Cloud Retail Comprehensive Market: Segmented: by Component (Solution and Services); by Type (Supply Chain Management, Customer Management, Merchandising, Analytics, Data Security, Workforce Management, Omni-Channel and Others); by Service Model (Software as a Service, Platform as a Service, Infrastructure as a Service); by Organization Size (Small & Medium Enterprises, Large Enterprises); by Deployment Mode (Public, Private, Hybrid); by Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size &
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.
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 a 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 fees, 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 expected to project a CAGR of 17.28% during the forecast period, 2020-2030
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, collaboration between departments, and 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 the cloud would restrict the adoption of technology.
Solution segment to boost the overall market growth
Based on 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.
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 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 the 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.
Software as a Service segment to capture the highest market share
Based on the Service model, the market is bifurcated into software as a service, platform as a service, and infrastructure as a service. The Software as a Service segment is anticipated to grow at the highest rate due to the greater adoption rate in the retail industry.
Public Cloud Segment to outperform other sectors
Based on the deployment model, the public cloud is projected to capture the highest market share during the forecast period. This is attributed to factors such as shifting capital expenditures to operating expenses, improved utilization rates, and low-cost infrastructure services for new projects.
Increasing mobile phone users
The increasing adoption of mobile phones need for observance & collaboration and the transition to omnichannel experience are some factors that are likely to boost the overall growth of the market. Additionally, the key players have adopted various strategies, such as new product innovation, acquisitions, mergers, and partnerships, to propel the market. Continuous technological advancement is likely to be the key strategy of these players to retain their competitive position in the market and enhance customer loyalty.
Increasing security and privacy concerns
Growing concerns about security & privacy and the hesitant nature of retailers to embrace the cloud are among the main constraints and challenges in the growth of the market.
North America to grow at the highest CAGR during the forecast period
The global Cloud Retail Comprehensive market is segmented based on 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 the 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 its growing popularity in regions such as India, China, and Japan.
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