Retail Cloud Market to Witness Massive Growth, Emerging Technology Research Report
Market Scope:
Retail cloud is a set of solutions design to maximize revenues by leveraging the potential of customers and their shopping patterns. It is designed to provide an omnichannel solution for its operations and handle customer subsequently. Rise of social media and influence of reviews on sales can push retailers to deliver at a rapid pace. Merchants are adopting cloud point-of-sale (POS) solutions for faster transactions and cross-selling new products.
Competitive Analysis:
The retail cloud market competition is expected to be very intense due to subscription models of cloud vendors, availability of ample storage devices, and entry of various ecommerce portals.
Dominant Key Players on Retail Cloud market covered are:
IBM Corporation
Oracle Corporation
Syntel
Nutanix
Accenture
T-Systems
Google Inc
Flux7
Netmagic Solutions
Cisco Systems
Microsoft Corporation
Retail Cloud
Infor Inc
SAP SE
Fujitsu Global
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Market USP Exclusively Encompassed:
Market Drivers
Online Shopping to Influence Global Retail Cloud Market
The global retail cloud market is slated to explode owing to presence of various ecommerce platforms, brick-and-mortar stores, and new entrants aiming to leverage on trend of online shopping. Cloud computing can simplify major operations and workflows while reducing server and maintenance costs. The omnichannel strategy pursued by retailers for targeting customers can favor the market growth over the forecast period.
The market is expected to thrive owing to rapid adoption of smartphones, retailers maintaining a digital presence, and shift to omnichannel experiences. Retailers are able to leverage on agility, scalability, and flexibility of cloud by moving their applications and resources online. The growth of ecommerce portals is likely to drive retail owners to the cloud to stave off the competition and maintaining their current customer base. Bata, a renowned footwear brand, has made use of Oracle suite of cloud solutions for streamlining their operations and serving their customer base seamlessly. Retailers can offer curbside pickup or home delivery as per customer convenience.
But data security and privacy concerns can be deterrents to market growth.
Segmentation of Market covered in the research:
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 held the largest market share in 2018. This is attributed to need for demand generation and sales workflow visualization by retail owners for deploying marketing strategies at targeted customers. Cost-efficiency, flexibility, and scalability of cloud can drive the segment demand over the forecast period.
Based on type, the global market has been segmented into workforce management, supply chain management, merchandising, analytics, data security, omnichannel, customer management, and others. The supply chain management segment is estimated to capture a large portion of the retail cloud market share owing to transparency provided by cloud on the transport of products from manufacturer to retailer. It can be used in solving operational issues, improving customer satisfaction levels, and provide a range of products.
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 infrastructure as a service segment is expected to register the highest CAGR over the forecast period. Organizations can build mobile applications and websites on the cloud service provider and reduce infrastructure costs. Shrinking budgets of retailers during the COVID-19 pandemic has led the shift to the cloud and save on server maintenance. Cloud computing can be used in mining data by small retail shops and provide online services seamlessly.
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. It can continue its dominance over the forecast period owing to benefits of cloud for scaling their operations.
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Industry Trends:
Personalized experiences are likely to be the major trend among retailers as cloud computing seem to be the central focus of many retailers trying to make the shift digitally. The utilization of data volumes in machine learning and artificial intelligence tools for predicting customer preferences and improving shopping experiences can drive the market demand. Retailers can plan for price surges to stocking of new inventory and segregate customers as per their preferences. They can retain their existing customers through this approach and gain new customers.
Regional Segmentation:
The retail cloud market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to dominate the market owing to presence of large retail chain such as Costco and Walmart. Rapid adoption of smartphones by customers can assist retailers by targeting them with relevant Ads and driving sales. The shift of various organizations to the cloud accompanied by the rise of digital marketing strategies can spur regional market growth. Retailers can improve customer satisfaction levels at their stores by gaining data through customer shopping history and preferences.
Europe is the second-largest region for the retail cloud market owing to huge investments in the retail sector. Germany and France are bound to contribute the most to the market. Retailers in these countries are leveraging on their assets to communicate with customers to ensure brand loyalty.
COVID-19 Impact on the Global Retail Cloud Market
The COVID-19 pandemic has accelerated the adoption of cloud among retailers due to many shoppers preferring to shop online instead of in-person. Cloud computing has been leveraged by retail chains for forecasting, visibility, and logistics. The focus on improving the supply chain and fortifying defenses in infrastructure to ensure seamless experiences to customers can drive the market demand significantly. Moreover, cloud can host various other technologies such as artificial intelligence, 5G, and machine learning for transforming businesses. Cloud can be used in mining insights capable of serving customers without compromising their health or safety.
Industry News
Microsoft Corporation has announced its retail cloud product for its clients that can ensure a superior shopping experience to customers. Its solutions can assist retail chains in retaining customers and target new ones based on their shopping history.
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