Retail Cloud Market Regional Revenue, Trends, Opportunities and Future Prospects

Posted by Devanshu Shrivastava on February 24th, 2020

The global retail cloud market is expected to witness substantial growth in the coming years, which is attributed to the retailers shifting to omni-channel, rapid adoption of smart devices, and rising demand for compliance and collaboration. Retail cloud is the cloud technology which is designed for retailers in order to enable them with cost effective streamlined operations, quicker speed to market the offerings, real time data reporting for interactive customer experience, and flexibility of scaling up and down the production process. The technology further allows organizations to increase their global footprints.

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In terms of type, the retail cloud market is bifurcated into service and solution, between which, solution accounted for the major share of the market in the past and is predicted to dominate the market in the near future, as a retail cloud solution offers responsive, secure, and sophisticated retail platform and advanced portfolio of analytics and internet of things (IoT), allowing retailers to acknowledge the needs of their customers and offer rich brand experience. The category is further divided into reporting and analytics, supply chain management, data security, customer management, and workforce management.

When geography is taken into consideration, North America is predicted to account for a significant share of the retail cloud market in the coming years. The solutions category held the largest share of the market in the region in the past, and the largest demand is predicted to be created for supply chain management solution in the near future. Reporting & analytics solution is expected to register the highest CAGR in the near future. The U.S. retail cloud market is projected to grow at the faster pace in the coming years.

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The surging adoption of smart devices is among the major driving factors of the retail cloud market. This swift adoption of these devices is ascribed to the requirement for better network, increasing number of online activities in the retail industry, and seamless information sharing. Mobile technology is increasingly being utilized for purchasing retail products. Moreover, due to the emergence of these devices, retailers can directly communicate with prospects according to their interest and purchase history, which, in turn, allows them to align their business strategies as per the specific needs of consumers.