ID: MRFR/ICT/1784-CR | August 2019 | Region: Global | 154 pages
Retail cloud has several benefits over conventional retailing. It provides several solutions to retailers such as CRM, disaster recovering, discounts & promotions, workforce management, and data analytics. The growing technology advancement has a wide range of applications.
The shift towards omnichannel retail is one of the driving factors of the global retail cloud market. Consumers are more connected than before, and omnichannel is a fully integrated approach to commerce that provides shoppers a unified experience across online and offline channels. This type of integration requires the amalgamation of cloud technologies through chatbots, data backup, and recovery, to store and analyze customer data to provide a seamless shopping experience.
The use of cloud in retail allows shoppers to experience a seamless experience across retail channels, be it in-store, online, or both. The growth of e-commerce is also pushing the retail market to integrate new technologies and remain competitive through new experience designs, including omnichannels.
The Global Retail Cloud Market is expected to expand at 18.54% CAGR and be valued at USD 51.77 billion by 2025.
The global retail cloud market has been segmented based on component, type, service model, deployment, and region.
Based on component, the global retail cloud market has been segmented into solution and services. The services segment has been further bifurcated into managed and professional services. The solution segment had the largest market share in 2018, whereas the services segment has the highest CAGR.
Based on type, the global market has been segmented into supply chain management, customer management, merchandising, analytics, data security, workforce management, omnichannel, and others.
By service model, the global retail cloud market has been segmented into software as a service, platform as a service, and infrastructure as a service. The software as a service segment accounted for the larger market share in 2018, whereas the infrastructure as a service segment is expected to register the highest CAGR.
By deployment, the global retail cloud market has been segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment accounted for the larger market share in 2018, whereas the hybrid cloud segment is expected to register the higher CAGR.
Geographically, the retail cloud market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America
North America accounted for the largest market in the global retail cloud market. Presence of retailers such as Walmart and Costco are driving the retail cloud market in the region. Additionally, high penetration of smartphones is also a boost for the market in the US. Mexico is also observing high growth due to a surge in foreign investments. Canada is expected to have the highest CAGR, while the US is expected to have the largest market share during the forecast period.
Europe is the second-largest market in the retail cloud market. The region has been segmented into the UK, Germany, France, and the rest of Europe. The increase in investments in the European retail markets is driving the growth of the retail cloud market. Germany is expected to have the highest CAGR and market share during the forecast period. E-commerce players in the UK are investing in the German market and, hence driving the growth of the market in the region.
The key players of the global retail cloud market are Syntel (US), Oracle Corporation (US), Microsoft Corporation (US), SAP SE (Germany), IBM Corporation (US), Cisco Systems (US), Google Inc (US), Accenture (Ireland), Fujitsu Global (Japan), Infor Inc (US), Nutanix (US), T-Systems (Germany), Flux7 (US), Retail Cloud (UK), and Netmagic Solutions (India).
In May 2019, SAP launched its SAP Marketing Cloud 1905, a 360-degree customer profiler, which collects transactional and behavioral data from multiple channels and taps into trends in customer behavior with propensity models and advanced analytics that predict future buying behavior.
In April 2019, Oracle released version 19A of their Commerce Cloud Platform, a retail solution software. This version brought in new features such as geolocation, price editing on the storefront, and publishing filtered lists.
In February 2019, Microsoft released the latest version of Dynamics 365 for Retail, which offers new features such as distributed order management, mobile POS improvements, and omnichannel auto changes.
Key questions addressed by the report