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Retail Cloud Market Is Growing at a Cagr of 20.5% During 2018 – 2023; Retail Cloud Market Opportunities and Demand by 2023

Image result for Retail CloudThe global retail cloud market is growing at a CAGR of 20.5% during the forecast period and will reach $40,723.5 million by 2023. Due to increasing adoption of smartphones globally, shift toward omni-channel experience, and greater demand for compliance and collaboration, the global retail cloud market is gaining traction.

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The retail cloud solution forms larger part of the global retail cloud market compared to products in this market. Among various deployment models of retail cloud, public cloud is expected to witness the highest growth in demand during the forecast period. Small and medium enterprises are the larger user of retail cloud compared to large enterprises. This trend is further expected to continue in the coming years. Among various regions, retail cloud market is expected to witness fastest growth in demand from Asia-Pacific, during the forecast period.

Geographically, North America has been the largest market for retail cloud, whereas the market in Asia-Pacific is expected to witness highest growth among all regions due to huge potential of cloud based technology adoption. Due to the strengthening economy of Asia and rapid improvement in the technology infrastructure, the the adoption of retail cloud solution in the region is expected to increase. This is also expected to streamline various operational issues faced by retailers in the region.

The factors driving the growth of the market include rapid adoption of smartphones globally, need for compliance and collaboration, and shift toward omni-channel by retailers. With rapid increase in the adoption of smartphones and tablets, the devices are serving a point of sale (POS) systems helping in handling the inventory, payment management, and location information. Further, through smartphones and cloud technology, retailers can capture real time information to adjust their product and service according to the market conditions and take advantage of new growth opportunities.

Some of the key players in the global retail cloud market are Cisco Systems Inc., SAP SE, IBM, Microsoft Corporation, Oracle Corporation, Infor, RetailCloud and Epicor Software Corporation.

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