The cloud application industry is expected to grow at significant pace owing to the increasing demand for mobility indata usage, cost saving in IT infrastructure for enterprises and multiple devices access from anywhere. The solutions offer benefits such asubiquitous access, scalability,and reduced technology infrastructure cost andeconomies of scale.
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Main driver of this industry is increasing adoption of the application in small and medium enterprises and big data management. Small and medium enterprise market are untapped market and offer industry participants growth opportunities owing to low cost infrastructure requirement and other benefits of the technology. Mobility in data and ease of access has increased and is expected to increase the demand over the forecast period. It offers benefits such as data integration and easy data accessing from single point Big data can be managed easily as they are stored in server.
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Rapid increase in use of mobile-based apps is primary reason for significant increase in demand. Convenience provided by the apps in accessing data, making financial transaction, extracting vital information, real time sharing information, improving flexibility thereby increasing productivity.
Data theft is a main concern due to possibility of hacking. Data privacy issue may hinder industry growth over the forecast period. Advancement in app technology is expected to offer great opportunity. Advancement is expected to improve customer experience, safety in transaction for banking apps, and data optimization. Automation of enterprise can be done using cloud based application. Through automation of enterprise logistics can be tracked, inventory can be maintained easily.
Cloud application industry is segmented by types: Customer Relationship Management (CRM), Analytics, Content management, Finance and Accounting, ecommerce, Collaboration, Enterprise Resource Planning (ERP), Human capital management (HCM), Supply Chain Management (SCM) Procurement and distribution, Content Management System (CMS), Project and Portfolio Management (PPM), Legal and risk management, other industry specific application.
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