The retail cloud “Retail Cloud Market by Type (Solution and Service), Service Model (SaaS, PaaS, and IaaS), Organization Size, Deployment Model (Public, Private, and Hybrid Cloud), and Region – Global Forecast to 2021”, market size is expected to grow from USD 11.06 Billion in 2016 to USD 28.53 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. The major drivers of this market include the rapid adoption of smartphones, need for compliance & collaboration, and shift to omni-channel experience.
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The solution type is estimated to dominate the retail cloud market share during the forecast period
Retail cloud solutions segment is estimated to have the largest market share in the retail cloud market. The retail cloud market is growing at an exponential rate since most of the players are focusing on providing specialized services for the businesses. A rapidly growing demand for customer satisfaction through efficient integration and customer insights through analytics solutions are some of the other drivers impacting the retail cloud market.
Retail cloud services segment is expected to grow at the highest CAGR during the forecast period
The services segment in the retail cloud market is witnessing potential growth owing to the benefits it offers, such as lowered risks, reduced complexity, and rising return on investment. Retailers are opting for these services to quickly address customer queries and concerns, keeping in mind the long term benefits, and to gain competitive advantage. The major players in this market are SAP SE, Oracle Corporation, IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc.
The solution type holds the largest market size and is expected to continue its dominance during the forecast period. These solutions are gaining huge adoption due to scalability, flexibility, and cost-efficiency delivered through cloud. With the growing confidence in cloud-based technology and increasing need for business agility, there has been an increase in the adoption of retail cloud services.
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The Software as a Service (SaaS) model holds the largest market share in 2016 and is expected to grow during the forecast period. SaaS technology provides customers with the benefit of software maintenance, ongoing operation, and support which leads to reduced costs, resources allocation, and time.
The Small and Medium Enterprises (SMEs) are moving towards the adoption of retail cloud and growing rapidly at the highest CAGR during the forecast period. The SMEs are realizing the importance of retail cloud such as immediate response, quick decision making, and customer satisfaction, which can result in faster business operations and revenue growth.
The public cloud deployment model is estimated to hold the largest market size in the retail cloud market. The main reason for the high adoption of public cloud is its ease of access and faster deployment. The main drivers of the public cloud deployment model are the rising demand of scalability, reliability, flexibility, and location independence services.
North America is expected to have the largest market share in 2016, whereas the Asia-Pacific (APAC) region is expected to grow at the highest CAGR from 2016 to 2021 in the retail cloud market. Organizations are shifting towards cloud-based solutions and services with the increasing adoption of digital business strategies. Moreover, enterprises are looking at personalizing the in-store experiences of consumers to provide them with better shopping experiences which is driving the growth of the retail cloud market in North America. This has led the retailers to opt for cloud-based solutions.
APAC is expected to grow at the highest rate owing to the economic outlook in Asia, which seems to be positive for retailers, and the tendency of retail cloud solutions to improve operational issues.
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