Global Retail Cloud Market is expected to reach USD 28.67 Billion in 2024 from USD 11.16 Billion in 2017 at a CAGR of 20.92%. Factors which are involved in the growth of Retail Cloud market include increasing demand for cloud-based solution and services, increased adoption of smartphones, tablets, and digital business transactions.
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Customer Management holds the largest share of the Retail Cloud market
Based on the product type, the Retail Cloud market is segmented as Customer Management, Work Force Management, Supply Chain Management and Data Security Management. Among these, Customer Management holds the highest share in the market owing to the increasing demand for customer satisfaction through effective communication and analyzing the market insights with cloud-based services.
Small and Medium scale industries hold the largest share in the market
Based on end-user application, the Retail Cloud market is segmented into Small, Medium and Large scale industries. Out of these Small and Medium scale industries hold the largest share in the market owing to the advantages like flexibility, easily applicability and ease in product undertaking. Professional services which include deployment and integrated services are expected to hold the significant shares in the market because of its low complexity and risks in the cloud-based platform.
North America holds the largest share in the market in 2017
Enhancing technology and increased adoption of cloud-based services has made North America dominate the retail cloud market in 2017. North America is followed by Europe. Asia-Pacific region is anticipated to hold significant shares in the market by 2024 owing to its increased adoption of cloud-based services in the retail sector to create better business opportunities.
The Crucial players in the Retail Cloud market include Oracle Corporation, Cisco Systems Inc, SAP SE, International Business Machines Corporation, and Microsoft Corporation among others.
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