Major players in the retail cloud market are Cisco Systems Inc, Fujitsu, Google, IBM Corporation, Infor Inc, JDA Software Group, Microsoft Corporation, Oracle Corporation, SAP SE, Amazon Web Service, Syntel, Baidu, Accenture, T-Systems, Nutanix, and Netmagic Solutions.
New York, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retail Cloud Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06377784/?utm_source=GNW
The global retail cloud market is expected to grow from $23.06 billion in 2021 to $27.88 billion in 2022 at a compound annual growth rate (CAGR) of 20.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The retail cloud market is expected to reach $57.10 billion in 2026 at a CAGR of 19.6%.
The retail cloud market includes revenues earned by entities by providing real-time data, enabling real-time monitoring and tracking of inventory, pricing and margin management, and customer data storage.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Retail cloud is a cloud-based retail solution that combines artificial intelligence (AI) and data analytics which allow retailers to build goods responsive to consumer feedback.Retailers can use cloud computing to obtain information from internet sources to meet their customer needs.
Cloud computing allows for the streamlining of supply chains and logistics and the delivery of high-quality and seamless client experiences.
North America was the largest region in the retail cloud market in 2021. The regions covered in the retail cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of retail cloud are channel operations, supply chain management, customer management, merchandising, workforce management, reporting and analytics, and data security.Channel operations refer to the process through which a company develops numerous marketing and sales strategies in order to reach the broadest possible audience.
The retail cloud is utilised in channel operations by integrating numerous data sources to create a unified view of customers across transactions and channels (in-store, mobile, web, and even social media).The various service model includes software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS), that are deployment through public cloud, private cloud, and hybrid cloud.
It is used by small and medium enterprise and large enterprise.
The rapid adoption of smartphones is expected to drive the growth of the retail cloud market going forward.High internet usage and acceptance of 5G-enabled smartphones have surged in both advanced and emerging economies, allowing users to connect with people worldwide in real time.
This ease of data access has led to a growth in demand for smartphones.The retail cloud users can access and retrieve data from anywhere in the world using their smartphones.
For instance, according to the Pew Research Center, a nonpartisan American think tank, states that the percentage of Americans who own a smartphone climbed from 81% in February 2019 to 85% in February 2021. Furthermore, according to the India Brand Equity Foundation (IBEF) report, the Indian smartphone market experienced a 10-fold increase from 14.5 million shipments in 2011 to 150 million in 2020. Therefore, the rapid adoption of smartphones will propel the retail cloud market.
Technological advancements are a key trend gaining popularity in the retail cloud market.The market is witnessing the need for cloud computing technology that improves the customer experience while simplifying procedures and lowering IT costs.
Major companies operating in the retail cloud market are focused on providing technologically advanced solutions to strengthen their market position.For instance, In March 2022, Snowflake, a US-based cloud company, launched a retail data cloud to facilitate collaboration, provide exceptional customer experiences, and optimize retail operations.
The retail data cloud enables retailers, manufacturers, distributors, CPG vendors, and industry technology providers to exploit their data, access new data, and cooperate seamlessly throughout the retail industry.
In November 2021, WPP, a UK-based creative transformation company, acquired Cloud Commerce Group for an undisclosed amount.This acquisition underlines WPP’s continuous commitment to expanding its client commerce offering.
Cloud Commerce Group is a UK-based company that provides multi-channel e-commerce software to retailers.
The countries covered in the retail cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The retail cloud market research report is one of a series of new reports that provides retail cloud market statistics, including retail cloud industry global market size, regional shares, competitors with a retail cloud market share, detailed retail cloud market segments, market trends and opportunities, and any further data you may need to thrive in the retail cloud industry. This retail cloud market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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