Mobile Cloud Market Outlook 2031
The global mobile cloud market size was valued at USD 49.13 Billion in 2022 and is expected to reach USD 407.51 Billion by 2031, expanding at a CAGR of 26.50% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for new applications for cloud operations and low operating expenses.
The mobile cloud is Internet-based data, applications, and connected facilities accessed through tablets and laptop computers for maintaining business operations. Mobile cloud solutions help organizations save operating costs.
- A survey from OpsRamp, a software company reveals that 94% of IT professionals said cloud computing operations help them reduce startup costs.
Mobile cloud empowers clients to access and utilize applications that are not held by their mobile platform. Companies are increasingly adopting mobile cloud operations for better backup and boost data security.
- For instance, in June 2023, RingCentral, Inc. a prominent player in AI-powered global enterprise cloud communications, video meetings, and others announced it be the first global cloud provider to offer fully compliant cloud phone services in India.
The Impact of Artificial Intelligence on the Mobile Cloud Market
Artificial intelligence has a significant impact on the mobile cloud market. With the advancements in technology, mobile cloud solutions are further boosting. Several business organizations are deploying cloud solutions and installing applications on mobile phones, desktops, and laptops to increase the safety and security of encrypting sensitive information.
AI combines machine learning abilities with application data to extract important information and access large amounts of data. Moreover, key players are further advancing mobile cloud platforms with AI capabilities.
- In October 2023, Alibaba launched the latest version of its artificial intelligence model, as the company desires to compete with U.S. tech rivals such as Amazon and Microsoft. Alibaba further released AI models designed for applications in specific industries and uses such as legal counseling, finance, and others.
The market report finds that the COVID-19 pandemic significantly impacted the market as the demand for mobile cloud platforms increased amid the crisis. However, it impacted the company’s financial status and stability, the market gradually adopted cloud solutions to boost business. It further reduces the traditional workload and enhances dependency on cloud services.
Additionally, during the pandemic, the education department witnessed a high volume in the usage of learning apps. The industry further adopted mobile cloud solutions for conducting entrance examinations, tuitions, and several other tests.
- According to an estimation by Cisco, in 2021, cloud computing environment (CCE) data centers are expected to process 94% of workloads and compute instances. Among them, 6% are expected to be handled by traditional data centers.
- For instance, in April 2020, the language learning application Duolingo observed a spike in their users in March 2020, with around 66% of new users in the US then the end of February.
Mobile Cloud Market Dynamics
Increasing use of cloud accounting software to access finance anytime from anywhere, as it is hosted remotely and users can access it anytime. Cloud accounting software enhances efficiency and provides a real-time view of the company's financial information. Research states that nearly 64.4% of small business owners use accounting software. Moreover, newly deployed cloud accounting software and several new developments are further boosting the market.
For instance, in June 2023, CINC Systems launched the TresRE, a treasury management solution to brings banking, software, and payments together for real estate managers who have long been forced to juggle between legacy accounting and banking solutions.
Growing multi-purpose usage of smartphones and improved Internet speed are expected to contribute to the growth of the market. Internet speed plays a crucial role in mobile cloud platforms, the emergence of 5G helps improve the performance of the software. Several mobile phone companies are collaborating with cloud solution organizations to enhance the security of cloud computing environments (CCE).
Lack of security and privacy concerns is expected to restrain the market. However, cloud solutions deploy strong security systems, there is always a risk of data theft and security risks. This factor is expected to hamper the growth of the market. Limited network connectivity is another concern creating challenges for the market.
The ability to access large amounts of data and various apps on devices is expected to create lucrative opportunities for the market in the coming years. Mobile cloud computing allows access to different files and folders from any device with a stable internet connection. The emergence of the 5G network is gaining more traction in the market as its fast connectivity features help in sharing data quickly. According to research, the use of 5G is expected to contribute about USD 1.5 trillion by 2025
Moreover, the emergence of healthcare mobile cloud platforms is expected to create lucrative opportunities for the market in the coming years. With the growing use of electronic health records (EHR), healthcare IT, and IoT in healthcare the market is expected to witness possibilities in the coming years.
The recent advancements in m-health apps include automated healthcare solutions that are used to encrypt sensitive data. Healthcare cloud computing helps to access sensitive patient data. Research from Great Call, a mobile operator company shows that nearly 50% of users gather health information on their phones.
- In March 2023, Fujitsu a Japanese ICT company launched a new cloud-based platform that allows users to collect and leverage health data to promote digital transformation in the medical field.
Scope of Mobile Cloud Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Mobile Cloud Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Application (Finance & Business, Education, Travel, Gaming, Entertainment, Healthcare, and Others) and End-user (Consumer and Enterprise)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Amazon Web Services, Inc.; Oracle; IBM Corporation; Microsoft; Google LLC; Akamai Technologies; VMware, Inc; OpsRamp, Inc.; RACKSPACE TECHNOLOGY; Salesforce, Inc.; Fujitsu; Apple Inc.; CINC Systems; Cisco Systems, Inc.
Mobile Cloud Market Segment Insights
Application segment analysis
Based on application, the mobile cloud market is segregated into finance & business, education, travel, gaming, entertainment, healthcare, and others. Finance & business segment is expected to dominate the market during the forecast period. Mobile cloud computing solutions help secure the company’s sensitive financial data and ease payment-related tasks. Adoption of cloud leads banking financial institutions to pay less for the deployment costs.
- According to Cloud Security Alliance 2023, the financial and banking industry is rapidly increasing cloud adoption. It further states that 98% of organizations use some form of cloud computing compared to 91% in 2020
The healthcare segment is estimated to grow at a rapid pace due to the occurrence of new illnesses, development in administrative standards across the world, innovations, more educated clients, and development in high-level mobile applications.
Moreover, regular advancements in the field of communication have prompted the utilization of remote communication units for the transmission of information in medical care devices. This further develops the medical services framework.
End-user segment analysis
In terms of end-user, the market is bifurcated into consumer and enterprise. The consumer segment is expected to constitute a key share of the market during the forecast period due to the growing penetration of smart devices among consumers.
Mobile cloud solutions offer several benefits to consumers including sharing files in the cloud to saving sensitive information securely. Moreover, cloud streaming platforms offer convenience and scalability to consumers allowing them to enjoy movies, music, and other content easily.
On the basis of region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market in the coming years. Asia Pacific is expected to dominate the market in the coming years. Countries including China, India, and others are majorly focusing on emerging mobile cloud computing services.
Research shows that China has reportedly reached around 4.3 billion USD in 2020 and 7.3 billion USD in 2022 owing to their cloud computing services. Smartphone utilization, alongside the increasing utilization of online banking, is aiding in the market growth in the region.
The global mobile cloud market has been segmented on the basis of
- Finance & Business
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Amazon Web Services, Inc.
- IBM Corporation
- Google LLC
- Akamai Technologies
- VMware, Inc
- OpsRamp, Inc.
- RACKSPACE TECHNOLOGY
- Salesforce, Inc.
- Apple Inc.
- CINC Systems
- Cisco Systems, Inc.
TSome of the major players competing in the global mobile cloud market include Amazon Web Services, Inc.; Oracle; IBM Corporation; Microsoft; Google LLC; Akamai Technologies; VMware, Inc; OpsRamp, Inc.; RACKSPACE TECHNOLOGY; Salesforce, Inc.; Fujitsu; Apple Inc.; CINC Systems; Cisco Systems, Inc.
- In August 2023, Lenovo and VMware, Inc. announced the first turnkey solutions from their joint Edge and Cloud Innovation Labs, delivering modern hybrid multi-cloud capabilities to mid-size companies and helping customers more easily harness data to empower their intelligent transformation.
- In July 2023, Rakuten Mobile partners with Oracle Communications cloud-native converged policy and charging solutions to support its fast-growing 4G and 5G services, with plans to onboard to Rakuten Symphony’s Symworld Marketplace. Oracle is expected to help the operator strategically monetize its 4G and 5G networks by supporting new business models and experiences.
- In October 2018, Oracle NetSuite declared a series of different innovations to benefit administrations across industries to increase revenue and endow business operators.