Emphasis on Organization Size (Large Enterprises and SMEs); Application (Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Capital Management (HCM), Supply Chain Management (SCM), Content Management, and Business Intelligence (BI) and Analytics); Industry (Banking and Financial Services, Healthcare, Information and Communication Technology, Government, Consumer Goods and Retail, Media and Entertainment, and Others); and Region/Country
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.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Cloud Applications Market Covid-19 Impact
6. Cloud Applications Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Organization Size
8. Market Insights By Application
9. Market Insights By Industry
10. Market Insights By Country
11. Cloud Applications Market Dynamics
12. Cloud Applications Market Opportunities
13. Cloud Applications Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply Side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Cloud Applications Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global cloud applications market were the three major steps undertaken to create and analyze the adoption of cloud applications in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cloud applications market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the cloud applications market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cloud applications market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the organization size, application, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cloud applications market. Further, we conducted factor analysis using dependent and independent variables such as various organization size, application, and industry of cloud applications. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cloud applications market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cloud applications market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cloud applications market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the organization size, application, and industry in the global cloud applications market.
The main objective of the Global Cloud Applications Market Study
The current & future market trends of the global cloud applications market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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