Growing Adoption of Cloud Applications During Coronavirus Pandemic to Boost the Growth of Global Cloud Application Market - Research Dive
PUNE, India, May 11, 2020 /PRNewswire/ -- The sudden COVID-19 outbreak has hugely impacted the global cloud application market in a progressive way. The SMEs segment is anticipated to hold majority of market share in the global market. By verticals, the retail and consumer goods segment is projected to play a dominant role during the period of forecast. Moreover, the Asia Pacific region is expected to create lucrative investment opportunities in the global industry. The prominent players of the market are serving a number of companies with cloud services to sustain in this pandemic situation.
The novel coronavirus (COVID-19) pandemic has left a Positive Impact On The Cloud Application Market and has also created lucrative opportunities for cloud applications in the 1st quarter of 2020. The sustainability of this market is majorly attributed to growing adoption of cloud applications in the healthcare sector in order to maintain huge data bases of the patients to help the governing bodies. Soon after the COVID-19 outbreak many organizations all across the globe quickly adopted the work from home concept and thus cloud has given these organizations several applications to remotely access data and build & run crucial applications. This has allowed the partners and employees to work efficiently in this unprecedented situation. During this unique situation, we at Research Dive are helping our clients in understanding the impact of COVID-19 on the Global Cloud Application Market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
A new report by Research Dive states that the global cloud application market is set to grow at a CAGR of 18.0% and is projected to garner a revenue of $437.9 billion during the period of forecast from 2019 to 2026. The global market is segmented on the basis of organization size, vertical, application, and region. The report delivers in-depth insights on opportunities, vital segments, restraints, drivers, and prominent players of the global market. Our analysts stated that cloud application helps in reducing the cost of deploying IT infrastructure, hiring skilled professionals, and hardware, which is the major factor driving the growth of global cloud application market. Furthermore, users can interact via web browsers or mobile applications with the help of cloud applications and is thereby creating huge growth opportunities in the global industry during the forecast period. However, the limited bandwidth and high-speed internet in many underdeveloped as well as developed economies and growing cyber-attacks are predicted to hinder the market growth in the coming years.
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SMEs Segment to Hold the Majority of Share in the Industry
On the basis of organization size, the overall cloud application market is segmented into large enterprises and small & medium enterprises (SMEs). Among these, the SMEs segment valued for $57.0 billion revenue in 2018 and is anticipated to expand at a CAGR of 19.2% during the forecast period. This is majorly due to the increasing adoption of cloud-based application by small & medium enterprises all over the world.
Retail & Consumer Goods Segment to Dominate the Industry
Based on the verticals, the global market for cloud application is segmented into BFSI, government & public sector, energy & utilities, healthcare & life science, retail & consumer goods, manufacturing, telecommunications, travel & hospitality, transportation & logistics, and others. The retail and consumer goods verticals segment is projected to play a dominant role in the global industry during the period of forecast. This segment is projected to generate a revenue of $36.0 billion and grow at a CAGR of 19.4% by the end of 2029. The dominance of retail & consumer goods segment is attributed to the rapid growth in the adoption of cloud application by cloud technologies and online retailing.
Supply Chain Management Segment to Grow at Highest Rate
On the basis of application, the global cloud application market is bifurcated into enterprise resource management, customer relationship management, human capital management, collaboration and productive suites, business intelligence and analytics, content management, supply chain management, and others. Among these, the supply chain management segment is anticipated to reach up to $67.9 billion by 2026 growing from $17.8 billion in 2018. This segment is estimated to rise at a CAGR of 18.5% during the period of forecast owing to the rapid adoption of cloud supply chain management especially by the SMEs in the recent years.
Asia Pacific Region to Create Lucrative Opportunities in the Industry
Depending on the region, the global industry is segmented into North America, LAMEA, Asia Pacific, and Europe, Asia Pacific. The Asia-Pacific market for cloud application accounted for $29.7 billion in 2018 and is projected to expand at the highest CAGR of 18.5% during the period of forecast. This rapid growth is majorly owing to the growing awareness amongst organizations and industry players regarding the benefits of cloud application in the emerging countries such as India, China, South Korea, and others.
Top 10 Players of the Industry
Some of the key players functioning in the global cloud application industry include:
- Microsoft Corporation
- Oracle
- Salesforce
- SAP
- Workday
- Adobe
- Infor
- IBM
- Intuit
- Sage Group.
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