The Global Retail Cloud Market size is expected to reach $133 billion by 2029, rising at a market growth of 19.2% CAGR during the forecast period

Solutions segment is the major component of the market. Hence, it is anticipated to capture more than 72% share of the market by 2029. Many of these essential elements of the customer experience, including the lack of fitting rooms, interactions with store employees, the acceptance of cash purchases, and in-store product testing, were put to the ultimate test during the COVID-19 pandemic and the ensuing social isolation.

New York, June 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Retail Cloud Market Size, Share & Industry Trends Analysis Report By Organization Size, By Service Model, By Component, By Deployment Model, By Regional Outlook and Forecast, 2023 - 2029" - https://www.reportlinker.com/p06469149/?utm_source=GNW As a result, radio-frequency identification (RFID) tags are now a key component of automated in-store checkout systems. RFID tags are very small metal strips that transmit data about the object they are attached to using radio waves, as their name suggests. RFID tags substantially accelerate the automatic checkout procedure because they can be automatically scanned simultaneously and store more data than barcode labels.The major strategies followed by the market participants are Product Launches as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In January, 2023, Google Cloud launched four latest and updated AI tools which are: A personalized search and browsing experience for e-commerce sites, An AI-driven product recommendation system, A tool that uses machine learning to arrange products on websites, and An AI-powered solution for checking in-store shelves. The update aims to offer customers a smoother online shopping experience and support retailers with in-store inventory management. Additionally, In January, 2021, Microsoft Unveiled Microsoft Cloud for Retail, in another sign of the largest cloud providers targeting specific industries and sectors. This launch would aim to help brands create what Microsoft calls ’intelligent retail’. Furthermore, Microsoft would utilize digital solutions to help better known customers to employees in the latest ways, provide an agile and resilient supply chain, and help retail businesses.Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the Market. In September, 2022, Microsoft partnered with Infosys to enable businesses to swiftly redefine customer experiences, amplify systems with cloud and data and renew processes. Companies such as IBM Corporation, Oracle Corporation and Accenture PLC are some of the key innovators in the Market.Market Growth FactorsGrown acceptance of multi-cloud architectureMulti-cloud systems are being used by retailers for data analytics. Retailers gather a ton of information from various sources, such as social media, in-store transactions, and internet purchases. Retailers can ensure they have access to the resources and tools they need to efficiently manage their supply chain by utilizing a variety of cloud providers. A shop, for instance, may use one cloud provider for logistics management or another for inventory management. Retailers may gain a competitive advantage, boost their scalability, flexibility, and agility, reduce expenses, and strengthen their security posture using multi-cloud setups.Rising acceptance of new retail technologies for enhancing online & offline shopping experienceThe demand for a smooth and customized purchasing experience drives the adoption of new retail strategies. Retailers are implementing new technologies to gather and analyze consumer data to better understand their buying habits and preferences. This information can be used to make personalized recommendations and increase customer engagement. Utilizing technology like augmented reality, artificial intelligence, big data analytics, machine learning, and virtual reality, among others, falls under this category. These aspects are predicted to support the growth of the market.Market Restraining FactorsIncorporation of cloud-based systems with legacy systemsOne of the main challenges to the widespread use of cloud computing systems in the retail sector is the integration of cloud technologies with legacy systems. Over time, many retailers have invested in legacy systems, which often handle crucial tasks like ordering, payment, and inventory management. Integrating traditional systems with cloud-based systems can be difficult, but it is necessary to allow businesses to use cloud computing while keeping their current systems in place. Compared to recent cloud-based systems, legacy systems are often created using antiquated technologies. These challenges while integrating cloud-based and legacy systems may hamper the market growth.Component OutlookBased on component, the market is segmented into solutions and services. In 2022, the solutions segment dominated the market with the maximum revenue share. Retail cloud solutions connect online and offline interactions to provide more customized, insight-driven consumer journeys. Moreover, retail cloud solutions offer maximum scalability and high availability for every channel. These advantages of retail cloud solutions encourage greater uptake, which will fuel market expansion in this segment.Services Model OutlookBy services model, the market is categorized into SaaS, PaaS, and IaaS. The IaaS segment recorded a remarkable revenue share in the market in 2022. Because of the growing need to reduce IT complexity, hire trained staff to manage IT infrastructures, and reduce data center deployment costs, IaaS is becoming more and more in demand. Both the expanding use of hybrid cloud platforms and the demand for commercial storage and security solutions, have been responsible for the market’s expansion in this segment.Solution Type OutlookBased on solution type, the market is divided into supply chain management, customer management, workforce management, merchandising, reporting & analytics, data security, omni-channel, and others. In 2022, the supply chain management segment held the highest revenue share in the market. Since most of the industry’s major players are implementing cloud-based technology to revolutionize their supply chains with unparalleled visibility and data-driven insights, the retail sector is predicted to experience tremendous growth.Deployment Model OutlookOn the basis of deployment model, the market is classified into public cloud, private cloud and hybrid cloud. In 2022, the hybrid cloud segment garnered a significant revenue share in the market. The ability to connect different retail apps and workloads across public & private cloud infrastructures makes hybrid cloud a more popular choice among retailers. Supply chain management, customer relationship management, inventory management, and e-commerce are some of the important retail tasks retailers employ hybrid cloud to serve.Organizational Size OutlookBased on organizational size, the market is fragmented into large enterprises and SMEs. In 2022, the large enterprises segment held the highest revenue share in the market. Large businesses must continuously innovate to thrive in the very competitive retail sector. Large businesses can shave costs, improve customer experience, and streamline processes by implementing retail cloud solutions. Because they have the infrastructure and resources to adopt and operate retail cloud solutions, large businesses may more easily use the advantages of the technology.Regional OutlookRegion wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the retail cloud market by generating the highest revenue share. The booming retail industry and rising demand for cloud-based retail solutions are the main causes of consistent revenue growth. Additionally, businesses are reorienting themselves to offer their clients a personalized in-store shopping experience, which is anticipated to drive the market’s revenue growth in the region.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Alibaba Cloud (Alibaba Group Holding Limited), Cisco Systems, Inc., Salesforce, Inc., SAP SE, IBM Corporation, Oracle Corporation, Accenture PLC, Amazon Web Services, Inc (Amazon.com, Inc.), Microsoft Corporation and Google LLC (Alphabet Inc.)Recent Strategies Deployed in Retail Cloud MarketPartnerships, Collaboration Agreements:Mar-2023: Oracle ORCL came into partnership with Hibbett, an athletic-inspired fashion brand. Under this partnership, Oracle Cloud would provide improved in-store experience and also highly personalized interactions to enhance customer loyalty and sales.Mar-2023: IBM collaborated with Wasabi Technologies, the hot cloud storage company. This collaboration would propel data advancement in hybrid cloud environments. This collaboration aims to enable businesses to run applications across any environment - on-premises, in the cloud, or at the edge - and help allow users to cost-efficiently access and use important business data and analytics in real-time.Jan-2023: Salesforce partnered with Walmart Commerce Technologies, a provider of white-label solutions of all sizes. Under this partnership, Both companies would aim to offer retailers with technologies and services that power frictionless local pickup and delivery for shoppers everywhere.Oct-2022: Accenture signed a partnership with Google Cloud, a platform, offered by Google, is an offering of cloud computing services. Under this partnership, companies would boost value from Data, AI, and Technology, offering support to help clients create a strong digital core and reinvent their enterprise on the cloud.Sep-2022: IBM partnered with Vmware, a company involved in cloud infrastructure and business mobility. Under this partnership, companies aim to integrate consulting specialization and the latest jointly engineered cloud solutions for clients running mission-critical workloads in VMware-based environments.Sep-2022: Microsoft partnered with Infosys, an Indian multinational information technology company. Through this partnership, the companies aimed to enable businesses to swiftly redefine customer experiences, amplify systems with cloud and data and renew processes.Jun-2022: Oracle joined hands with Komax, a retail group. Following this collaboration, Oracle would offer its Retail suite of services over its cloud infrastructure to Komax to help the business in introducing the latest clothing, accessories, and shoes from a range of popular brands to customers across Latin America.Mar-2022: Microsoft came into an agreement with ASOS, a British fashion retailer. With this agreement, the companies aimed to jointly work on a new project intending to expedite their strategic growth plans for Microsoft. Moreover, this partnership would also allow companies to meet the rising demand for better product availability along with personalized and seamless digital experiences.Jul-2021: Accenture collaborated with Casino Group, a leading food retailer, with more than 11,500 stores, and Google Cloud, a Platform offered by Google. This collaboration would aim to boost the technological development of Casino Group transforming the France-based mass-market retail brand and the retail market as a whole.Mar-2021: IBM teamed up with GK Software, a global company in cloud services for retail. The collaboration aims to help propel next-generation retail underpinned by hybrid cloud technology from Red Hat and IBM. Additionally, The companies would help retailers to advance and adapt rapidly to the digital era by providing consumers with better and connected omnichannel experiences.Product Launches and Product Expansions:Feb-2023: Oracle introduced The Cloud-native, software-as-a-service, the latest Cloud Services to help banks meet customer demands. The product would provide corporate and retail banks the agility to advance their banking applications to meet customer requirements.Jan-2023: Google Cloud launched four latest and updated AI tools which are: A personalized search and browsing experience for e-commerce sites, An AI-driven product recommendation system, A tool that uses machine learning to arrange products on websites, and An AI-powered solution for checking in-store shelves. The update aims to offer customers a smoother online shopping experience and support retailers with in-store inventory management.Jan-2021: Microsoft Unveiled Microsoft Cloud for Retail, in another sign of the largest cloud providers targeting specific industries and sectors. This launch would aim to help brands allow what Microsoft calls ’intelligent retail’. Furthermore, Microsoft would utilize digital solutions to help better know customers to employees in the latest ways, provide an agile and resilient supply chain, and help retail businesses.Jan-2021: Google Cloud introduced Product Discovery Solutions for Retail, a completely integrated portfolio, Google Cloud’s Product Discovery Solutions delivers retailers with AI/ML-based technologies that offer a smarter and highly customized shopping experience for its customers.Acquisitions and Mergers:Feb-2022: IBM completed its acquisition of Neudesic, a leader in cloud services. Following this acquisition, the company aimed to expand its hybrid multi-cloud services offerings along with accelerating its AI and hybrid cloud strategy.Sep-2021: Accenture acquired HRC Retail Advisory, a retail-focused strategy consultancy with critical in-demand skills and solutions. This acquisition would aim to help clients in the retail value chain, ranging from omnichannel capabilities to customer-centric merchandising to the emerging store presence and creating high-performance businesses.Scope of the StudyMarket Segments covered in the Report:By Organization Size• Large Enterprises• SMEsBy Service Model• Software as a Service• Platform as a Service• Infrastructure as a ServiceBy Component• Solutiono Supply Chain Managemento Customer Managemento Workforce Managemento Merchandisingo Reporting & Analyticso Data Securityo Omni-channelo Others• ServicesBy Deployment Model• Public Cloud• Private Cloud• Hybrid CloudBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Alibaba Cloud (Alibaba Group Holding Limited)• Cisco Systems, Inc.• Salesforce, Inc.• SAP SE• IBM Corporation• Oracle Corporation• Accenture PLC• Amazon Web Services, Inc (Amazon.com, Inc.)• Microsoft Corporation• Google LLC (Alphabet Inc.)Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06469149/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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