The global Retail Cloud Market size is expected to grow from USD 47.0 billion in 2023 to USD 114.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period, according to report published by MarketsandMarkets.
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By Component, the services segment is expected to grow at a higher CAGR during the forecast period.
The retail cloud service segment is further segmented into professional services and managed services. Retail cloud services refer to the services that cloud infrastructure providers offer to retailers to help them manage their cloud-based solutions. These services may include cloud storage, database management, application hosting, security services, and more. Retailers can use these services to ensure that their cloud-based solutions are secure, scalable, and always available to their customers. Retail cloud services typically include a range of offerings, such as software-as-a-service (SaaS), platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and other cloud-based services that are specifically tailored to meet the needs of the retail industry.
By Organization Size, large enterprises hold the largest market size during the forecast period.
Enterprises with more than 1,000 employees are considered large enterprises. The retail industry is highly competitive, and large enterprises need to stay ahead of the curve to survive. The adoption of retail cloud solutions allows large enterprises to streamline their operations, reduce costs, and enhance customer experience. Large enterprises have the resources and infrastructure to implement and manage retail cloud solutions, making it easier for them to leverage the benefits of the technology. They have a large customer base and a vast amount of data that needs to be managed efficiently, which can be achieved through retail cloud solutions.
By Region, Asia Pacific is expected to grow at a higher CAGR during the forecast period.
The Asia Pacific region is the fastest growing region in the global retail cloud market. The growth is mainly driven by the utilization of public cloud services. Public cloud services are widely used by retailers in the Asia Pacific region to enhance their operations, improve customer experiences, and drive innovation. Cloud-based marketing solutions are becoming popular among retailers in the Asia Pacific region who want to personalize their marketing efforts and reach customers across multiple channels. Cloud-based marketing providers such as Adobe and Hubspot offer tools for email marketing, social media marketing, and customer segmentation. In addition, many cloud service providers are expanding their reach by launching new data centers in the region. For instance, In 2022, Alibaba Cloud opened its data centers in Thailand, South Korea and Japan.
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Some of the key players operating in the retail cloud market are AWS (US), Microsoft (US), Google (US), Oracle (US), Salesforce (US), SAP (Germany), Accenture (Ireland), Alibaba Cloud (China), IBM (US), and Cisco (US).
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