Cloud Based Application Market Definition
A cloud application is an Internet-based program where some, or all, of the processing logic and data storage, is processed in the cloud. The user interacts with the application via a web browser or a mobile application, and the data processing is managed by a combination of the local device and a cloud computing solution.USD 110.5 billion revenue from worldwide cloud services in 2020, and also forecasts an upsurge to USD143.7 billion by 2022, according to sources. In 2019, the top 10 CRM software providers accounted for nearly 63.3 % of the global Customer Relationship Management applications market which raised 12.6% to approach nearly USD 34.9 billion in the license, maintenance, and subscription revenues. According to sources, in 2018 Salesforce led the pack with a 30.9% market share riding on a 25% jump in Customer Relationship Management revenues. Adobe was at number 2, followed by Oracle, SAP, and Microsoft. The Customer Relationship Management applications market size is anticipated to reach USD 40.2 billion by 2023, compared with USD 34.9 billion in 2018 at a compound annual growth rate of 2.8%.
The market study is broken down, by Application (Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Collaboration and Productive Suites, Supply Chain Management (SCM), Business Intelligence (BI) and Analytics and Others) and major geographies with country level splits.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cloud Based Application market throughout the predicted period.
Microsoft (United States), Salesforce (United States), Oracle (United States), SAP (Germany), Google (United States), Workday (United States), Adobe (United States), IBM (United States), Infor (United States) and Sage Group (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Intuit (United States), Epicor (United States), IFS (Sweden), ServiceNow (United States), OpenText (United States), Cisco (United States), Box (United States), Zoho (United States), Citrix (United States), LogMeIn (United States), Upland Software (United States), 3I Infotech (India), Ramco Systems (India) and Prolitus Technologies (India).
AdvanceMarketAnalytics has segmented the market of Global Cloud Based Application market by Type, Application and Region.
On the basis of geography, the market of Cloud Based Application has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Public Cloud will boost the Cloud Based Application market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Banking, Financial Services, and Insurance (BFSI) will boost the Cloud Based Application market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size , the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Cloud Based Application market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 13th July 2020, Allscripts and Microsoft Corp. announced the extension of their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions.
On 5th June 2019, Microsoft Corp. and Oracle Corp. has announced a cloud interoperability partnership enabling customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud.
- Rising awareness of the benefits of cloud and its adjacent technologies among enterprises
- The requirement for lower operational costs, scalability, and simplified application updates
- Increasing Focus on delivering enhanced customer experience
- Business expansions by large vendors across different geographies to acquire an untapped customer base
- The increasing number of start-ups and MSMEs in economically developing countries
- The concern Data security as well as threats from cyber attacks
- Higher possibilities of vendor lock-in
Key Target AudienceCloud-Based Application Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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