Retail Cloud Market to Witness 20.5% CAGR During 2017 – 2023
by Rahul Gautam ManagerGlobal retail cloud market worth $11,114.0 million
in 2016
The study reveals that the global retail cloud market is likely to grow from
$11.114.0 million in 2016 to $40,723.5 million by 2023. Due to increasing
adoption of smartphones globally, shift toward omni-channel experience, and
greater demand for compliance and collaboration, the global retail cloud market
is gaining traction.
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Insights on market segments
As per the findings of research, the retail cloud solution forms larger part
of the global retail cloud market compared to products in this market. Among
various deployment models of retail cloud, public cloud is expected to witness
the highest growth in demand during the forecast period. Small and medium
enterprises are the larger user of retail cloud compared to large enterprises.
This trend is further expected to continue in the coming years. Among various
regions, retail cloud market is expected to witness fastest growth in demand
from Asia-Pacific, during the forecast period.
Geographically, North America has been the largest market for retail cloud,
whereas the market in Asia-Pacific is expected to witness highest growth among
all regions due to huge potential of cloud based technology adoption. Due to
the strengthening economy of Asia and rapid improvement in the technology
infrastructure, the the adoption of retail cloud solution in the region is
expected to increase. This is also expected to streamline various operational
issues faced by retailers in the region.
Internet of things (IoT) in retail is a major opportunity for the growth of
the global retail cloud market. Retail industry is in need for connected
solutions to eliminate the host of issues and associated cost generated from
lower productivity, mishandled stocking, empty store shelves and poor inventory
management. Leveraging the advantage of infrastructure equipped with cameras,
sensors, beacons and RFID chips, retailers can tackle such problems and make
greater use of cloud and related technology.
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The research states that the global retail cloud market is moderately
competitive with players introducing their product offerings catering to the
specific needs of the retailers. Some of the key players in the global retail
cloud market are Cisco Systems Inc., SAP SE, IBM, Microsoft Corporation, Oracle
Corporation, Infor, RetailCloud, and Epicor Software Corporation.
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Created on Jun 30th 2019 23:01. Viewed 292 times.