According to a research report "Cloud Applications Market by Application (ERP, CRM, HCM, SCM, Content Management, BI and Analytics), Organization Size, Vertical (BFSI, Manufacturing, Government & Public Sector, and Telecommunications), and Region Global Forecast to 2025" published by MarketsandMarkets, is expected to grow from USD 171 billion in 2020 to USD 356 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period. The growing demand for cloud-based services and advanced technologies, increasing need to engage with customers, flexibility to work from anywhere, and deliver an enriched experience continuously are some of the major factors driving the growth of the cloud applications market.
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Among applications, the supply management
segment to witness high growth during the forecast period
The adoption of cloud
Supply chain Management (SCM) among SMEs and large enterprises has increased to
manage and oversee the supply chain activities in the most effective manner to
reduce the cost as well as enhance and guarantee efficient operations. Cloud
SCM applications provides enterprises real-time access to the enterprise data,
which facilitates rapid decision-making and enhanced business processes. Cloud
SCM removes the geographical barriers, as many cloud providers rely on common
practices for accessing, storage, and retrieval of cloud data. Thus,
enterprises have freedom of accessing data and getting updates related to SCM
activities from anywhere at any device. The real-time visibility of data makes
supply chain more dynamic, secure, and interactive.
Among verticals, the BFSI vertical to hold
the highest market share in 2020
The Banking, Financial Services, and
Insurance (BFSI) vertical is adopting digitalization initiatives at a rapid
pace to meet the rising customer expectations and sustain the highly
competitive market. Vendors provide an array of cloud services for banks to
implement operating models for improving revenue generation, increasing
customer insights, delivering market-relevant products quickly and efficiently,
and helping in monetizing enterprise data assets. The banking sector needs to
store and manage customers’ confidential information, such as credit card
details, transaction details, and personal information. This data needs to be
securely stored as losing such data might result in customer loss and may
create a negative brand value in the market. This is leading to the growing
adoption of cloud applications.
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North America
to hold the largest market size during the forecast period
North America is one of the leading investors in IT
technologies. The presence of major economies, such as US and Canada, in the
region is expected to contribute in the cloud applications market. Higher
penetration rate of internet developed IT infrastructure system, and presence
of highest number of cloud service providers have made the region the topmost
adopter of cloud applications solutions. The enterprises operating in North
American region have realized the benefit of using cloud services at earlier
stage making it the key contributor in the global market during the forecast
period.
Key
Market Players
Major vendors in the cloud applications market include
Microsoft (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US),
Workday (US), Adobe (US), IBM (US), Infor (US), Sage Group (UK), Intuit (US),
Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box
(US), Zoho (US), Citrix (US), LogMeIn (US), and Upland Software (US). The
research report also studies strategic alliances and lucrative acquisitions
among various global and local players in the cloud ecosystem. These players
have majorly adopted the strategy of partnerships to enhance their business in
the market. They have also launched new products to cater to the needs of
diverse end users across regions.
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