The global cloud-based apps market is expected to expand rapidly as a result of rising demand for data mobility, cost savings in IT infrastructure for enterprises, and access to multiple devices from anywhere. The solutions provide advantages such as universal access, scalability, lower technology infrastructure costs, and economies of scale.
A cloud application, also known as a cloud app, is a type of software that combines cloud-based and local components. Companies use these applications without having to download, update, or manage any kind of server, and they are paid for. This model relies on remote servers for processing logic, which are accessed via a web browser with a constant internet connection. These cloud apps are software and tools that are made available to customers through the Software-as-a-Service model (SaaS).
The global Cloud Applications market size was predicted to reach over USD 165 billion in 2020 and projected to grow at a CAGR of 16.5% over the forecast period. The main driver of this industry is the growing adoption of the application in small and medium-sized businesses, as well as big data management. Small and medium enterprise markets are underserved and provide industry participants with growth opportunities due to low-cost infrastructure requirements and other technological advantages. Data mobility and ease of access have increased, and this is expected to drive demand for cloud-based apps over the forecast period. It provides advantages such as data integration and easy data access from a single point. Because big data is stored on a server, it is simple to manage.
The cloud application market has experienced phenomenal growth in recent years; however, the market has experienced significant growth as a result of the COVID-19 pandemic. This is primarily due to the increasing use of cloud applications, as more than 90% of companies worldwide have implemented work-from-home policies to keep their operations running smoothly. Several cloud service providers, including Microsoft, Google, and UKCloud, have recently issued statements explaining their efforts to meet the sudden surge in demand for Cloud applications caused by the companies' work-from-home policies.
Key Segments of the Global Cloud Applications Market
Application Overview, 2019-2028 (USD Billion)
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suites
- Supply Chain Management (SCM)
- Business Intelligence (BI) and Analytics
Verticals Overview, 2019-2028 (USD Billion)
- Energy and Utilities
- Government and Public Sector
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Transportation and Logistics
- Travel and Hospitality
Organization Size Overview, 2019-2028 (USD Billion)
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Cloud Applications market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Cloud Applications market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Cloud Applications industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Application, Verticals, and Organization Size. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Cloud Applications market. The report will benefit every stakeholder involved in the Cloud Applications market.
- Managers within the Cloud Applications industry looking to publish recent and forecasted statistics about the global Cloud Applications market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Cloud Applications market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
A cloud application is a software programme that combines cloud-based and local components. Cloud application programme services are used by organizations in conjunction with mobile applications or web browsers, and data processing services are used in conjunction with a combination of cloud computing solutions and local devices.
Cloud applications control the logic, output formatting, and data to run a local device on the browser. It handles some processing services and makes a call to the cloud server via the application programming interface (API) for additional data and processing. Enterprises are using cloud-based applications to streamline their business processes, which is fueling market growth.
Based on the Application segment, the market is classified into Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Collaboration and Productive Suites, and Supply Chain Management (SCM), Business Intelligence (BI) and Analytics, and Others. The adoption of cloud Supply chain Management (SCM) among SMEs and large enterprises has increased in order to manage and oversee supply chain activities in the most efficient manner in order to reduce costs while also improving and ensuring efficient operations. Cloud SCM applications provide enterprises with real-time access to enterprise data, allowing for faster decision-making and improved business processes. Cloud SCM eliminates geographical barriers because many cloud providers use common practices for accessing, storing, and retrieving cloud data. As a result, businesses can access data and receive updates about SCM activities from any device, at any time.
Based on the Verticals, the market is segmented into BFSI, Energy and Utilities, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Telecommunications, Transportation and Logistics, Travel and Hospitality, and Others. To meet rising customer expectations and maintain a competitive market, the Banking, Financial Services, and Insurance (BFSI) vertical is rapidly implementing digitalization initiatives. Vendors offer a variety of cloud services that enable banks to implement operating models that improve revenue generation, increase customer insights, deliver market-relevant products quickly and efficiently, and aid in the monetization of enterprise data assets. Customers' confidential information, such as credit card numbers, transaction details, and personal information, must be stored and managed by the banking industry.
Organization Size Segment
Based on the Organization Size, the market is segmented into Small and Medium-sized Enterprises (SMEs), and Large enterprises. The adoption of cloud applications by SMEs and large enterprises has resulted in an increase in the need to manage and oversee supply chain activities in the most efficient way possible in order to reduce costs while also improving and ensuring efficient operations. Cloud applications give businesses real-time access to enterprise data, allowing for faster decision-making and more efficient business processes.
North America is a major investor in information technology. The presence of major economies in the region, such as the United States and Canada, is expected to contribute to the cloud applications market. The region is the leading adopter of cloud applications solutions due to the region's high penetration rate of internet-developed IT infrastructure systems and the presence of the greatest number of cloud service providers. North American enterprises recognized the benefits of using cloud services earlier, making it a key contributor in the global market during the forecast period.
The major players of the global Cloud Applications market are Microsoft, Salesforce, Oracle, SAP, Googe, Workday, Adobe, IBM, Infor, Sage Group, Intuit, Epicor, IFS, ServiceNow, OpenText, Cisco, Box, Zoho, Citrix, LogMeIn, and Upland Software among others. Renowned companies are offering new and modern Cloud Applications. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic Verticalss and Customer Relationship Management (CRM) and to remain competitive in the global market.