Retail Cloud Market Size Poised To Reach USD 167.82 Billion By 2030

San Francisco, 28 March 2024: The Report Retail Cloud Market Size, Share & Trends Analysis Report By Component (Customer Management), By Service Model Type (SaaS, IaaS, PaaS), By Deployment, By Organization Size, By Region, And Segment Forecasts, 2024 - 2030

The global retail cloud market is anticipated to reach USD 167.82 billion by 2030 and is expected to expand at a CAGR of 18.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Cloud computing significantly impacts the retail industry; it drives innovation through improved inventory management, allowing real-time tracking, identifying stock shortages, and optimizing supply chains, resulting in better customer service, increased sales, and cost reduction. Moreover, cloud-based solutions enable retailers to collect and analyze customer data, delivering personalized recommendations and offers, fostering stronger customer relationships and higher sales. Additionally, retailers can create new sales channels, such as online stores and mobile apps, providing more avenues to reach customers and enhance product accessibility. Furthermore, cloud-based security solutions safeguard critical data, protecting retailers from cyber threats and ensuring a secure digital environment. The widespread adoption of cloud computing is reshaping the retail landscape, bringing greater efficiency and customer satisfaction to the industry.

Cloud computing offers the retail industry a range of advantages, supporting their need to adapt swiftly and outperform competitors. Key benefits include cost savings by reducing IT infrastructure expenses, licensing fees, and maintenance costs. The scalability of cloud solutions enables retailers to flexibly adjust resources based on varying demands, which is ideal for handling seasonal fluctuations. Cloud computing providers also offer robust security measures, safeguarding retailers' valuable data. Additionally, cloud adoption enhances retailers' agility, enabling quick responses and adaptability in the ever-changing market landscape. Embracing cloud computing empowers retailers to streamline operations, bolster security, and remain competitive in the dynamic retail sector.

Retailers in North America are increasingly adopting cloud computing due to cost savings through reduced server maintenance and infrastructure expenses, scalability allowing flexible resource management, heightened security provided by cloud providers for safeguarding sensitive customer data, and access to continuous innovation and cutting-edge technologies. As a result, cloud computing is significantly transforming the retail sector in North America, enhancing operational efficiency, customer service, and security measures, ultimately leading to a more customer-centric retail experience. Retail giants such as Walmart, Target, and Best Buy leverage cloud solutions to optimize their supply chain management, personalize marketing campaigns, and improve customer service through chatbots.

Access Research Report of Retail Cloud Market @ https://www.grandviewresearch.com/industry-analysis/retail-cloud-market-report

Retail Cloud Market Report Highlights

  • The solution segment held the largest market share of over 64.6% in 2023. This is due to the increasing demand for cloud-based solutions to help retailers improve their operations and customer experience.
  • The public cloud segment is anticipated to grow substantially over the forecast period. This growth is attributed to the public cloud providers that offer a wide range of services that can be customized to meet the specific needs of retailers.
  • The large enterprises segment will likely account for a sizable global market share. Retail cloud solutions allow large enterprises to reduce costs, streamline their operations, and enhance customer experience.  
  • Some regions in North America have the most competitive and constantly changing and rising technology improvements in the market. The expanding number of retailers adopting the cloud globally is projected to support market expansion.

Retail Cloud Market Report Scope

Report Attribute

Details

Market size value in 2024

   USD 59.95 billion

Revenue forecast in 2030

   USD 167.82 billion

Growth Rate

CAGR of 18.7% from 2024 to 2030

Base year for estimation

2023

Historical data

2017 - 2022

Forecast period

2024 - 2030

List of Key Companies in the Retail Cloud Market

  • Amazon Web Services, Inc.
  • Cisco Systems, Inc.
  • Cognizant
  • Fujitsu
  • Google LLC
  • IBM Corporation
  • Oracle
  • Salesforce, Inc.
  • SAP SE

Access Press Release of Retail Cloud Market @ https://www.grandviewresearch.com/press-release/global-retail-cloud-market

 

 

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