The COVID-19 pandemic has affected various business sectors across the globe. However, the cloud application market has observed a rapid growth in the recent months. Sudden outbreak of the COVID-19 has created a massive opportunity for cloud applications in the 1Q of 2020. For instance, organizations around the world have adopted the work from home concept, in which cloud has given organizations various applications to remotely access the data, build and run crucial applications and allows to work with the partners and employees across the globe. The healthcare sector has been observed to adopt various cloud applications in the recent days; this is majorly to maintain huge data base of the patients which helps the governing bodies as well to keep a close watch on the patients even after they have recovered and discharged. During this unique situation, our analysts are helping our clients in understanding the impact of COVID-19 on the cloud application market by providing them with an in-depth analysis. Our report includes:
Investment Opportunity Analysis
Pre- & Post-COVID Market Scenario
Supply Side & Demand Side Impact
As per a latest report published by Research Dive, the global cloud application market is set to generate a revenue of $437.9 billion by 2026, at a CAGR of 18.0% during the forecast period from 2019 to 2026. The market has been segmented based on organization size, application, vertical and region. The cloud application report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analysts, cloud applications help in decreasing the cost of deploying IT infrastructure, hardware, and hiring skilled professionals. However, the lack of high-speed internet as well as the limited bandwidth in many developing and underdeveloped countries is anticipated to be the key factor that may hamper the market growth in the near future.
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Small and Medium Enterprises Segments to Have Dominant Share
Based on organization size, the global cloud application market is classified into small & medium enterprises (SME) and large enterprises. The small & medium enterprises segment accounted for $57.0 billion in revenue in 2018 and is projected to grow at 19.2% CAGR by the end of 2026. The growth widely attributed to the rapid growth in the adoption of cloud-based application by SME’s.
Supply Chain Management to be Most Lucrative
Based on solutions, the global market for the cloud application market is classified into customer relationship management, enterprise resource management, human capital management, content management, collaboration and productive suites, supply chain management, business intelligence and analytics and others. The market size for the supply chain management accounted for $17.8 billion in 2018 and is estimated to grow with the highest CAGR of 18.5% CAGR by 2026. This growth is attributed to the rapid growth in the adoption of cloud supply chain management among the SME in the recent years. The cloud-based supply chain management helps SME’s by providing real-time access to the enterprises data which further helps in making quick decisions and better business process.
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Retail and Consumer Goods Verticals to be Most Lucrative
On the basis of verticals, the cloud application market is divided into BFSI, energy & utilities, government & public sector, healthcare & life science, manufacturing, retail & consumer goods, telecommunications, transportation & logistics, travel & hospitality and others. Retail and consumer goods segment are anticipated to dominate the global cloud application market. Retail and consumer goods vertical accounted for $8.9 billion and is projected to grow with a CAGR of 19.4% during the projected time frame. The growth is majorly owing to the rapid increase in the adoption of cloud application by online retailing and cloud technologies that have significantly disrupted the retail and consumer goods segment due to the implementation of cloud computing primarily for backup, storage, and security services.
Geographical Analysis and Major Market Players
Based on the region, the global cloud application market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific cloud application market accounted for $29.7 billion in 2018 and is anticipated to rise at 18.5% CAGR throughout the forecast period. The growth is majorly attributed to the rising awareness about the benefits of cloud application in the developing countries such as
China, India, South Korea, and others, as various players are understanding the importance of cloud applications in their respective business.
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Top 10 major key players in the cloud application market are -