(I-BusinessNews.Com, August 02, 2019 ) According to a new market research report “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″, published by MarketsandMarkets, the 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.
Browse and in-depth TOC on “Retail Cloud Market”
64 – Tables
55 – Figures
148 – Pages
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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.
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North America is the leading region in terms of market share in the retail cloud market space
North America is expected to hold the largest market share and dominate the retail cloud market in 2016, as organizations are shifting towards cloud-based solutions and services with the increasing adoption of digital business strategies. Moreover, enterprises are shifting towards 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. These are some of the major driving factors contributing to the growth of cloud-based solutions and services in North America.
The major vendors covered in the retail cloud market for the study are Oracle Corporation (California, U.S.), Cisco Systems, Inc. (California, U.S.), SAP SE (Wurttemberg, Germany), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington, U.S.), Computer Sciences Corporation (Virginia, U.S.), Fujitsu Limited (Tokyo, Japan), Infor, Inc. (New York, U.S.), Epicor Software Corporation (Texas, U.S.), JDA Software group, Inc. (Arizona, U.S.), and Syntel Inc. (Michigan, U.S.).
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