Cloud Applications Global Market At a 18.4% CAGR Projected Expansion to $639.17 Billion Market Value by 2028
Global cloud applications market size is expected to reach $639.17 billion by 2028 at a rate of 18.4%, segmented as by organization, small and medium-sized enterprises, large enterprises
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The Cloud Applications Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cloud Applications Global Market Report 2024, The cloud applications market size is expected to see rapid growth in the next few years. It will grow to $639.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to scalability and cost efficiency, rapid deployment and time-to-market, increasing business productivity, global accessibility and collaboration, increased digitalization. Major trends in the forecast period include integration of AI, ML, and IoT with cloud computing across industry verticals, product innovation, strategic partnership, expansion of AI and machine learning capabilities, technological advancements.
The growing adoption of DevOps toolchains is expected to propel the growth of the cloud application market going forward. DevOps toolchains are integrated tools and processes used in DevOps practices to automate and streamline software development, testing, deployment, and monitoring processes. DevOps toolchains automate many aspects of the software development lifecycle, from code integration to testing and deployment. This speed up the process of developing and releasing cloud applications. The automation capabilities of DevOps tools enable rapid deployment and updates of cloud applications, reducing time-to-market and improving responsiveness to customer needs. This efficiency makes cloud applications more attractive to businesses. For instance, according to the 2022 State of Testing in DevOps Report from mabl, a US-based test automation platform, Enterprises with 2000 or more employees were nearly four times as likely to be fully DevOps as medium enterprises with 501-2000 employees, and 75% of organizations increased their deployment frequency in the previous year. Therefore, the growing adoption of DevOps toolchains is driving the growth of the cloud application market.
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The cloud applications market covered in this report is segmented –
1) By Organization: Small And Medium-Sized Enterprises, Large Enterprises
2) By Applications: Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration And Productive Suites, Supply Chain Management, Business Intelligence And Analytics, Other Applications
3) By Verticals: Banking Financial Services And Insurance, Energy And Utilities, Government And Public Sector, Healthcare And Life Sciences, Manufacturing, Retail And Consumer Goods, Telecommunication, Transportation And Logistics, Travel And Hospitality, Other Verticals
Major companies operating in the cloud applications market are developing technologically advanced solutions, such as cloud mesh, to enhance application-centric connectivity across hybrid and multi-cloud environments. Cloud mesh is an advanced networking architecture designed to interconnect multiple cloud environments, allowing seamless integration and communication. For instance, in May 2023, IBM, a US-based technology and consulting company, launched the IBM Hybrid Cloud Mesh. It is designed to enable enterprises to use simple, scalable, and secure application connectivity across hybrid and multi-cloud environments. The goal is to help organizations eliminate the isolation of various IT environments and speed up application deployment and management. It is positioned as a solution to address the growing need for improved multi-cloud and hybrid-cloud connectivity, visibility, and management.
The cloud applications market report table of contents includes:
1. Executive Summary
2. Cloud Applications Market Report Structure
3. Cloud Applications Market Trends And Strategies
4. Cloud Applications Market – Macro Economic Scenario
5. Cloud Applications Market Size And Growth
…..
27. Cloud Applications Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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