Companies Profiled in the Market: Oracle Corporation, Infor, Alibaba Group, Fujitsu, Baidu, JDA Software Group, SAP SE, Cisco Systems Inc., AWS, Microsoft Corporation, Google
The global Retail Cloud Market is expected to witness exponential growth in the near future, because of the partnerships, mergers and acquisitions, and product launches by companies worldwide.
Fortune Business Insights in their report, titled “Retail Cloud Market Size, Share & Industry Analysis, By Model Type (Infrastructure as a Service, Platform as a Service and Software as a Service), By Deployment (Public, Private and Hybrid Cloud), By Solution (Supply Chain Management, Workforce Management, Customer Management, Reporting & Analytics, Data Security, Omni-Channel and Others), By Enterprise Size (Small & Medium and Large Enterprise) and Regional Forecast, 2019-2026,” predicts such initiatives to bode well for the market growth.
According to the report, the market is anticipated to be rise from $11.89 Billion in 2018 and be worth $39.63 Billion by the end of 2026. The forecast figure is set from 2019 to 2026 and the market is expected to rise at a CAGR of 16.3%.
The report provides a thorough analysis of the Retail Cloud Market primarily focusing on growth drivers, restraints, trends and opportunities. Various companies functioning in the market are listed in the report. All information presented in the report is gathered from both primary and secondary research methods. The report is available for sale on the Fortune Business Insights website.
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Based on the solution, the market is dominated by reporting and analytics and data security segments because of the support these segments provide to the retail cloud computing by the formulating smart advertising and marketing strategies.
To cite an instance, retail giants such as eBay and Amazon are using smart advertising in order to increase their product preferences as per different customers by studying the shopping behavior of each customer.
The success of smart advertising has propelled the demand for reporting and analytics, thus making this segment generate high revenue in the forecast period. In addition to the segmentation, the report also discusses the Retail Cloud Market trends and analyses the competitive landscape in detail.
List of Key Companies Operating in Retail Cloud Market:
Cisco Systems Inc.
JDA Software Group
The advent of artificial intelligence (AI) is a major factor boosting the Retail Cloud Market. AI provides retailers the capability to an efficient in-store operation experience for managing their supply chain management and new inventory management systems. Apart from this, AI also provides precise marketing strategies, combined with personalized support and experience that helps the retail enterprises in attracting more consumers to their product. The two most important benefits from the adoption of AI into retail cloud support are improved customer support and experience. The aforementioned factors are thus expected to increase the retail cloud-scale unit in the forthcoming years.
Besides that, the advent of omnichannel retailing into the retail cloud sector will also help the market generate high revenue. Omni-channel connects all the communication channels between customers and the enterprise for creating a unified experience. As per a retail cloud salesforce study, about 73% of consumers choose multiple channels for their shopping experience in order to ensure themselves of a fair deal. This helps the retailers to focus on enhancing an omnichannel experience for their consumers thus, attracting more revenue to the market globally.
Report Coverage Details Forecast Period 2019 to 2026 Forecast Period 2019 to 2026 CAGR 16.3 % 2026 Value Projection $39.63 Billion Base Year 2018 Market Size in 2018 $11.89 Billion Historical Data for 2015 to 2017 No. of Pages 160 Segments covered By Model Type, By Deployment, By Solution, By Enterprise Size, By Geography Growth Drivers Rapid advancements in disruptive technologies (c intelligence and IoT) Increasing focus on the Omni-channel experience Artificial Intelligence (AI) offers retailers capability to streamline the in-store operations, effectively manage their new inventory and supply chain management. Pitfalls & Challenges Limitation in Protecting Privacy to Restrict Market Growth
Dominance of North America mkt
Geographically, the Retail Cloud Market review indicates the dominance of North America on account of quick adoption of cloud-based solutions into the retail industry in developed nations such as Canada and the U.S. In addition, the surge in investment for mobile and new technologies into the retail sector is anticipated to help the regional market continue its dominance in the coming years. Currently, the e-commerce sector in the U.S. is led by Amazon and this will accelerate the rate of adoption of cloud solutions in the region in the forecast duration.
On the other side, cloud-based solutions have gained immense popularity in Asia Pacific region, especially in Japan, India, and China. As per Alibaba Cloud, identifies India as one of the hubs for cloud solutions in the region, owing to the presence of both small and medium enterprises in the nation. Alibaba also invested huge sums into various other industries in India such as logistics, entertainment, retail, and others. The penetration of digitalization and the internet have increased the rate of adoption of advanced solutions in the retail sector of the nation. This ultimately indicates the rapid growth of the regional market in the years to come.
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