In order to estimate the current market size of the cloud applications industry, the study covered four main actions. A thorough analysis of secondary research was conducted in order to gather market data. The next stage involved employing primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. Two methodologies were utilized to approximate the overall market size: top-down and bottom-up. The market size of the various market segments and subsegments was then estimated using the market breakup and data triangulation techniques.
A variety of parties are involved in the cloud applications market, including vendors of cloud applications, cloud solution providers, cloud service brokers, system integrators, managed service providers, consulting services, resellers, distributors, government agencies, research organizations, enterprise users, venture capitalists, private equity firms, and start-up businesses. The demand side of the market is made up of businesses from a variety of end-user sectors, including manufacturing, retail and consumer goods, healthcare and life sciences, energy and utilities, banking, financial services, and insurance (BFSI), travel and hospitality, telecommunications, transportation and logistics, and others (education, media, and entertainment). Cloud application and software vendors that offer cloud apps, software, and services are part of the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.
Numerous secondary sources, including D&B Hoovers, Bloomberg BusinessWeek, DiscoverOrg, and Factiva, were consulted during the secondary research process in order to find and gather data for this investigation. These secondary sources included trade directories, databases, regulatory agencies, whitepapers, certified publications, essays by renowned writers, annual reports, investor presentations, and websites with both gold and silver standards.
The segmentation coverage of the study is provided below.
Cloud Applications Market based on Type:
- Air-Source
- Water-Source
Cloud Applications Market based on End user:
- Industrial
- Commercial
- Institutional
- Residential
Cloud Applications Market based on Geography:
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa (MEA)
- UAE
- Turkey
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
In 2022, the Software as a Service (SaaS) segment held a market share that was higher than 50%. because of things like simple deployment, adjustable costs, and easy maintenance. Remote working has increased demand for SaaS services since it gives collaborative teams access to formerly centralized data.
Over the course of the projection period, the infrastructure-as-a-service (IaaS) category is expected to develop at the fastest rate. Reducing IT complexity, employing qualified personnel to oversee IT infrastructures, and cutting data center deployment costs are all factors contributing to the growth ofIaaS. Furthermore, it is anticipated that the adoption of enterprise-based computing capabilities and company digitalization will increase cloud computing utilization. Businesses can introduce new apps thanks to Infrastructure as a Service (IaaS), which also lets users access and modify storage space and helps with on-premise hardware purchases.
In 2022, the private deployment sector held the largest market share, surpassing 40%. Private clouds, which provide computing capabilities across a personal network or the internet, are accessible to small individuals. Scalability, self-service, flexibility, more customisation, and controls hosted on an on-premise computer system are among the features it offers enterprises. Furthermore, private clouds provide privacy and security to outside providers by utilizing internal hosting and firewalls to guarantee the highest level of data protection.
Over the course of the forecast period, the hybrid cloud segment is expected to grow at the fastest rate. To help enhance corporate operations, cost optimization, resource usage & consumption, user experience, and application modernization while boosting the advantages, many firms place a strong emphasis on establishing hybrid cloud models and clever strategies. Furthermore, enterprises all over the world are adopting hybrid cloud models at a faster rate because to edge computing.
In 2022, the large enterprise sector held the largest market share, surpassing 50%. Remote working has increased demand for cloud computing services since it gives collaborative teams access to data that was previously centralized. Demand-influencing factors include reduced operating expenses, improved flexibility, improved teamwork, and a quicker time to market. Large enterprises can automate repetitive operations with cloud computing to get things done faster. It is anticipated that large businesses would use this technology more frequently to automate procedures, which will fuel the segment’s expansion. The expansion of large organizations in both developed and emerging nations will lead to a surge in demand for cloud computing services.
Since SMEs are expanding in developing nations like China and India, there is a good chance that SMEs will grow at a large rate during the predicted period. In addition, cloud computing services are anticipated to be in high demand from SMEs as a means of streamlining operations and cutting costs. Cloud computing lowers expenses, eliminates monotonous work, fosters better teamwork, and establishes priorities.
Due to an increase in online banking activity, the BFSI segment held the largest market share of over 20% in 2022. This led money lenders to embrace the digital revolution, with cloud computing being a key component of their strategy. Businesses in the BFSI sector have benefited from cloud computing through more flexibility, reduced costs, increased innovation, and improved customer interactions. A major contributing reason to the market’s expansion is the usage of cloud computing services for managing and storing consumer data. Services like digital wallets, payment gateways, unified customer experiences, and cash transfer capabilities are just a few examples.
With a market share of more than 35% in 2022, North America dominated the world market. The American corporate sector places a high priority on digital transformation and is frequently credited with being among the first to adopt cutting-edge technology like machine learning, big data analytics, augmented reality, artificial intelligence, virtual reality, and 4G, 5G, and LTE. The use of diverse technologies by American businesses is contributing to the expansion of the cloud computing industry. Because there are numerous suppliers in this industry, including as Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and Amazon.com Inc., it is expected that this field will continue to hold its position.
- This report illustrates the most vital attributes of the Cloud Applications Market, which are driving and providing opportunities.
- This research gives an in-depth analysis of the Cloud Applications Market growth on the basis of several segments in the market.
- This report presents the predictions of the past and present trends of the Cloud Applications Market.
- This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Cloud Applications Market.
