The global cloud application market was valued at US$52.605 billion in 2017 and is projected to expand at a CAGR of 14.04% over the forecast period to reach US$115.71 billion by 2023. Cloud applications are applicant programs offered as a Software-as-a-Service (SaaS) to the users by the cloud service providers. These applications can be used as paid-subscription contracts by organizations, eliminating the need to download, upgrade or maintain any servers. Major factors driving the growth of the market are increasing adoption of cloud solutions and services, growing need for big data analysis and rising demand for mobility. Increasing size of enterprise data on the cloud is leading to a higher demand for cloud-based data management services. The benefits of adopting Cloud Applications include standardized business process and optimized capital expenditures and maintenance costs. However, data security and migration are some of the factors limiting the growth of this market.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the cloud applications value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global cloud applications market.
Major industry players profiled as part of the report are Cisco, Microsoft Corporation, IBM, and Adobe among others.
The global cloud applications market has been analyzed through following segments:
By Business Size
Small and Medium Business
By Industry Vertical
Communication and Technology
Media and Entertainment
Oil and Gas
Middle East and Africa