The Retail Cloud Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, to reach USD 114.9 billion by 2028 from USD 47.0 billion in 2023. The advent of IoT in retail sector and adoption of new retail technologies to integrate online and offline shopping experiences is expected to drive the growth of the global retail cloud market.
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By Component, the services segment is expected to grow at a higher CAGR during the forecast period.
The retail cloud service segment is further segmented into professional services and managed services. Retail cloud services refer to the services that cloud infrastructure providers offer to retailers to help them manage their cloud-based solutions. These services may include cloud storage, database management, application hosting, security services, and more. Retailers can use these services to ensure that their cloud-based solutions are secure, scalable, and always available to their customers. Retail cloud services typically include a range of offerings, such as software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and other cloud-based services that are specifically tailored to meet the needs of the retail industry.
By Organization Size, large enterprises hold the largest market size during the forecast period.
Enterprises with more than 1,000 employees are considered large enterprises. The retail industry is highly competitive, and large enterprises need to stay ahead of the curve to survive. The adoption of retail cloud solutions allows large enterprises to streamline their operations, reduce costs, and enhance customer experience. Large enterprises have the resources and infrastructure to implement and manage retail cloud solutions, making it easier for them to leverage the benefits of the technology. They have a large customer base and a vast amount of data that needs to be managed efficiently, which can be achieved through retail cloud solutions.
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Major vendors in this market are based in North America, Europe, and Asia Pacific. AWS (US), Microsoft (US), Google (US), Oracle (US), and Salesforce (US) are among the leading players operating in the retail cloud market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the retail cloud market.
AWS is one of the leading players in the global retail cloud market. The company provides various benefits to retailers, such as scalability, data analytics, cost-effectiveness, and data security. AWS also offers a variety of machine learning tools and services that can help retailers automate and optimize operations. Retailers can use AWS Personalize to create personalized recommendations for their customers or use Amazon SageMaker to build and deploy custom machine-learning models. In addition, AWS provides a range of services, such as Elastic Load Balancing, Amazon Route 53, and Amazon CloudFront, that enable customers to distribute their applications and content across multiple regions and availability zones, further improving their availability and fault tolerance.
Microsoft is one of the leading companies that develops, manufactures, supports, and sells a range of software products and services. The company provides various solutions for cloud, mobility, and productivity. Microsoft’s major cloud offerings include SaaS (Microsoft Dynamics Online [Enterprise Resource Planning (ERP) + CRM] and O365 Online) and IaaS and PaaS (Microsoft Azure [compute, integration, and networking]). It offers Microsoft Azure, which is a widely adopted cloud platform. It also offers Microsoft consulting services that provide organizations advisory for digital transformation. In the retail cloud market, the company offers Microsoft Dynamic 365. This solution is designed to help retailers manage their entire operation, from supply chain and inventory management to point of sale (POS) and customer service.Dynamics 365 for Retail provides retailers with a comprehensive set of tools and features to manage their operations, including inventory management, product information management, order management, and customer engagement. It also offers advanced analytics and reporting capabilities to help retailers make informed business decisions.
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