Retail cloud has major benefits over conventional retailing. It provides a number of solutions to retailers such as CRM, disaster recovering, discounts & promotions, workforce management, data analytics and others. The growing technology advancement has offered wide area of applications to consumers.
Smartphone adoption is one of the best example of technically advanced products. It is used by consumers for variety of applications such as mobile commerce, social media access, mobile promotions, and mobile banking. According to a study, more than 90% consumers are using smartphone nowadays for shopping and comparing prices with other retail websites or apps.
The increasing trend of online shopping is driven by number of factors such as easy checkout option and no long queue, can research over number of variety of products at a time, availability of number of payment options, feasible discounts & easy return policy, and availability on every mode. Amazon, Flipkart, and eBay are the well-known example of online retailing.
The major growth driver of Retail Cloud includes rapid adoption of smartphones, need for compliance & collaboration and shift to Omni-channel experience. In the year 2016, the global market of Retail Cloud had been valued at approximately $10 billion, which is expected to be at $28 billion by the end of the year 2025. However, deeply rooted unorganized sector in developing economies like India and less mature distribution channel are the factors which are hindering the growth of Retail Cloud in forecast period.
The Retail Cloud Market is expected to grow at compound annual growth rate of approximately 17% from year 2016 to year 2025. North America is expected to dominate the market of Retail Cloud throughout the forecast period. By Product segment- Customer management is expected to reach approximately $3 billion in 2016 and growing with 19% CAGR during forecast period 2016-2025 in the global market. By End-User- Small & medium size industries are estimated to grow with approximately 18% CAGR.
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Segmentation by Product: customer management, workforce management, supply chain management, data security management, reporting & analytics, and others. Segmentation by Deployment: public cloud, private cloud and hybrid cloud. Segmentation by Services: software as a service, platform as a service and infrastructure as a service. Segmentation by End-User: Small & medium size industry and large-scale industry.
By Region, North America accounts for the highest market share, followed by Europe and Asia-Pacific. Growing adoption of e-commerce by citizens in North America is expected to drive the market in forecast period. Currently, North America holds around 45% of market share followed by Europe, which has around 26% of market share while Asia-pacific has emerged as the fastest growing market in Retail Cloud during forecast period 2016-2025.
Some of the major players in Global Retail Cloud include IBM Corporation, Oracle Corporation, SAP SE, Microsoft Corporation, Syntel Inc., Cisco Systems Corporation, Google Inc., Fujitsu Global, Infor Inc., Retail cloud, and others.
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