Retail Cloud Market Size will Grow at a Lucrative CAGR through 2025

Posted by mahendra lunkad on November 22nd, 2017

Previously it was enough for retailers to provide customers wide range of merchandise and carry out few blown out sales events each year to attract customers. However, the scenario has changed due to convergence of social media, cloud and mobile. In recent years, to give consumers what they expect in terms of value and influence their purchasing decisions, retailers are building detailed consumer profiles enriched by insights from advanced analytics. The increasing drift towards cloud based solutions is giving rise to the growth of retail cloud. Retail cloud solutions improve the operational efficiency which saves costs is poised to increase the adoption of retail cloud solutions.

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Retail cloud solutions improve the shopping experience with connected shopping across channels, flexible returns, enriched services, personalized interaction across the value chain, integrated merchandising and consistent experience. Retailers can use cloud and associated technological advances in analytics and mobility to improve business outcomes across channel operations. In addition, retail cloud solutions can also improve processes such as merchandising, marketing, supply chain management, sales, service and support. The cloud computing benefits such as the pay as you go aspect is expected to help retailers improve levels of engagement with customers and business agility. Retail cloud solutions increase the speed to market, gives freedom to experiment and also provides flexibility to scale as needed, streamline operations and lower the capex. Currently some retailers are using retail cloud solutions to standardize and streamline their systems by using virtualized servers in remote server farms thereby reducing the number of servers in each store. The adoption of ‘retail as a service’ is delivering greater efficiency, flexibility and reduced costs across businesses.

Factors such as need for compliance and collaboration, shift to omni-channel experiences and rapid adoption of smart phones are expected to drive retail cloud market. Increasing adoption of digital business strategies, enterprises’ inclination to personalize the in-store experiences of consumers to offer them better shopping experiences and organizations’ move towards cloud-based solutions and services are expected to fuel the growth of retail cloud market. However, growing data security and privacy concerns are restraining the growth of retail solutions market. The flexibility and ease of use of cloud services is expected to create opportunities for the growth of retail cloud solutions.

The global retail cloud market can be segmented on the basis of type, service model, organization size, deployment model and region. In terms of type, the retail cloud market can be segmented into solution and service. The retail cloud solutions include customer information management, master data management, enterprise content management, point of sale solutions and inventory management solution among others. The retail cloud services include managed services and professional services. On the basis of service model, the retail cloud market can be segmented into software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS). On the basis of organization size, retail cloud solution market can be classified into small & medium enterprises (SMEs) and large enterprises. The retail cloud market can also be segmented in terms of deployment model into public cloud, private cloud and hybrid cloud. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold the largest market share of retail cloud market due to growing adoption in the region. Asia-Pacific is expected to witness high growth during the forecast period owing to increasing smartphone penetration, positive economic outlook in the region and higher potential in the retail sector for cloud adoption.

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Major players in retail cloud market with most significant developments are IBM Corporation, HCL Technologies Ltd., iRipple Inc., Retail Cloud, Oracle Corporation, Fujitsu Limited, Cisco Systems Inc., iVend Retail, Epicor Software Corporation and Mi9 Retail, among others.