MarketsandMarkets expects the retail cloud market 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%. The demand for retail cloud is increasing due to the increasing data volumes being captured, rising demand for real-time integration of analytical results, and the government’s efforts for digital transformation.
The retail cloud market is segmented by service into professional services and managed services. With the penetration of cloud computing, the number of cloud service users in the retail sector has increased significantly. Usage-based billing & lowering cost, business agility, and business continuity through a policy-driven, software-defined cloud are the major factors driving retail services organizations to move to cloud.
Browse 64 market data tables and 55 figures spread through 148 pages and in-depth TOC on “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″
Infrastructure as a Service (IaaS) is estimated to grow at the highest CAGR during the forecast period. IaaS enables enterprises to deploy their applications on the cloud as per requirement and consumption to save IT infrastructure costs. One of the major advantages that IaaS provides is the capability to transfer the work to the cloud at the time of peak demand for on-premises systems. This helps them to save their capital resource that may get used as the cost of additional servers.
In the hybrid cloud model, enterprises use both private and public cloud simultaneously. To store data of less significance, enterprises opt for public cloud, but data of significant importance is kept on private cloud. It simultaneously targets the two major concerns of scalability and security, which is difficult to attain by only using either public or private cloud deployment frameworks.
Small and Medium Enterprises (SMEs) are moving towards the adoption of retail cloud solutions & services and growing rapidly at the highest CAGR 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, which is why they are expected to grow in the coming years. Moreover, the data backup is managed by the application vendors, eventually freeing the staff for other business task.
The Asia-Pacific (APAC) region is expected to be the fastest-growing region in terms of CAGR and experiences major growth opportunities during the forecast period. There is huge potential in this region for cloud adoption in retail, which can be addressed to create better business opportunities. The major countries to witness high growth rates in this region include China, Singapore, India, Malaysia, Australia, and New Zealand. The increasing adoption of retail cloud solutions in this region is due to the economic outlook of Asia, which seems to be positive for retailers, and the tendency of retail cloud solutions to improve the operational issues. The increasing trend of adopting cloud-based solutions would give rise to the growth of the retail cloud market in this region. Some of the major players offering retail cloud solutions in APAC include Hitachi Solutions and Fujitsu.
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