According to a research report "Cloud Applications Market help in reducing the cost of deploying IT infrastructure, hardware, and hiring skilled resources. These benefits help enterprises focus on their core businesses and are expected to drive the adoption of cloud applications across the globe. Cloud Applications Market define, describe, and forecast by application, organization size, vertical, and region. - Global Forecast to 2025" published by MarketsandMarkets. The cloud applications market size 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.
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Among applications, cloud-based customer
relationship Management applications to hold the largest market size during the
forecast period
Cloud Customer
Relationship Management (CRM) enables enterprises to store and utilize customer
data at scale to offer better services and manage relationships with customers.
Cloud-based CRM is gaining popularity among enterprises due to various benefits
it offers, such as 360° view of the contact, accessibility, affordability
(especially for Small and Medium-sized Enterprises [SMEs]), rapid
implementation, easy upgradation, scalability, and integration capability with
other data sources. Cloud-based CRM applications centralize the customer
database and provide a comprehensive view of all interactions with customers,
offer instant access to real-time insights of sales opportunities, and automate
task management processes. With ease of use and affordability, it increases
customer retention rates making business more successful. Salesforce, Zoho,
Oracle, Microsoft, and Oracle are some leading vendors offering cloud CRM.
Retail and consumer goods vertical is one of
the fastest-growing verticals in the region
Factors driving the adoption of cloud
applications are the rising purchasing power of customers and the need to
satisfy customer expectations, which leads to the existing customer retention
and new customer acquisition. Online retailing and cloud technologies have
significantly disrupted the retail and consumer goods vertical leading to the
adoption of cloud computing mainly for storage, backup, and security services.
Cloud computing services enable retailers to access customer data with just one
click from any store located anywhere, thus leading to better customer service
delivery. For instance, 1-800-Flowers is a floral and gourmet foods gift
retailer and distribution company in the US. This store is leveraging the
private cloud to offer seamless shopping experiences to the customers. The use
of cloud services helps 1-800-Flowers to offer personalize gift recommendations
for customers and particular occasions.
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North
America to have the largest market size during the forecast period
North
America is a step ahead in terms of adoption for technologies because of the
developed economy. Enterprises operating across varied verticals in the region
uses cloud applications such as CRM, ERM, HCM, and SCM to maintain and automate
business processes. North America is the home to the leading cloud applications
vendors, including Microsoft, Salesforce, Oracle, Google, Workday, Adobe, and
IBM, making it contribute a larger share in the cloud applications revenue.
Other factors driving the adoption of the cloud technology in this region
include reduced costs, improved infrastructure efficiency, and enhanced
scalability.
Major
vendors offering cloud applications across the globe includes 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).
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