PUBLISHER: Allied Market Research | PRODUCT CODE: 1365723
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365723
The Cloud Retail Market is likely to experience a significant growth rate of 18.3 % from 2023-2032 owing to increasing market demand for Software as a Service (SaaS) model- Allied Market Research
The key factors that drive the growth of the cloud retail market include increase in focus on the omni-channel experience and cost-effective benefits of cloud products in retail. Omni-channel retailing describes a communication model that enables customers to interact with multiple sales and media channels. Omni-channel links all communication channels between the enterprise and the customers to create a single unified experience. According to a sales force study, 73% of shoppers opt for multiple channels during their shopping journeys. This drives the retailers to focus on enhancing the omni-channel experience. In addition, increase in adoption of multi-cloud architecture is considered as an important factor to boost the cloud retail market. However, increase in complexity and data security concerns are expected to hamper market growth. Integrating cloud solutions with existing on-premises systems and legacy software is often complex and requires significant effort. Retailers encounter compatibility issues, data migration challenges, and the need for custom integration solutions. Contrarily, retailers that prioritize sustainability by using green cloud solutions can improve their brand image and reputation. Environmentally conscious customers are expected to support and remain loyal to brands that demonstrate a commitment to sustainability. Moreover, sustainable cloud solutions often lead to improved energy efficiency and resource optimization, resulting in potential cost savings for retailers. Lower energy consumption and efficient resource allocation can translate into reduced operational expenses.
The cloud retail market is segmented on the basis of solution, deployment model, enterprise size, service model, and region. On the basis of solution, the market is categorized into supply chain management, customer management, workforce management, reporting and analytics, data security, and others. On the basis of deployment model, the market is divided into public cloud, private cloud, and hybrid cloud. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of service model, it is divided into software as a service (SaaS), platform as service (PaaS), and infrastructure as a service (IaaS). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the cloud retail market such as SAP SE, Fujitsu, Oracle, Infor Inc., Amazon Web Services, Inc., Cisco Systems, Inc., IBM, Epicor Software Corporation, Microsoft, and Google LLC. These players have adopted various strategies such as collaboration, acquisition, and product launch to increase their market penetration and strengthen their position in the cloud retail market.
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