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Retail Cloud Solutions Market - Global Industry Analysis 2015 - 2019 and Opportunity Assessment 2020 – 2030
The emergence of cloud-based technologies, the retail industry has undergone tremendous transformation. Cloud computing solutions enable retailers to utilize a network of remote servers hosted over the internet to store, manage, and process data instead of relying on a local server or system. To stay competitive in the market, retailers face tremendous pressure to deliver new business capabilities faster. Cloud computing can empower retailers to address their greatest opportunities and challenges. Integrating cloud computing technologies help retailers move their business applications and infrastructure resources over the cloud architectures. As retailers work to shift gears and deliver omnichannel experiences, the retail cloud market will experience rapid growth in the coming years.
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The rapid spread of COVID-19 pandemic has disrupted the world’s economy in the first quarter, 2020. Various organizations are now operating remotely and touch-less or digital solutions are needed more than ever. In the retail industry, businesses have seen widely varying effects depending on the kind of service they provide. Because COVID-19 has created shifts in consumer shopping patterns, retailers must have to adopt some new ways to cater their customers. By adopting cloud infrastructure, retailers can feed their data directly into ML/AI tools to create personalized experiences and predict future spending trends.
Even prior to COVID-19, the retail cloud market has shown rapid development in the past few years, as the market has grown with a significant growth rate of around 20% CAGR in the past 5 years. Also, amid COVID-19 the market has shown significant growth, it is expected that the growth will increase by nearly 8% - 10% in Q1-Q3 2020. Retail cloud solutions enable retailers to understand their customer behaviors, preferences, and how they engage with the brand both during and post- COVID-19.
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Despite the massive shift toward online shopping trend, there is still a place for brick-and-mortar retail. However, recent data suggest that trends are changing. Retailers are continuous shifting towards Omni-channel retailing models. With Omni-channel retailing model clients are able to interact with multiple sales and media channels at once, and have their information retained by the retailer as they move between them. For example, Omni-channel retailing allow clients to browse production on their personal desktops, compare prices on a mobile device, and finally purchase it by visiting the actual shop location. Integrating cloud computing technologies enables retailers to enter into Omni-channel retailing. By enabling Omni-channel retailing and the power of unified commerce, businesses are delivering that future to customers today. The increasing shift by retailers towards Omni-channel experience would propel the market growth.
Rise of Mobile Shopping Trend would drive the market growth.
E-commerce has been on rise with huge rate in recent years, but nowadays m-commerce continues to become more popular. Smartphones in the hands of shoppers are rapidly becoming a major influence on retail sales. Consumers are continuously turning their mobile devices for everything from phone calls to social media and now retail shopping via apps, m-commerce is projected to grow by nearly 35% this year. As mobile commerce becoming more and more popular brick and mortar retail stores need to build a robust IT infrastructure. Cloud computing is a better alternative than expensive traditional software models to scale up their IT assets across multiple locations.
Regional Overview: North America to Hold Largest Market Size in the Retail Cloud Solutions Market
North America is expected to witness a significantly high market attractiveness during the predicted period in the global retail cloud market, with rising mobile commerce as the key driving factor. The e-commerce market is rapidly increasing in North America region due to continuously growing mobile commerce transactions. The recent trend in North America is that social media sites and e-commerce websites are moving towards m-commerce, and this has resulted in more demand for digital commerce applications. An increasing mobile consumer base in North America is also one of the reasons for the high growth of the North America retail cloud market.
Key players in the retail cloud solutions market are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced retail cloud solutions to effectively manage retail operations. The major players offering retail cloud solutions include Oracle Corporation, Cisco Systems, SAP SE, IBM Corporation, Microsoft Corporation, Fujitsu Limited, Infor, among others.
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