The global Cloud Applications market size is predicted to reach over USD 165 billion in 2020 and projected to grow at a CAGR of 16.5% over the forecast period.
SaaS software is used by businesses to deliver a web application as well as underlying IT platforms and infrastructure. SaaS software provides an ideal business solution by maintaining infrastructure, platforms, and software, providing valuable insights into business operations, and allowing workflows to be streamlined. Furthermore, it provides content management systems, human resource software, and customer relationship management tools, all of which contribute to the market's growth.
Because of the possibility of hacking, data theft is a major concern. Data privacy concerns may stymie industry growth during the forecast period. The advancement of app technology is expected to provide a significant opportunity. The advancement is expected to improve the customer experience, transaction security in banking apps, and data optimization. Cloud-based applications can be used to automate enterprise processes. Inventory can be easily maintained by tracking enterprise logistics through automation.
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 report also emphasizes several distinctiveness of the global Cloud Applications industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Cloud Applications industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Cloud Applications market has tough competition among the new emerging and pre-established market vendors. Besides, the Cloud Applications industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
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.
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 software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of 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