Cloud Application Market is valued at 173.18 USD Billion in 2019 and expected to reach USD 399.27 Billion by 2026 with the CAGR of 14.94% over the forecast period.
Scope of the report
This report analyses the global market for Cloud Application. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to provide complete information on the global scenario. The qualitative and quantitative data provided in this study can help user understand which market segments are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
Industry Overview
Cloud computing is an important advancement in the delivery of information technology and services. Cloud offers best-in-class services across software as a service, platform as a service, infrastructure as a service and data as a service. The use of cloud computing has expanded into nearly every organization and new applications continue to evolve whether it be public, private models. Cloud services supports broad spectrum of business applications to run core business processes and operations. For examples it can be used in sales, marketing, financials, human capital management, and supply chain management. Growing awareness regarding the benefits of cloud and its end-to-end technologies among enterprises is expected to augment the growth of market in forecast period.
Key Players
Microsoft Azure, Amazon Web Services, Salesforce, Oracle Cloud, IBM Cloud, Google Cloud Platform, Alibaba Cloud, SAP, Workday, Adobe, sage Group, Intuit, Cisco, Box, Zoho, Citrix, LogMeIn, Upland Software and others.
Above mentioned companies are scrutinized to assess competitive landscape of global cloud application market. Report provides company profiles of each player. Each profile include company business overview, company governance, company product portfolio, company financials, business strategies, company locations, recent developments and strategic collaborations and partnerships, product launch, company segments, application diversification and company strength and weakness analysis.
Review period
Historic Period: 2016 to 2019
Forecast Period: 2020 to 2026
Regions
• North America: U.S., Canada and Rest of North America
• Europe: UK, France, Germany, Italy, Spain and Rest of Europe
• Asia Pacific: China, Japan, India, Australia and Southeast Asia and Rest of Asia Pacific
• Latin America: Brazil, Argentina and Rest of Latin America
• Middle East and Africa: Gulf Countries, Israel, Africa and Rest of Middle East and Africa
Market Segmentation
By Type
• Customer relationship management
• Analytics
• Collaboration
• Content management
• Human capital management
• E-commerce
• Project and portfolio management
• Enterprise resource planning
• Legal and risk management
• Finance and accounting
• Others
By organization size
• Small and Mid-sized Enterprises
• Large Enterprises
By Applications
• BFSI
• Energy and Utilities
• Government
• Healthcare
• Manufacturing
• Retail
• Telecommunications
• Logistics
• Others
Regional Insights
Global cloud application market is led by North America. The growth in the region is attributed to the presence of developed markets such as U.S. and Canada. U.S. Cloud industry has grown tenfold in the last few years. The U.S. cloud industry has added nearly USD 200 billion in value to the U.S. gross domestic product in 2017. The region has presence of major players of cloud services for example Amazon Web Services is the leading cloud vendor with a 32% share. Asia Pacific is the fastest growing region accounting highest CAGR. The growth in the region is solely driven by booming economies such as China and India. China has emerged as a global leader in data computing that includes Artificial Intelligence, IOT, Virtual Reality, E-commerce, Smart Cars and Online Payments. The credit for development of the cloud industry in China goes to the strong government initiatives. The development of cloud industry is major strategic priority for the central government and is highlighted in the country’s 12th and 13th Five-Year Plans. The Ministry of Industry and Information Technology and the National Development and Reform Commission have already established pilot cloud schemes in Beijing, Hangzhou, Shanghai, Shenzhen and Wuxi. In addition, China’s state-owned telecom companies plan to invest approximately USD 180 billion between 2015 and 2017 in fixed-line and wireless connectivity to support Internet access and cloud services. Growing enthusiast for on-demand video, mobile gaming and online content in China, content providers will need to invest in sophisticated computing services in order to provide uninterrupted service and fast download speeds. The growth, investment and adoption of the cloud in China will foster the cloud application market in the forecast period.
Factors Affecting the Market
Growing adoption of cloud services in different sectors is the major driver for the growth of market. Cloud computing offers high quality computer services and solution over servers, storage spaces, networks, databases, analytics and numerous internet resources. Using the internet to access better resources, rapid innovations make cloud computing different from traditional computing and networking. Cloud applications and solutions have reformed the business models and practices of numerous business organizations. According to experts 60% of workloads were running on hosted cloud service in 2019. Cloud computing trends show Cloud data centers will process 94% of workloads in 2021. Future of cloud computing is bright with the prospect of higher degrees of innovations and simplified solutions for the business and marketing sectors. However, data security concerns and threats from cyber-attacks may limit the growth of the market.
Important Questions Answered by Global Cloud Application Market Report
• Which is the largest and fastest-growing region?
• What are the factors affecting growth of market?
• What are Key trends and opportunity areas?
• Which are the major end-use industries of market?
• What are the major strategies adopted by leading market companies?