Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- A report on the retail cloud market published by Market Research Future observes that the market is anticipated to gain revenues worth USD 28 billion while progressing at a CAGR of 17% in the forecast period.The upsurge in consumerism globally has led to an increased growth pace of the retail sector globally. The clear benefits of online retail as compared to conventional retailing have further amplified the evolution of the retail cloud market. The services offered by the retail cloud related to disaster recovering, CRM, discounts & promotions, data analytics, and workforce management are leading to an enhanced progress rate for the market.
The surge in the market share of the retail cloud market is attributed to the deep penetration of smartphones in the population bases in various regions. The incorporation of the cloud in the retail sector is also extensively helping in the reduction of the expenses of computing and data storage. Consequently, the retail cloud market is improving the prioritization of the workflows, which is beneficial to its long-term growth. Also, the strain met by the retailers which consist of encountering great pressure to distribute new business capabilities faster is expected to fortify the market growth in the coming period. However, the retail cloud market is expected to flourish appreciably in the upcoming forecast period due to the rising migration of industry workloads on to the cloud, as awareness of its benefits builds up in the user base globally.
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Market Segmentation
The analysis of the retail cloud market is conducted on the basis of product, deployment, services, end-user, and region. Based on the product, the market for retail cloud is segmented into workforce management, customer management, data security management, supply chain management, reporting & analytics, and others. Based on deployment, the retail cloud market comprises of private cloud, public cloud, and hybrid cloud. The segmentation of the retail cloud market on the basis of services consists of platform as a service, software as a service, and infrastructure as a service. On the basis of end users, the retail cloud market is segmented into large-scale industry and Small & medium size industry. The regions covered in the retail cloud market are Asia Pacific, Europe, North America and the rest of the world.
Retail Cloud Market to Surge Ahead with Popularity of Mobile Commerce By 2022
The evaluation of the regions included in the Retail Cloud Market includes regions such as Asia Pacific, Europe, North America and the rest of the world. The North American region is in control of the uppermost market stake, trailed by the European and Asia Pacific region. The rising implementation of e-commerce by residents in the North American region is anticipated to direct the market in the forecast period. Presently, the North American region controls around 45% of market share shadowed by the European region, which has around 26 % of market portion while the Asia Pacific region has appeared as the quickest growing market region in the retail cloud during the forecast period.
Key Players
The foremost contenders in the retail cloud market globally consist of Oracle Corporation, SAP SE, Microsoft Corporation, IBM Corporation, Syntel, Inc., Google, Inc., Fujitsu Global, Cisco Systems Corporation, Infor, Inc., and Retail cloud, and others.
Key Updates
Apr 2019 Google is making available Google Cloud for Retail, a suite of cloud-based retail solutions that will openly challenge the Amazon Web Services (AWS) for Retail cloud platform. Google’s solutions are meant to provide retailers with cloud abilities for definite use cases together with store operations, merchandising, and customer procurement and maintenance. The contribution cuts into contending Amazon’s territory by aiming at retailers and consumer products clients that compete against the e-commerce goliath.
Apr 2019 The Prada Group has joined forces with Oracle to implement a suite of Oracle progressive technological solutions that will back efficiency throughout its core retail procedures. They will also aid Prada in analyzing historical data and existing market demands throughout its global retail network, better-informing business choices and offering unique customer experience.
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Jan 2019 BMW i Ventures has advanced a sum of capital to Tekion, a technology supplier that provides a cloud platform accessible for the automotive retail space. It comprises of a cloud-built platform with cutting-edge machine learning and AI abilities, Tekion can help suppliers offer a tailored and unified consumer experience. Tekion will also use the investment to multiply its sales and customer support and carry on its pace of product innovation.
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