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Global Retail Cloud Market: Market Segments: By Type (Solution and Service); By Service Type (Software as a Service, Platform as a Service, and Infrastructure as a Service); By Deployment Model (Hybrid cloud, Public cloud and Public cloud);By Enterprise Type (Large enterprises and Small & medium enterprises);and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Retail cloud refers to a technology developed for retailers that allows them to access real-time data in order to respond to evolving consumer needs, make their operations cost-effective and streamlined, have a personalized experience, have the ability to scale the production process up and down, and enjoy fast and scalable data processing to deliver quickly. It also enables companies to increase their footprints in order to respond effectively to changing market dynamics with streamlined operations, ease of use, and incomparable agility. Retail cloud arrangements improve the shopping context with connected cross-channel shopping, adaptable returns, advanced management, personalized ties over the chain of esteem, organized promotion, and steady understanding. Cloud and related mechanical advances in review and portability can be used by retailers to improve business outcomes across channel operations. In addition, retail cloud partnerships can also boost processes such as advertising, marketing, inventory network management, deals, administration, and support.
Global Retail Cloud Market is segmented by type into solution and service. The greater market share in 2019 was accounted for by the solution segment and is expected to see the highest growth during the forecast period. This is attributed to the increasing adoption of solutions that allow retailers to accurately analyze customer insights, such as supply chain management, customer management, and workforce management. In addition, it is anticipated that the solution-based, reporting, and analytics segment will rise fastest during the forecast era. The market for data analytics is motivated by enormous data output in the retail industry. Retailers are looking for advanced reporting and analytics solutions to gather from the available structured and unstructured data different consumer buying patterns and preferences.
Global Retail Cloud Market is segmented by service model into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Based on the service model, SaaS held the largest share in 2019 in terms of revenue. The retail sector is one of SaaS's delayed adopters, but after realizing its potential, they have bounced. It is now being vigorously embraced by the retail industry as SaaS offers all at the same cost as conventional apps. Minimum initial costs, almost no hardware expense, scalable and usable, and easy to monitor and maintain are the primary benefits of using SaaS for retailers. SaaS removes the need for an online retail store to purchase, upgrade and carry, and hold an online retail store.
Global Retail Cloud Market is segmented by deployment into the hybrid cloud, public cloud, and private cloud. Based on deployment, hybrid cloud held the largest share in 2019 in terms of revenue. Hybrid cloud was the most favored form of deployment among enterprises, holding more than 50.0% of the SCM cloud market in 2019, while private and public cloud accounted for less than half of the revenue of the market.
The growing demand for digital customer experience, massive mobile adoption, the growing emphasis on enforcement and collaborations, and the rapid adoption of omnichannel marketing by retailers are the main factors responsible for the growth of the retail cloud industry. Globally, there is a rapid penetration of smartphones, with these devices serving as efficient point-of-sale (POS) systems and promoting payment management, inventory handling, and location tracking. Moreover, the convergence of smartphones and cloud technologies enables retailers to collect real-time information to change their product and service offerings as per the customers ' expectations and take advantage of new growth opportunities.
In addition, with consumers' evolving lifestyles, they demand more convenience, variety, and knowledge, and better access from retailers to goods and services, which puts intense pressure on supply chains. It is anticipated that the introduction of successful connected retail vertical solutions would result in risk mitigation and reduction of production costs, product stocking, and inventory management. Retailers can capture vital in-store data by using connected devices such as sensors, radio-frequency identification (RFID) chips, and cameras, thus allowing greater use of cloud technology to help take smarter business decisions. This promotes cloud adoption, thus driving the growth of the worldwide retail cloud market.
Security concerns include threats associated with the hacked information or the misunderstanding of information that structures a notable concern for the company that uses these administrations. Another real drawback on the usage of these structures will be the dependence on focal access to validate information alongside the hazards found with the entire system being down, which also affects the general sector. In the coming years, the constructive concept of this invention allowing faster conveyance of item data would undoubtedly provide opportunities for this market.
Global Retail Cloud Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Retail Cloud Market in North America held the largest market share of 24.29% in the year 2019 due to retailers 'embrace of cloud technologies at a faster rate and a move to personalizing consumers' in-store experience. When opposed to many other countries, the region has one of the most experimental retail scenarios. Also, the use of cloud solutions in the area is strong in specialty stores. With the increasing adoption of digital business strategies, organizations are shifting towards cloud-based solutions and services. In addition, companies are moving towards consumers' customize in-store experiences to provide them with better shopping experiences that are expected to fuel the growth of the retail cloud market in North America. Although the APAC area is expected to have the highest CAGRdue to factors such as IT growth in the retail industry, small retail players adopting advanced cloud-based solutions, improving cloud platform services, and growing competition in the regional customer satisfaction market.
The Global Retail Cloud market, which is highly competitive, consists of several major players such as Oracle Corporation, Cisco Systems, Inc., SAP SE, IBM Corporation hold a substantial market share in the Global Retail Cloud market. Other players analyzed in this report are Microsoft Corporation, Epicor Software Corporation, retail cloud, Infor Inc., Oracle Corporation, International Business Machines Corporation, SAP SE among others.
Recently, various developments have been taking place in the market. For instance, Oracle acquired LogFire, which enabled Oracle to enhance the features of its cloud supply chain management solutions offerings. LogFire adds its warehouse management capabilities to Oracle SCM that provides upgraded solutions to customers.
Global Retail Cloud market segments:
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