Press release
Cloud Office Services Market Covid-19 Analysis Share, Trend, Segmentation And Forecast
Market SynopsisAccording to MRFR, the global cloud office services market is expected to record a CAGR of 14.6% during the review period to reach USD 6,802.9 Million by 2024.
Market highlights
The global cloud bureau services market is expanding at a high rate. The that adoption of cloud services across business vertical lines as well as across all developing countries is fostering market growth. The number of companies that implement cloud office software suites is increasingly growing. Increasing numbers of connected devices are the major factors contributing to market growth. Increasing smartphone adoption in enterprises and rapidly increasing internet penetration are also some of the factors that affect market growth. Data protection issues, however, are expected to curb market growth over the forecast period. Demand for cloud office services is slated to rise as more and more verticals turn and digitise. In addition , the increasing number of employee-centered enterprises and the adoption of BYOD policies offer lucrative opportunities for players in the global cloud office services market.
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Market Segmentation
The global cloud office services market has been analyzed based on organization size, component, vertical, and region.
Based on the component, the global cloud office services market has been segmented into cloud office services collaboration services, cloud office services migration tools, cloud office services suite, and cloud office services professional services.
Moreover, the organization size segments of the global cloud office services market comprise small and medium-sized enterprises (SMEs) and large enterprises.
By vertical, the global cloud office services market has been classified as government and public sector, IT & telecommunications, BFSI, healthcare and pharmaceuticals, manufacturing, retail and consumer goods, automotive and transportation, energy, and others.
Regional Outlook
The global cloud office services market is projected to expand during the forecast period, at a significant CAGR. The cloud office services industry regional research was performed for North America, Asia-Pacific, Europe , and the rest of the world (including the Middle East, Africa , and South America).
North America is projected to have the largest market share during the forecast period amongst the regions listed. As most of the leading vendors are headquartered here with a large customer base, the US occupies nearly 80–85 per cent share in the area. The strongest in the field is the company’s adoption of cloud technologies across verticals. It is the key driving force for North America ‘s high adoption rate of cloud bureau services.
Europe’s market share is expected to be the second-largest, led by Asia-Pacific during the study period. Europe’s market is expected to rise as BYOD trend in the region is increasingly taking hold. The Asia-Pacific market is expected to expand the fastest during the assessment period as demand in the region is projected to increase by more than 14.6 percent in the global CAGR. Developing countries like India and China are fueling the growth of the cloud office services market with ever-increasing demand, increasing internet penetration and rapid cloud computing adoption. The market in the rest of the world provides numerous opportunities to the market players as the majority of the nations in the region are yet to implement cloud office services solutions.
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Competitive Dynamics
The major players in the global cloud office services market are Evernote Corporation (US), Google Inc. (US), Rackspace US, Inc. (US), Microsoft Corporation (US), Zoho Corporation Pvt. Ltd (India), Ascensio System SIA (Latvia), Adobe (US), HyperOffice (US), AvePoint, Inc. (US), TERVELA CLOUD FASTPATH (US), SkySync (US), Xillio (US), Quest Software Inc. (US), MediaAgility Inc. (US) and INSIGHT (US).
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