Retail Cloud Market Regional Analysis:
North American Market Insights
The North America region is anticipated to account for 34% share of the global retail cloud market during the forecast period. In particular in countries like the United States and Canada, North America's retail market is growing rapidly. Due to the presence of stores like Walrus, Costco, Kroger, Home Depot and Target in this region, retail is one of North America's largest markets. Furthermore, the demand for cloud retail solutions is highest in North America. Compared to many regions, the region has one of the most exploratory store sales scenarios. Furthermore, in specialty stores, there is a high proportion of use of cloud throughout the region. For example, a company called Bernhardt Furniture Company Inc. has used IBM retail cloud technology to develop the Mobile Sales Application and Analytics Platform which enabled them to increase sales by 20 % in just 10 weeks. The company reported that, on the occasion of sales events, its managers were able to reach out to 205 additional customers.
APAC Market Insights
Asia Pacific retail cloud market is anticipated to hold around 28% of the revenue share during the forecast period. In Asia Pacific, this growth is attributable to the growing demand for cloud computing services from SMEs. Strong economic growth, increasing Internet penetration and the growing adoption of mobile phones are taking place in countries such as China, India or Japan. In turn, the demand for effective retail cloud to support the booming e commerce sector is driven by this. In addition, the demand for retail cloud will increase as a result of substantial investment by governments and businesses in cloud infrastructure. SMEs invested 47% of their IT budgets a 67% increase from 2021 to 2022 in cloud services. By 2023, they will have spent more than 50% of their technological spend on cloud services.
