At CAGR of 17.28 %, Cloud Retail Comprehensive Market to Hit USD 38990 million by 2030

Cloud retail refers to the use of cloud computing technology in the retail industry. There has been a rise in new power retailers due to the growth of e-commerce and the increasing influence of social media. The convergence of the two brought with it the whole new degree of marketing and distribution networks that the conventional retail industry had not expected. In comparison to operations that conventional retailers have been pursuing for a very long time, e-retailers (also known as e-tailers) have been users of cloud technology for a while. It also helps companies to increase their footprints through smooth and efficient processes, ease of use, and unmatched versatility to respond effectively to changing market trends. The Cloud Retail Comprehensive Market is to be fueled by improved channel operations, personalized customer experience, better supply chain visibility, greater efficiency in merchandising decisions and provides better insights into business performance. However, subscription on fee, limited support options, and connectivity issues are some of the factors that may hinder the growth of the Cloud Retail market.

Cloud Retail Comprehensive Market is anticipated to exceed USD 38990 million by 2030 from USD 12770 million in 2019 at a CAGR of 17.28 % throughout the forecast period, i.e., 2020-30.

The Cloud Retail Comprehensive market is estimated to grow on the back of the following reasons. The main drivers of the cloud retail comprehensive market are cost-effective operations, greater flexibility, and scaling, a smooth shopping experience, better communication, a collaboration between departments, and an improved point of sale. Cloud technology ascertains that the customer experiences a smooth transaction process, which is quite complicated and may not be provided by traditional means. Moreover, the rapid increase in the customer base of smart and mobile users, cost-effective benefits of cloud retail products, and increased demand for digital services are driving growth in the global cloud retail market. Nevertheless, the increasing concern about data protection and privacy, high reliance on IT infrastructure, and high capital expenditure are some of the constraints of the industry. Also, the reluctance of retailers to implement cloud would restrict the adoption of technology.

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Report Highlights:

• In April 2019, Google offered Cloud for Retailers which enables retailers to easily take advantage of cloud technologies, from inventory management to merchandising to the retention of long-term customers.
•  In May 2019, SAP released the SAP Marketing Cloud 1905, a 360-degree customer profiler that gathers transactional and behavioral data from various sources and tracks patterns in consumer behavior with preference models and predictive analytics to forecast future buying behavior.
• In February 2019, Microsoft released the updated version of Dynamics 365 for Retail, which offers advanced features such as distributed order management, mobile POS improvements, and omnichannel auto changes.
• In June 2020, IBM to acquire Spanugo, a US-based provider of cloud cyber-security posture management solutions

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Top market players:

• Oracle Corporation
• Cisco Systems Inc
• Microsoft Corporation
• Google
• SAP SE
• IBM Corporation
• Fujitsu
• AWS
• Alibaba Group
• Infor

Global Cloud Retail Comprehensive Market: Segments

Solution segment to boost the overall market growth

On the basis of components, the cloud retail market is segmented into solutions and services. The solution segment held the largest share in 2019 and is expected to grow at a CAGR of XX% during the forecast period. This is the solution segment that offers greater flexibility and scalability and lower operational costs.

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Supply Chain Management segment to grow at a CAGR of XX% during the forecast period

Based on type, the Cloud Retail Market is divided into Supply Chain Management, Customer Management, Merchandising, Analytics, Data Security, Workforce Management, Omni-Channel, and Others. The Supply Chain Management segment is to capture a large market share as it helps in minimizing costs, enhancing data accuracy, reducing operational issues and maximizing customer satisfaction. Customer Management and Merchandising are also expected to show a significant growth.

Small and Medium enterprises to take over the speedy growth

The organization size is segmented into small & medium enterprises and large enterprises. The SMEs segment held a market share of XX% in 2019 and is expected to register highest CAGR as they have started adopting cloud-based technology due to the benefits it offers such as efficiency, flexibility along with ease of use.

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North America to grow at the highest CAGR during the forecast period

The global Cloud Retail Comprehensive market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. Geographically, North America is likely to dominate the market due to high adoption rate of cloud technology in the retail sector. In addition, the rise in investment in mobile and emerging technology in the retail sector is expected to boost the overall market growth during the forecast period. Additionally, the cloud retail market is likely to grow in the Asia-Pacific region due to growing popularity in regions such as India, China and Japan.

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