Cloud Applications Market: Current Analysis and Forecast (2021-2027)

Cloud Applications Market: Current Analysis and Forecast (2021-2027)

The global cloud applications market is expected to register a CAGR of around 16% over the period of 2021-2027. The global cloud applications market is uplifting on account of the growing focus on delivering enhanced customer experience, increasing awareness of the benefits of the cloud and its imminent technologies among organizations, and growing demand for safe and secure backed-up remote work. Moreover, the flexibility and scalability offered by cloud applications followed by the customization delivered by cloud application service providers will positively stimulate the industry landscape. A cloud application is a software that runs processing logic and data storage between two different systems, client-side, and server-side. Some processing is done on the end user's local hardware and some take place on a remote server.

Microsoft Corporation, Salesforce Inc., Oracle Corporation, SAP SE, Google LLC, Workday Inc., Adobe Inc., Sage Group plc, Intuit Inc., and Cisco Systems Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst application, the supply chain management (SCM) held a prominent share in the market in 2020”

On the basis of application, the market is divided into enterprise resource planning (ERP), customer relationship management (CRM), human capital management (HCM), supply chain management (SCM), content management, and business intelligence (BI) and analytics. The SCM captured a commendable share of the global cloud applications market in 2020 and is anticipated to witness steady growth during the forecast period mainly due to better collaboration with suppliers, better quality control, shipping optimization, reduced inventory, overhead costs, and improved risk mitigation features provided by SCM.
"Amongst industry, banking and financial services industry captured a prominent share in the market in 2020”

Based on industry, the market is divided into banking and financial services, healthcare, information and communication technology, government, consumer goods and retail, media and entertainment, and others. Among these categories, the banking and financial services industry accounted for a significant share of the global cloud application market in 2020 and is expected to witness a robust CAGR during the forecast period. This is because the banking industry gets a higher level of data protection, fault tolerance, and disaster recovery. Further on, cloud applications also offer a higher level of redundancy and backup at a lower cost than traditional managed solutions.
"North America to witness significant growth during the forecast period”

North America accounted for a significant share of the global cloud applications market and is expected to grow at a steady growth rate during the forecast period. The growth of the cloud applications market in the region can be attributed to the increased acceptance of cloud application services and the presence of a large number of service providers in the region. Further on, the governments are also adopting cloud applications, which is impacting the cloud applications market in the region. For instance, one of the major cloud services providers AWS provides a secure, scalable, and cost-effective solution to support the unique needs and missions of the US federal government. Its cloud services can be used to meet obligations, reduce costs, increase efficiency, and drive innovation in private, intelligence, and Department of Defense.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.