The cloud applications market is witnessing rapid growth, increasing from $275.09 billion in 2023 to $325.27 billion in 2024, reflecting an impressive CAGR of 18.2%. This growth is fueled by the increasing adoption of AI and the rise of remote work. The market is projected to reach $639.17 billion by 2028, with a CAGR of 18.4%. Key factors include scalability and cost efficiency, along with ongoing digital transformation. Major trends involve the integration of AI with cloud computing and strategic partnerships across industries.
Major Driver In The Cloud Applications Market
The cloud application market is anticipated to flourish due to the rising adoption of DevOps toolchains. These integrated tools enhance the efficiency of the software development lifecycle, facilitating rapid deployment and updates. According to the 2022 State of Testing in DevOps Report, large enterprises are significantly more likely to adopt DevOps practices, with 75% of organizations increasing their deployment frequency in the past year. This growing trend in DevOps is driving the expansion of the cloud application market.
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Cloud Applications Market Competitive Landscape
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
Key Cloud Applications Market Trend
Major companies operating in the cloud applications market are developing technologically advanced solutions, such as cloud mesh, to enhance application-centric connectivity across hybrid and multi-cloud environments. Cloud mesh is an advanced networking architecture designed to interconnect multiple cloud environments, allowing seamless integration and communication. For instance, in May 2023, IBM, a US-based technology and consulting company, launched the IBM Hybrid Cloud Mesh. It is designed to enable enterprises to use simple, scalable, and secure application connectivity across hybrid and multi-cloud environments. The goal is to help organizations eliminate the isolation of various IT environments and speed up application deployment and management. It is positioned as a solution to address the growing need for improved multi-cloud and hybrid-cloud connectivity, visibility, and management.
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Cloud Applications Market Segmentation
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.
The Cloud Applications Global Market Report 2024 furnishes information about the global cloud applications market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
