As of 2021, the global retail cloud market size was valued at approximately USD 18.7 billion, according to a report by Market Research Future. The market is projected to grow at a compound annual growth rate (CAGR) of around 18.7% from 2021 to 2027, reaching a value of approximately USD 51.8 billion by 2027.

The growth of the retail cloud market is driven by several factors, including the increasing need for retailers to streamline their operations, reduce costs, and improve the customer experience. The adoption of cloud-based solutions provides retailers with the flexibility, scalability, and cost-effectiveness they need to stay competitive in today's market.

Moreover, the COVID-19 pandemic has accelerated the adoption of cloud-based solutions in the retail sector as retailers have had to quickly adapt to changing market conditions and consumer behavior. The pandemic has also increased the demand for e-commerce and omnichannel retailing, both of which rely heavily on cloud-based solutions for their operations.

Overall, the global retail cloud market is expected to continue its growth trajectory in the coming years, driven by the increasing adoption of cloud-based solutions by retailers of all sizes and across all geographies.

Global Retail Cloud Market

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.

The Software as a Service segment is leading the Global Retail Cloud Market by Service Model in 2022 thereby, achieving a market value of $64.5 billion by 2029. As a tool to manage crucial tasks like point of sale (POS), inventory management, and customer relationship management (CRM), SaaS has grown in popularity in the retail sector.

Leading players in this market

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market.

The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.

Geographical Outlook

The North America market dominated the Global Retail Cloud Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $45.5 billion by 2029.