Retail
Cloud Market refer to the services
that cloud infrastructure providers offer to retailers to help them manage
their cloud-based solutions. The growing need for enhancing online shopping
experience, increase in adoption of SaaS solutions, and surge in demand for
hybrid cloud solutions with the adoption of remote working has driven the
market growth.
The global Retail
Cloud Market size is expected to grow from USD 47.0
billion in 2023 to USD 114.9 billion by 2028 at a Compound Annual Growth Rate
(CAGR) of 19.6% during the forecast period, according to report published by
MarketsandMarkets.
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By
Component, the services segment is expected to grow at a higher CAGR during the
forecast period.
The retail cloud service segment is further segmented into
professional services and managed services. Retail cloud services refer to the
services that cloud infrastructure providers offer to retailers to help them
manage their cloud-based solutions. These services may include cloud storage,
database management, application hosting, security services, and more.
Retailers can use these services to ensure that their cloud-based solutions are
secure, scalable, and always available to their customers. Retail cloud
services typically include a range of offerings, such as software-as-a-service
(SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and
other cloud-based services that are specifically tailored to meet the needs of
the retail industry.
By
Organization Size, large enterprises hold the largest market size during the
forecast period.
Enterprises
with more than 1,000 employees are considered large enterprises. The retail
industry is highly competitive, and large enterprises need to stay ahead of the
curve to survive. The adoption of retail cloud solutions allows large
enterprises to streamline their operations, reduce costs, and enhance customer
experience. Large enterprises have the resources and infrastructure to
implement and manage retail cloud solutions, making it easier for them to
leverage the benefits of the technology. They have a large customer base and a
vast amount of data that needs to be managed efficiently, which can be achieved
through retail cloud solutions.
By
Region, Asia Pacific is expected to grow at a higher CAGR during the forecast
period.
The
Asia Pacific region is the fastest growing region in the global retail cloud
market. The growth is mainly driven by the utilization of public cloud services.
Public cloud services are widely used by retailers in the Asia Pacific region
to enhance their operations, improve customer experiences, and drive
innovation. Cloud-based marketing solutions are becoming popular among
retailers in the Asia Pacific region who want to personalize their marketing
efforts and reach customers across multiple channels. Cloud-based marketing
providers such as Adobe and Hubspot offer tools for email marketing, social
media marketing, and customer segmentation. In addition, many cloud service
providers are expanding their reach by launching new data centers in the
region. For instance, In 2022, Alibaba Cloud opened its data centers in
Thailand, South Korea and Japan.
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Market
Players
Some of
the key players operating in the retail cloud market are AWS (US), Microsoft (US), Google (US), Oracle
(US), Salesforce (US), SAP (Germany), Accenture (Ireland), Alibaba Cloud
(China), IBM (US), and Cisco (US).
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