The cloud applications market has experienced rapid growth, increasing from $275.09 billion in 2023 to $325.27 billion in 2024, with a compound annual growth rate (CAGR) of 18.2%. This growth in the historic period is due to the increased adoption of artificial intelligence (AI) and machine learning, the growth of IoT devices and edge computing, the rise in remote work and digital transformation, increased reliance on cloud service providers, and the adoption of hybrid and multi-cloud strategies. The market is anticipated to reach $639.17 billion by 2028, growing at a CAGR of 18.4%, driven by scalability and cost efficiency, rapid deployment and time-to-market advantages, increased business productivity, global accessibility and collaboration, and rising digitalization. Key trends include the integration of AI, ML, and IoT with cloud computing across various industry verticals, product innovation, strategic partnerships, expansion of AI and machine learning capabilities, and ongoing technological advancements.
Global Cloud Applications Market Key Driver
The growth of the cloud application market is anticipated to be propelled by the increasing adoption of DevOps toolchains. These integrated tools streamline and automate the software development lifecycle, enhancing the efficiency of developing and deploying cloud applications. DevOps tools facilitate rapid deployment and updates, which reduces time-to-market and improves responsiveness to customer needs. According to the 2022 State of Testing in DevOps Report, enterprises with over 2,000 employees were nearly four times as likely to fully adopt DevOps practices compared to medium-sized enterprises, and 75% of organizations increased their deployment frequency in the past year. This growing adoption of DevOps toolchains is driving the expansion of the cloud application market.
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Global Cloud Applications Market Segments
The cloud applications market covered in this report is segmented –
1) By Organization: Small And Medium-Sized Enterprises, Large Enterprises
2) By Applications: Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration And Productive Suites, Supply Chain Management, Business Intelligence And Analytics, Other Applications
3) By Verticals: Banking Financial Services And Insurance, Energy And Utilities, Government And Public Sector, Healthcare And Life Sciences, Manufacturing, Retail And Consumer Goods, Telecommunication, Transportation And Logistics, Travel And Hospitality, Other Verticals
By Geography:The regions covered in the cloud applications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cloud application market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Cloud Applications Industry Players
Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Salesforce.com Inc., SAP SE, Adobe Inc., Intuit Inc., ServiceNow Inc., OpenText Corporation, Workday Inc., Infor Global Solutions Inc., Citrix Systems Inc., The Sage Group plc, Zoho Corporation Pvt. Ltd., IFS AB (Industrial and Financial Systems), Epicor Software Corporation, Box Inc., Upland Software Inc., Tidip Technologies Ltd., Vultr Holdings Corporation, pCloud AG, Cloudflex Computing Services Limited
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Cloud Applications Market Overview
Cloud applications refer to software applications primarily accessed and used through the internet rather than being installed locally on a user's device. It allows users to access and use applications via web browsers or applications without needing to install or manage software locally.
Cloud Applications Global Market Report 2023 provides data on the global cloud applications market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud applications market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
