The Global Retail Cloud Market is expected to cross USD 50,000 million by 2024, at a CAGR over 20% during the forecast period 2018-2024. Significant growth in cloud-based retail business has been one of the key factors which escalate this market growth. Cloud based business help retailers in supply chain processes. Investment in cloud collaboration platforms helps business in capturing real time order status information, streamline inventories, track product deliverables, and effectively a collection of critical market data from consumers.
Apart from this, rise in availability and popularity of cloud POS systems which is necessary for most retailers has backed the strong growth of this industry. From past decade, cloud POS systems gained traction due to its increasing benefits and reducing cost. Cloud POS offer centralization of customer, sales, and inventory information on central cloud storage. In addition, cloud POS also empowers retailers with real-time transactional information which is accessible from anywhere.
Fast pace developments in cloud technologies are allowing low-cost software production, with swift deployment due to the emergence of technologies such as microservices, continuous integration and continuous deployment (CI/CD), and containers. This has also led to increase in development of advance and deployed friendly retail cloud solutions over the years. The fast-moving nature of the retail industry is seamlessly aligning itself with the new mobile ecommerce solutions, and others new functionalities that can be deployed easily and will be quick without any risk of business failure.
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Global Retail Cloud Market: Key Findings Of The Report
According the researchers of BWC, the key findings of the report “Global Retail Cloud Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
- As per the findings of the research, software category led the global retail cloud market in 2017 as compared to service. It is expected to continue its strong market hold for full software suit systems by various small and medium enterprises, which lacks technical staff and capital for cloud transition
- North America has been the largest revenue contributor to this market. According to the research, Market in North America is expected to flourish over a longer period on the edge of robust infrastructure. India is expected to grow fastest among all countries, in Asia-Pacific retail cloud market, during the forecast period. The high growth is attributed to factors such as growth in IT in retail industry, adoption of advance cloud-based solutions by small retail players, improvement in cloud platform services, and increasing competition in the regional market for customer satisfaction services by retail players
- The growth in demand for retail cloud solutions has made its provider focus on differentiated products, mainly based on the latest technology features such as cloud-based real-time tracking and efficient supply chain management
Global Retail Cloud Market: Market Dynamics
The global retail cloud market is driven by rapid adoption of smart devices and an increase in demand for compliance and collaboration. Significant growth in the number of players entering into the retail cloud market and offering advanced cloud computing solutions has boosted the demand of retail cloud solutions in the recent years. The high cost and risk of switching to retail cloud solutions and growing security and privacy concerns act as a hindrance in the growth of this market. However, software defined retail infrastructure act as a huge opportunity for the global market to grow potentially in the coming years. Some major trends observed in the global retail cloud market include retail business transitioning to cloud, the emergence of personalized distribution channel, availability of multiple payment options, and inventory management through end-to-end decision making. The growth in demand for retail cloud solutions has made its provider focus on differentiated products, mainly based on the latest technology features such as cloud-based real-time tracking, and efficient supply chain management. Many organic and inorganic strategic developments are also being witnessed in this industry.
Global Retail Cloud Market: Competitive Dynamics
In the recent past, partnership and agreements have been the major recent activities in the global retail cloud market. Large players have been observed as the forerunner in the recent strategic developments. Players such as Oracle and IBM are focusing on increasing their cloud offerings by entering into a strategic alliance with small and medium scale software and service providers. In August 2018 – JDA announced its strategic partnership with Microsoft to enable JDA build cognitive SaaS solutions on the market-leading Microsoft Azure cloud platform. The partnership aims to accelerate JDA’s vision in delivering an autonomous supply chain through an infusion of advanced, intelligent cloud platform capabilities. Some of the major players in this industry are Epicor Software Corporation, SAP SE, IBM, Microsoft Corporation, Oracle Corporation, Infor, Retail Cloud, and, Cisco Systems Inc.
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