The global cloud applications market accounted for $118.7 billion in 2018, and is anticipated to reach $437.9 billion by 2026, at a CAGR of 18.0% during the forecast period.
The cloud applications market has witnessed a remarkable growth in recent years; however, due to the COVID-19 pandemic, the market will witness a substantial growth. This is mainly due to the rising adoption of cloud applications, as more than 90% of the organizations across the globe have initiated work from home policy in order to continue their business without any disruption.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|15.8%||18.0%||226||USD 158.4 Billion||USD 165.1 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Cloud applications are programs where data storage and processing logics are processed. The users can interact with the help of mobile applications or web browsers. The data is managed with the help of local devices along with cloud-based processing solutions. The various factors such as cost reduction, reliability and accessibility of the data are the key factors that are driving the market growth. For instance, maintaining the data of an organization over cloud can reduce the infrastructure cost, and also avail various other features.
Data security is one of the key factors that may hamper the cloud applications market growth in the near future. Cloud services is majorly used for saving the data that can be accessed by any of the employee by sitting anywhere in the world. However, the growing cyber-attacks by hackers make the data unsafe which can cause huge losses for companies. This is the key factor that is expected to hamper the market growth.
The cloud application market has been registering positive growth in the recent years; COVID-19 pandemic has boosted the market growth in 2020. This is majorly due to the growing product demand, as large number of organizations have opted for work from home. As several companies have provided work from home facilities to their employees, there has been a sudden rise of cloud computing. As a result, cloud service providers are facing various concerns in meeting the increased demand for cloud services.
Several cloud service providers such as UKCloud, Google, and Microsoft have recently issued statements explaining the efforts taken to offer their cloud services as per their customer needs, and also to mitigate the demand surge. These include their continuity plans, and testing system capabilities, along with the allocation of additional resources to places where there is a huge demand.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The market will continue to grow, post COVID19, as the growth trend will continue to maintain its pace during the projected time frame. The rapid adoption of cloud applications is majorly attributed to the growing acceptance of various cloud services on the basis of specific requirements. In addition, products like Zoom Video and Slack are gaining more customers during this phase, and due to this, there is a chance of new products getting developed in future.
All the key players across the globe are working hard in taking specific measure in order to reach the growing demand of cloud not only in the critical situation but also over the coming years.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Cloud Applications Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity