texas. Oracle specializes in developing and marketing database software and technology, cloud engineered systems, and enterprise software products, particularly its own brands of database management systems. The company has expanded through numerous acquisitions, including the notable purchase of Sun Microsystems in 2010, which brought Java and Solaris into its portfolio. Oracle’s cloud services and solutions are widely used in various industries to manage and analyze data, supporting its position as a pivotal player in the enterprise software market.
Salesforce, founded by Marc Benioff, Parker Harris, Dave Moellenhoff, and Frank Dominguez in 1999, is a leading cloud-based software company headquartered in San Francisco, California. The company is best known for its Customer Relationship Management (CRM) system, which helps businesses manage customer interactions, sales processes, and marketing campaigns. Salesforce’s platform also includes a wide range of enterprise applications focused on customer service, marketing automation, analytics, and application development. Known for pioneering the software-as-a-service (SaaS) model, Salesforce has grown rapidly, acquiring numerous companies to enhance its services and expanding its influence in the tech industry.
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