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.
Gather more insights about the market drivers, restrains and growth of the Global Retail Cloud Market
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.
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.Key Companies & Market Share Insights
Some of the key players operating in the market include Accenture; Amazon Web Services, Inc.; and Google LLCAccenture is a global professional services company that provides a broad range of services in consulting, strategy, digital, technology, and operations. The company is actively involved in helping retail organizations leverage cloud technologies to enhance their customer experiences, operations, and overall efficiency.Amazon Web Services, Inc. (AWS) is a subsidiary of Amazon.com and is a foremost provider of cloud computing services. AWS emphasizes innovation, staying at the forefront of emerging technologies such as artificial intelligence and serverless computing.Mirakl SAS. and and Rithum Holdings, Inc. are some of the emerging market participants in the retail cloud market.Mirakl SAS provides a cloud-based platform that enables retailers to create and manage their online marketplaces. The platform facilitates the connection between retailers and third-party sellers, allowing for the expansion of product offerings without the need for retailers to maintain extensive inventory.Rithum Holdings, Inc. focuses on helping retailers and brands optimize their online operations by providing a comprehensive platform for managing product assortment, inventory, and order fulfillment.List of Key Companies in the Retail Cloud Market
Amazon Web Services, Inc.Cisco Systems, Inc.CognizantFujitsuGoogle LLCIBM CorporationOracleSalesforce, Inc.SAP SEOrder a free sample PDF of the Retail Cloud Market Intelligence Study, published by Grand View Research.
