Retail Cloud Market

Global Retail Cloud Market Size (2024 to 2029)

The global retail cloud market is predicted to reach USD 41.70 billion in 2024 and USD 107.71 billion by 2029, growing at a CAGR of 20.9% during the forecast period.

Global Retail Cloud Market Drivers:

One of the major driving factors of the global Retail Cloud market is the rapid adoption of smartphones and the increasing need for compliance and collaboration within the worldwide industry. In addition, the shift to a channel experience is another major driving factor for the Retail Cloud equipment market in terms of revenue rate in the next few years. Growing concerns regarding security and privacy are one of the major restraints affecting the growth of the global Retail Cloud market. Another major restraint is the frequently changing consumer preferences and the reluctance of retailers to adopt cloud services. Another major growth hindering factor of the Retail Cloud industry is the threats posed by privacy issues and data leakage.

Impact of COVID-19 on the global retail cloud market:

Due to the coronavirus pandemic, all the end-user verticals are facing hurdles related to production, supply chain disruption, and financial impact. Several companies have halted their manufacturing units because of the strict government lockdown regulations imposed by the authorities. Almost all the companies have closed, and due to the financial crisis since March 2020, they have terminated employees. They cannot pay salaries to their employees because they are facing severe financial problems due to the COVID-19 pandemic. Since all the countries have lifted the lockdown and given permission to the companies to restart their manufacturing units with strict rules and regulations, organizations have restarted their operations, which, in turn, started the supply chain of their products and helped them to recover from their financial crisis.

However, the coronavirus is likely to act positively on the retail cloud market with the increasing focus on digitizing activities and the trend of working from home. In the Retail Cloud market, companies are expecting more profits in the upcoming two to three years due to the increasing need for compliance and collaborations and the increasing investments by key players across the world during the conjecture period.

GLOBAL RETAIL CLOUD MARKET REPORT COVERAGE:

This research report on the global retail cloud market is segmented and sub-segmented based on type, service model, organization size, deployment model, and region.

Global Retail Cloud Market - By Type:

• Solution

• Service

The Retail Cloud market is segmented into two types, namely solutions and services. Among these, the solution segment holds the major share of the market as these are gaining huge adoption due to scalability, flexibility, and cost efficiency delivered through the cloud.

Global Retail Cloud Market - By Service Model:

• Software As a Service

• Platform As a Service

• Infrastructure As a Service

The retail cloud market is divided into software as a service, platform as a service, and infrastructure as a service. Infrastructure as a service segment holds the major share of the market, especially in terms of speed and agility, and is expected to dominate during the outlook period.

Global Retail Cloud Market - By Organization Size:

• Small and Medium-Sized Enterprises

• Large Enterprises

The Retail Cloud market is bifurcated into small and medium-sized enterprises and large enterprises. Among these, the small and medium-sized enterprises segment holds the dominant share of the market.

Global Retail Cloud Market - By Deployment Model:

• Public Cloud

• Private Cloud

• Hybrid Cloud

The Retail Cloud market is separated into public cloud, private cloud, and hybrid cloud. Among these, the private cloud segment accounted for the major share of the market.

Global Retail Cloud Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America holds the major share of the retail cloud market owing to the significant growth in retail trade accounting, especially in some countries such as the United States and Canada. The region is also estimated to record a significant share in the coming years.

The Asia Pacific region holds the second-largest share of the Retail Cloud market owing to the increasing need for compliance and collaboration in nations like India, China, Japan, etc. However, stringent government regulations hamper the growth of the market in the Asia Pacific region.

The European region is expected to record an increase in market growth during the foreseen period due to the increase in investments by the major players across the nations in this locale.

KEY MARKET PARTICIPANTS:

The major companies operating in the global Retail Cloud market include Infor, Inc. (New York, U.S.), Epicor Software Corporation (Texas, U.S.), International Business Machines Corporation (New York, U.S.), Microsoft Corporation (Washington, U.S.), Oracle Corporation (California, U.S.), Cisco Systems, Inc. (California, U.S.), SAP SE (Wurttemberg, Germany), Computer Sciences Corporation (Virginia, U.S.), Fujitsu Limited (Tokyo, Japan), JDA Software Group, Inc. (Arizona, U.S.), and Syntel Inc. (Michigan, U.S.).

RECENT HAPPENINGS IN THE MARKET:

• In June 2020, Microsoft Corporation announced a strategic change in its retail operations, which includes closing Microsoft store physical locations. However, the company’s retail team members will continue to serve customers from Microsoft corporate facilities and provide sales, training, and support remotely.

• In June 2020, Wipro collaborated with IBM to offer cloud solutions to help businesses migrate, manage, and transform their mission-critical operations across public, private, and on-premise cloud infrastructure.