Cloud Applications Market

Global Cloud Applications Market Size (2024 to 2029)

The global cloud application market size is predicted to grow from USD 309.62 billion in 2023 to USD 754.36 billion in 2029 at a compound annual growth rate (CAGR) of about 16% over the calculated period.

Cloud applications are software and tools that provide customers with services like software as a service (SaaS). Organizations use these applications without downloading, updating, or maintaining any type of server and with a paid subscription. They offer advantages such as remote accessibility to anytime and any location.

Current Scenario of the Global Cloud Applications Market

The scalability and flexibility of cloud applications and the customization provided by various cloud service providers help businesses adopt cloud applications. Cloud services also help reduce the expenses of implementing IT infrastructure and hardware and hiring skilled resources. These benefits help companies focus on their core businesses and are expected to drive the adoption of cloud applications worldwide.

MARKET DRIVERS

The global cloud application market is expected to experience strong growth in the near future. The growing awareness of the benefits of cloud applications is the main reason for the growth of the global market. In addition to this, the increased use of cloud service among businesses is also one of the main reasons driving the global cloud application market. The increased adoption of advanced technologies in different end-user verticals is also a key element driving the global cloud applications market. In addition, the low cost of maintenance is also a factor that elevates the worldwide market boom.

MARKET RESTRAINTS

On the other hand, the high cost of owning cloud application tools restricts global business. The high cost of raw materials also hampers the global market for cloud applications. Furthermore, expenses related to transportation are the main reason that hinders the world market to some extent.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cloud Applications Analysis By Application

Depending on the application, the global cloud application market is primarily classified into ERP, CRM, HCM, SCM, Content Management, BI, and Analytics. Among applications, the supply management segment will experience strong growth over the forecast period.

The adoption of cloud supply chain management (SCM) among SMEs and large enterprises has increased the management and monitoring of supply chain activities in the most efficient way to reduce costs, improve operations, and guarantee efficiency. Cloud SCM applications provide businesses with real-time access to business data, making it easier to make quick decisions and improve business processes. It removes geographic barriers because many cloud providers rely on common practices to access, store, and retrieve data in the cloud.

Global Cloud Applications Analysis By Organization Size

According to organization size, the global market is segmented into small and medium companies and large companies.

Global Cloud Applications Analysis By Vertical

Based on the verticals, the global cloud app market is ranked primarily in BFSI, Manufacturing, Oil & Gas, Government & Public Sector, Retail & Wholesale, and Telecommunications. Among the verticals, the BFSI segment retained the largest share in 2020. The vertical of Banking, Financial, and Insurance Services (BFSI) is adopting digitalization initiatives at a rapid pace to meet the growing expectations of customers and keep the market very competitive. Suppliers provide a variety of cloud services to banks to implement operating models to improve revenue generation, increase customer visibility, deliver market-relevant products quickly and efficiently, and help monetize business data assets. The banking industry needs to store and manage confidential customer information, such as credit card details, transaction details, and personal information.

REGIONAL ANALYSIS

Regionally, the global cloud application market is segmented into Asia Pacific, Europe, North America, and the rest of the world. Due to increased job opportunities, India and China are expected to drive the global market in the future. The rise in company use of cloud services will drive the global market in North America. The rest of the world will experience moderate growth in the near future.

North America is a major investor in computer technology. The presence of large economies, such as the United States and Canada, in the region is expected to contribute to the cloud application market. The rise in the penetration of the IT infrastructure over the Internet and the presence of the leading cloud service providers has made the region the significant adopter of cloud applications. Companies operating in North America have realized the advantage of using cloud services at an early stage, making them the largest contributor to the global market during the evaluation period.

KEY PLAYERS IN THE GLOBAL CLOUD APPLICATIONS MARKET

The main providers in the cloud application market are Microsoft (USA), Salesforce (USA), Oracle (USA), SAP (Germany), Google (USA), Workday (USA), Adobe (USA), IBM (USA), Infor (USA), Sage Group (UK), Intuit (USA), Epicor (USA), IFS ( Sweden), ServiceNow (United States), OpenText (United States), Cisco (United States), Box (United States), Zoho (United States), Citrix (United States), LogMeIn (United States) and Upland Software (United States ). The research report also looks at strategic alliances and lucrative acquisitions between various global and local players in the cloud ecosystem. These players have largely adopted the association strategy to improve their activity in the market. They also launched new products to meet the needs of diverse end users in all regions.

RECENT DEVELOPMENTS IN THE GLOBAL CLOUD APPLICATIONS MARKET

• In March 2016, Cisco acquired CliQr Technologies to expand its product line and modify its cloud implementation. An industry that invests heavily in research and development to gain a competitive advantage, for example, in 2014, SAP invested USD 2.5 billion in research and development.

• In November 2015, Oracle introduced new innovations to the Oracle Marketing Cloud to help suppliers deliver a better customer experience. In the previous year, the company announced the acquisition of Front Porch Digital, which offers content storage management solutions.

DETAILED SEGMENTATION OF THE GLOBAL CLOUD APPLICATIONS MARKET INCLUDED IN THIS REPORT

This research report on the global cloud applications market has been segmented, sub-segmented, and sub-segmented based on the application, organization size, vertical, and region.

By Application

• Enterprise Resource Planning (ERP)             
• Consumer Relation Management (CRM)   
• Supply Chain Management (SCM  
• HCM          
• Content Management       
• BI & Analytics         

By Organization Size

• SMEs         
• Large   

By Vertical

• BFSI            
• Manufacturing      
• Oil & Gas  
• Government & Public Sector           
• Retail & Wholesale              
• Telecommunications          

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa