The global cloud-based apps market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the cost saving in IT infrastructure for enterprises, increasing demand for mobility in data usage, and multiple devices access from anywhere.
Cloud-based apps is an integrated solution that manages public, private, and hybrid cloud environments, with the goal of offering agility and cost savings. The platform promotes access to web-based hardware and software resources as well as third-party resources. This is especially the case now that cloud-based programs are increasingly becoming a critical component of any business IT environment, with the ability to manage and execute apps via a SaaS model, or to build up and manage your cloud engineering via an IaaS or PaaS stage. Small and large businesses can benefit from cloud computing services. The platform enables access to large amounts of memory, processing power, and storage for all computational needs.
The impact of COVID-19 pandemic has been positive on the engineering software market. During the pandemic, lockdown imposed by governments across the globe escalated the demand for cloud-based apps and is expected to remain the same during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Growing use of cloud-based services, which enables access to the applications is expected to boost the market growth in the coming years.
- Increasing adoption of the application in big data management and small & medium enterprises is one of the key factors driving the market growth.
- Complexities in integrating application is projected to hinder the market expansion during the forecast period.
- Issues related to data theft and security presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Advancement in app technology is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global cloud-based apps market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cloud-based Apps Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Verticals (Media & Entertainment, Healthcare & Life Sciences, Education, BFSI, Telecommunication & IT, Retail, Government, Oil & Gas, Discrete Manufacturing, and Others), Types (Project & Portfolio Management, Human Capital Management, Customer Relationship Management, Analytics, Content Management, Finance & Accounting, E-commerce, Collaboration, Enterprise Resource Planning, Supply Chain Management, Procurement & Distribution, Content Management System, Legal & Risk Management, and Others), and End-users (Large Enterprise and Small & Medium Enterprise)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Microsoft Corp.; Salesforce; SAP SE; Workday, Inc.; Cisco Systems, Inc.; NetSuite Inc.; Ultimate Software Group, Inc.; Adobe Inc.; and IBM Corp.
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Market Segment Insights
Healthcare & life sciences segment to grow at a rapid pace
Based on verticals, the global cloud-based apps market is segmented into media & entertainment, healthcare & life sciences, education, BFSI, telecommunication & IT, retail, government, oil & gas, discrete manufacturing, and others. The healthcare & life sciences segment is expected to grow at a rapid pace during the forecast period owing to the requirement for data transparency in the sector. However, the telecommunication & IT segment is anticipated to hold a key share of the market in the coming years due to sharing of data is more with customers, which is relatively easy due to cloud-based apps.
Increasing demand to drive customer relationship management segment
In terms of types, the market is segregated into project & portfolio management, human capital management, customer relationship management, analytics, content management, finance & accounting, e-commerce, collaboration, enterprise resource planning, supply chain management, procurement & distribution, content management system, legal & risk management, and others. The customer relationship management segment is projected to expand at a considerable CAGR during the forecast period attributed to the increase demand in life sciences and hospitality sector across the region. On the other hand, the supply chain management segment is anticipated to account for a major market share during the forecast period due to the benefits, such as inventory management, real time flow of data, and increasing speed of transaction.
Small & medium enterprise segment to hold significant market share
On the basis of end-users, the global cloud-based apps market is bifurcated into large enterprise and small & medium enterprise. The small & medium enterprise segment is anticipated to hold significant market share in the coming years owing to wide adoption of the technology in the segment. However, the large enterprise segment is anticipated to hold a key share of the market in the coming years due to the need for management for flow of data.
North America to constitute a key market share
In terms of regions, the global cloud-based apps market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to increasing enterprise IT budget across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the presence of fast developing economies and rising demand for cloud technology in the region.
Segments
The global cloud-based apps market has been segmented on the basis of
Verticals
- Media & Entertainment
- Healthcare & Life Sciences
- Education
- BFSI
- Telecommunication & IT
- Retail
- Government
- Oil & Gas
- Discrete Manufacturing
- Others
Types
- Project & Portfolio Management
- Human Capital Management
- Customer Relationship Management
- Analytics
- Content Management
- Finance & Accounting
- E-commerce
- Collaboration
- Enterprise Resource Planning
- Supply Chain Management
- Procurement & Distribution
- Content Management System
- Legal & Risk Management
- Others
End-users
- Large Enterprise
- Small & Medium Enterprise
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Microsoft Corp.
- Salesforce
- SAP SE
- Workday, Inc.
- Cisco Systems, Inc.
- NetSuite Inc.
- Ultimate Software Group, Inc.
- Adobe Inc.
- IBM Corp.
Competitive Landscape
Key players competing in the global cloud-based apps market are Microsoft Corp.; Salesforce; SAP SE; Workday, Inc.; Cisco Systems, Inc.; NetSuite Inc.; Ultimate Software Group, Inc.; Adobe Inc.; and IBM Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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