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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