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Cloud Applications Market predicted to reach $356 billion by 2025

09-16-2021 05:56 PM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

Cloud Applications Market

Cloud Applications Market

According to a new market 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™, the market 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.

Browse in-depth TOC on "Cloud Applications Market”
106- Tables
32- Figures
166- Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=77759796

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.

North America to have the largest market size during the forecast period

North America is a step ahead in terms of adoption for technologies because of the developed economy. Enterprises operating across varied verticals in the region uses cloud applications such as CRM, ERM, HCM, and SCM to maintain and automate business processes. North America is the home to the leading cloud applications vendors, including Microsoft, Salesforce, Oracle, Google, Workday, Adobe, and IBM, making it contribute a larger share in the cloud applications revenue. Other factors driving the adoption of the cloud technology in this region include reduced costs, improved infrastructure efficiency, and enhanced scalability.

Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/cloud-applications-market-77759796.html

Major vendors offering cloud applications across the globe includes 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).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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