BANGALORE, India, July 2, 2020 /PRNewswire/ -- Global Cloud Applications market size is projected to reach USD 365.00 Billion by 2026, from USD 147.12 Billion in 2020, at a CAGR of 16.35% during 2020-2026.
The scalability and flexibility of cloud applications, together with the customization provided by various cloud service providers, help businesses to adopt cloud applications. Cloud applications help reduce the cost of installing IT hardware and infrastructure and help companies concentrate on their core businesses. These advantages are expected to accelerate cloud application adoption during the forecast period.
The report offers an exhaustive geographical analysis of the global Cloud Applications market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India, and Central & South America. The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
This report also analyses the impact of Coronavirus COVID-19 on the Cloud Applications industry.
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TRENDS INFLUENCING THE CLOUD APPLICATION MARKET SIZE
- Factors such as increased use of advanced technology adoption, low maintenance costs, and business expansion are driving the market growth.
- The rapid increase in the use of mobile apps is the primary reason for the growth of the cloud application market size. The convenience of apps to access data, make financial transactions, extract vital information, share information in real-time, and improve flexibility and productivity are fueling the market growth.
- The banking sector needs to store and manage confidential customer information, such as credit card details, transaction details, and personal information. These data need to be stored securely, as the loss of such data could result in a loss of the customer and could result in negative brand value on the market. This widespread adoption by the BFSI sector is, in turn, expected to increase the cloud application market size during the forecast period.
- Market growth can be constrained by concerns over data security.
CLOUD APPLICATION MARKET SHARE
On the basis of the application, the cloud Supply Chain Management (SCM) segment is expected to witness the highest growth rate during the forecast period. This is due to the growing acceptance among small and medium-sized enterprises as well as large enterprises in order to ensure enhanced business processes. For example, Cloud SCM applications provide businesses with real-time access to enterprise data, which facilitates rapid decision-making and enhanced business processes.
Based on the region, the North American region is expected to dominate the Cloud application market share during the forecast period. North America is one of the leading investors in IT technology. The presence of major economies in the region, such as the US and Canada, is expected to contribute to the growth of the cloud application market.
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CLOUD APPLICATION MARKET SEGMENTATION
Cloud Applications Breakdown Data by Type
- File Storage
- File Sharing
- Customer Relationship Management
Cloud Applications Breakdown Data by Application
- Government and Public Sector
The following players are covered in this report:
- Infor (Koch Industries)
- Sage Group
- Cisco Systems
- Upland Software
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