Retail software is computer software typically installed on PC type computers or laptops via the Internet (also known as cloud-based). Traditionally this software was delivered via physical data storage media sold to end consumer but very few companies still provide their software using physical media. The software is sold under various restricted licenses or in the case of cloud-based software sold as Software-as-a-Service (SaaS) model.
According to Market Research Future Analysis, Retail Cloud Market has been valued at $30 billion by 2023 growing with ~21% of CAGR during forecast period 2019 to 2023.
Rapid adoption of smartphones, need for compliance & collaboration and shift to omni-channel experience are driving the retail cloud market. However, the growing concerns regarding data security and privacy are hindering the overall growth of the market.
Also, mobile PoS, internet of things and click & collect programs are expected to drive the Retail Cloud Market in the future. Whereas, changing consumer preferences, reluctant of consumer’s to adopt cloud can act as barriers for the overall growth of the market.
According to Market Research Future Analysis, on the basis of type, service, deployment and region.
By type, the market has been bifurcated into solution, service. On the basis of service, the market can be segmented as software as a service, platform as a service, infrastructure as a service.
On the basis of deployment the market can be segmented public, private, hybrid.
Further, the market has been segmented into four regions which include- North America, Europe, Asia-Pacific and RoW. Out of these type, solutions accounted for the largest market share because it offers lowered risks, reduced complexity, and rising return on investment.
The key players of global Retail Cloud Market are Oracle Corporation (California, U.S.), Cisco Systems, Inc. (California, U.S.), SAP SE (Wurttemberg, Germany), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington, U.S.), Computer Sciences Corporation (Virginia, U.S.), Fujitsu Limited (Tokyo, Japan), Infor, Inc. (New York, U.S.), Epicor Software Corporation (Texas, U.S.), JDA Software group, Inc. (Arizona, U.S.), and Syntel Inc. (Michigan, U.S.).
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Retail Cloud Market is expected to grow at compound annual growth rate of approximately 17% from year 2016 to year 2023.
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 2016-2023 in the global market.
By End-User- Small & medium size industries are estimated to grow with approximately 18% CAGR
By Region, MRFR analysis shows that, North-America accounted for the largest market share because organizations are shifting towards cloud-based solutions and services with the increasing adoption of digital business strategies.
Asia-Pacific region is expected to grow over the forecast period, 2019-2023 especially in countries such as China and India countries because they are investing huge amount of money to adopt new technologies.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.