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The Global Cloud Applications Market size is
forecasted to reach US$947.3 billion by 2027, growing at a CAGR of 14.2% during the forecast period 2022-2027. The surge in
demand for cloud computing, rapid usage of mobile applications, incorporation
of AI & ML and growing demand for cloud applications for monitoring cloud management
platforms are increasing the Cloud Applications Market size. In June 2020,
Google announced a partnership with Telefónica to launch a cloud region in
Spain that would help in the economic recovery of the country post-COVID-19 pandemic.
However, privacy and security concerns are some of the major factors hampering
the market growth.
As data traffic is increasing every
day, the need for cloud-based applications across industry verticals is
continuously growing. Cloud applications provide enterprises with efficient data
storage solutions and help administer consumer data. In December 2020, AWS
launched its new product called Amazon HealthLake. It assists healthcare and
life sciences enterprises in aggregating, labeling, indexing and structuring
data from silos and processing it with ML capabilities to derive insights.
APAC
generated approximately 19% of the global revenues in the Cloud Applications
industry in 2021 and is expected to grow at the highest CAGR of 15.8% during the forecast
period owing to factors such as rapid digitalization across industries and the adoption of new technologies by major manufacturers. In December 2020, Alibaba
Group launched a new hybrid cloud application approach to improve the security,
compliance, dependability and scalability of the enterprises.
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Cloud Applications Market Growth Driver:
Increasing demand for cloud computing across small, medium and large enterprises:
Cloud computing enables businesses to store, manage and process critical
data by utilizing remote servers hosted on the internet. The growing volume of
data generated in websites and mobile apps, the increased emphasis on
delivering customer-centric applications to drive customer satisfaction and the
growing need to control and reduce Capital Expenditure and Operational
Expenditure are helping the increased adoption of cloud computing across
industry verticals. These factors, in turn, increase the demand for Cloud
Applications as well. Additionally, businesses are integrating smart
technologies such as IoT, Big Data, AI and ML to migrate their workloads from
traditional channels to digital formats. Thus, Cloud Applications play a key
role in business operations according to the changing market environments. In April
2021, Google collaborated with OSIsoft to offer easy migration of the cloud for
industrial workloads by providing manufacturers with a single platform to manage
all their equipment. These developments are helping the Cloud Applications
Market to grow during the forecast period.
The
Major Players in this Market:
The major players in the Cloud Applications Market include Microsoft Corporation, Salesforce Inc, SAP, Google, IBM, Adobe and Amazon Web Services. In February 2022, IBM collaborated with SAP to offer technology and expertise to clients to adopt hybrid cloud applications approach to increase operational efficiency.