Retail Cloud Market is estimated to be US$ 89.31 billion by 2030 with a CAGR of 16.50% during the forecast period
Retail Cloud
Market
accounted for US$ 19.61 billion in 2020 and is estimated to be US$ 89.31
billion by 2030 and is anticipated to register a CAGR of 16.5%. Retailers are
transitioning from a customer interaction-centric to a customer
engagement-centric approach, with digitization playing a key role. With an
increasing number of customers turning to online platforms, retailers are
concentrating on meeting those needs, especially through improving the shopping
experience and rethinking delivery methods across all touch points and
channels. Cloud computing technology enables merchants to comprehend shifting
market conditions by providing precise, cost-effective, and flexible solutions.
The report "Global Retail Cloud Market, By Type
(Solution (Supply-chain Management, Customer Management, Merchandizing,
Workforce Management, Reporting & Analytics, and Other Solutions (Data
Security and Omnichannel)) and Service), By Deployment (Public Cloud, Private
Cloud, and Hybrid Cloud), and By Region (North America, Europe, Asia Pacific,
Latin America, and Middle East & Africa) - Trends, Analysis and Forecast
till 2030’’
Key
Highlights:
- In June of 2020, Microsoft
announced a strategic shift in its retail business, including the closure
of physical Microsoft Store locations. Microsoft's retail staff will
continue to provide sales, training, and support to clients from Microsoft
corporate locations and remotely. Microsoft will continue to invest in its
digital marketplaces on Microsoft.com, as well as Xbox and Windows stores,
which reach over 1.2 billion people monthly across 190 regions.
- In June of 2020, Wipro and IBM
Corporation have teamed together to provide cloud solutions that will
assist businesses in migrating, managing, and transforming
mission-critical operations across public, private, and on-premise cloud
infrastructure. Wipro would utilise IBM's cloud products and technology,
as well as in-house services, to develop solutions for BFSI, retail,
energy, and utilities as part of this relationship.
Analyst
View:
The retail industry is
undergoing significant transformation, and the business environment has evolved
into a true multi-channel environment. The need for the worldwide retail cloud
market has been driven by the rising volume of data that needs to be processed
in order to make critical decisions, particularly in terms of leveraging and
deducing merchandising and marketing analytics. Increased use of big data and
analytics in the retail sector is expected to accelerate the change to a
data-driven model, owing to the expansion of the types of data that can be
examined and the complexity of the resultant insight.
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Key Market Insights from
the report:
Global Retail Cloud Market
accounted for US$ 19.61 billion in 2020 and is estimated to be US$ 89.31
billion by 2030 and is anticipated to register a CAGR of 16.5%. The global
retail cloud market is segmented based on type, deployment, and region.
- Based on Type, Global Retail Cloud
Market is segmented into Solution (Supply-chain Management, Customer
Management, Merchandizing, Workforce Management, Reporting &
Analytics, and Other Solutions (Data Security and Omnichannel)) and
Service.
- Based on Deployment, Global Retail
Cloud Market is segmented into Public Cloud, Private Cloud, and Hybrid
Cloud.
- By Region, the Global Retail Cloud
Market is segmented into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa.
Competitive
Landscape & their strategies of Global Electric Vehicle Market:
The key players operating
the global retail cloud market involves Cisco Systems, Inc., DXC Technology,
Epicor Software Corporation, Fujitsu Limited, Infor Inc., IBM Corporation, JDA
Software Group Inc., Microsoft Corporation, Oracle Corporation, and RapidScale
Inc. Prominent players operating in the target market are focusing on strategic
partnerships as well as the launching of the products to gain a competitive
edge in the target market. For instance, in April 2018, Oracle Marketing Cloud
launched Oracle Infinity and Oracle CX Audience. These solutions permit
marketers to build deeper, more profitable customer relationships by
eradicating data silos and providing real-time insights into rich behavioural
data.
The market provides
detailed information regarding the industrial base, productivity, strengths,
manufacturers, and recent trends which will help companies enlarge the
businesses and promote financial growth. Furthermore, the report exhibits dynamic
factors including segments, sub-segments, regional marketplaces, competition,
dominant key players, and market forecasts. In addition, the market includes
recent collaborations, mergers, acquisitions, and partnerships along with
regulatory frameworks across different regions impacting the market trajectory.
Recent technological advances and innovations influencing the global market are
included in the report.
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