LONDON, Feb. 14, 2017 /PRNewswire/ -- Rapid adoption of smartphones, need for compliance & collaboration, and shift to omni-channel experience are expected to drive the overall retail cloud market
The retail cloud market size is estimated 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% due to factors such as rapid adoption of smartphones, need for compliance & collaboration and shift to omni-channel experience. However, the growing concerns regarding data security and privacy are the major restraints in the overall growth of the market.
Small and Medium Enterprises (SMEs) segment is expected to be the fastest growing organization size during the forecast period"
The SMEs segment is expected to have the largest market size during the forecast period. Cloud services have become a central part of the business processes in SMEs due to the ease of use and the flexibility they offer, owing to which they are expected to grow in the coming years. The factors driving the retail sector in SMEs includes the flexibility offered by cloud services. Moreover, the data backup is managed by the application vendors, eventually freeing the staff for other business tasks.
The professional services type is estimated to dominate the retail cloud market share during the forecast period
The professional services in the retail cloud market is estimated to hold the largest market share. The professional services include deployment and integrated services. These services enable retailers in lowering risks, reducing complexity, and rising return on investment as they can be customized, are easily applicable, and deliver maximum product assurance. The retail sector is moving toward cloud adoption for efficient operational functions and to offer better customer experiences. Professional services include training development; design, implementation, and project management; deployment methodology; pre-planning; and cost effectiveness.
Asia-Pacific (APAC) is projected to witness the highest growth during the forecast period and North America is expected to hold the largest market share during the forecast period
APAC is expected to grow at the highest rate during the forecast period. There is huge potential in this region for cloud adoption in the retail sector, which can be addressed to create better business opportunities. The increasing adoption of retail cloud solutions in this region is due to the economic outlook in Asia, which seems to be positive for retailers, and the tendency of retail cloud solutions to improve the operational issues. The increasing trend towards cloud-based solutions would give rise to the growth of the retail cloud market in this region. North America is expected to hold the largest market share and dominate the retail cloud market in 2016. Various factors contributing to this growth are the organizations' shift toward cloud-based solutions and services, along with the increasing adoption of digital business strategies, and enterprises' preference to personalize the in-store experiences of consumers to provide them with better shopping experiences.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up of profiles of primary discussion participants is given below:
- By Company Type: Tier-1 (37%), Tier-2 (48%), and Tier-3 (15%) companies
- By Designation: C-level (38%), Director Level (22%), and Others (40%)
- By Region: North America (25%), APAC (40%), Europe (12%), and Rest of World (23%)
The list of retail cloud vendors profiled in the report is as follows:
1. Oracle Corporation (California, U.S.)
2. Cisco Systems, Inc. (California, U.S.)
3. SAP SE (Wurttemberg, Germany)
4. IBM Corporation (New York, U.S.)
5. Microsoft Corporation (Washington, U.S.)
6. Computer Sciences Corporation (Virginia, U.S.)
7. Fujitsu Limited (Tokyo, Japan)
8. Infor, Inc. (New York, U.S.)
9. Epicor Software Corporation (Texas, U.S.)
10. JDA Software group, Inc. (Arizona, U.S.)
11. Syntel Inc. (Michigan, U.S.)
The global retail cloud market has been segmented on the basis of types, service models, organization sizes, deployment models, and regions. The various types of analysis covered in the study include retail cloud ecosystem, value chain analysis, competitive landscaping, and market dynamics.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the retail cloud market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and acquisitions.
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