2025 Cloud Applications Market Share | Application Analysis, Regional Outlook | Competitive Strategies, Key Players
According to a research report “Cloud Applications Market by Application (ERP, CRM, HCM, SCM, Content Management, BI and Analytics), Organization Size, Vertical (BFSI, Manufacturing, Government & Public Sector, and Telecommunications), and Region Global Forecast to 2025” published by MarketsandMarkets, is expected to grow from USD 171 billion in 2020 to USD 356 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period. The growing demand for cloud-based services and advanced technologies, increasing need to engage with customers, flexibility to work from anywhere, and deliver an enriched experience continuously are some of the major factors driving the growth of the cloud applications market.
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Among applications, cloud-based customer relationship Management applications to hold the largest market size during the forecast period
Cloud Customer Relationship Management (CRM) enables enterprises to store and utilize customer data at scale to offer better services and manage relationships with customers. Cloud-based CRM is gaining popularity among enterprises due to various benefits it offers, such as 360° view of the contact, accessibility, affordability (especially for Small and Medium-sized Enterprises [SMEs]), rapid implementation, easy upgradation, scalability, and integration capability with other data sources. Cloud-based CRM applications centralize the customer database and provide a comprehensive view of all interactions with customers, offer instant access to real-time insights of sales opportunities, and automate task management processes. With ease of use and affordability, it increases customer retention rates making business more successful. Salesforce, Zoho, Oracle, Microsoft, and Oracle are some leading vendors offering cloud CRM.
Retail and consumer goods vertical is one of the fastest-growing verticals in the region
Factors driving the adoption of cloud applications are the rising purchasing power of customers and the need to satisfy customer expectations, which leads to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services. Cloud computing services enable retailers to access customer data with just one click from any store located anywhere, thus leading to better customer service delivery. For instance, 1-800-Flowers is a floral and gourmet foods gift retailer and distribution company in the US. This store is leveraging the private cloud to offer seamless shopping experiences to the customers. The use of cloud services helps 1-800-Flowers to offer personalize gift recommendations for customers and particular occasions.
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North America to hold the largest market size during the forecast period
North America is one of the leading investors in IT technologies. The presence of major economies, such as US and Canada, in the region is expected to contribute in the cloud applications market. Higher penetration rate of internet developed IT infrastructure system, and presence of highest number of cloud service providers have made the region the topmost adopter of cloud applications solutions. The enterprises operating in North American region have realized the benefit of using cloud services at earlier stage making it the key contributor in the global market during the forecast period.
Key Market Players
Major vendors in the cloud applications market include Microsoft (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US), Infor (US), Sage Group (UK), Intuit (US), Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box (US), Zoho (US), Citrix (US), LogMeIn (US), and Upland Software (US). The research report also studies strategic alliances and lucrative acquisitions among various global and local players in the cloud ecosystem. These players have majorly adopted the strategy of partnerships to enhance their business in the market. They have also launched new products to cater to the needs of diverse end users across regions.
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