The initiatives undertaken and money investment for bringing a digital transformation in industries are projected to fuel demand for cloud office services over the next couple of years. According to the findings of a recently published report by Market Research Future (MRFR), the global cloud office services market is presumed to register 14.6% CAGR over the forecast period 2019 to 2024. This assessment reveals that the global market is supposed to value at USD 6,802.9 Mn by 2024.
Increasing adoption of technologies such as IoT, IIoT, AI, etc. are supposed to boost the expansion pace of the cloud office services market in the coming years. It has also been assessed that the rising number of connected devices has unleashed developmental opportunities for the market players. These factors ensure a lucrative trajectory for the market during the evaluation period. The subscription based models introduced by cloud service providers are poised to contribute to the expansion of the market in the near future. However, data security concern remains an impediment to market growth.
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Rackspace US, Inc. (US), Microsoft Corporation (US), Google Inc. (US), Ascensio System SIA (Latvia), Zoho Corporation Pvt. Ltd (India), HyperOffice (US), Adobe (US), Evernote Corporation (US), AvePoint, Inc. (US), TERVELA CLOUD FASTPATH (US), Xillio (US), SkySync (US), MediaAgility Inc. (US), Quest Software Inc. (US), and INSIGHT (US) are few of the major leaders in the global cloud office services market.
These players are constantly innovating their product lines to sustain the curve. It is supposed to encourage the competition in the cloud business services market in the years to come. Some of the inorganic approaches to be implemented by market players are mergers & acquisitions, collaborations, alliances, agreements, strategic partnerships, etc.
On the basis of component, the cloud office services market has been segmented into cloud office services suite, cloud office services collaboration services, cloud office services migration tools, and cloud office services professional services.
The cloud office services market, by organization size, is bifurcated into small and medium-sized enterprises (SMEs) and large enterprises.
The verticals identified in the segmental analysis of the cloud office services market are BFSI, IT & telecommunications, retail and consumer goods, healthcare and pharmaceuticals, manufacturing, energy, government and public sector, automotive and transportation, and others.
The geographical analysis of the global Cloud Office Services Market covered in this report is – Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). A country-level assessment of these regions is further included in the report. Led by the U.S., North America is likely to exercise dominance over the market in the upcoming years. The region is mostly the first one to adopt new technologies owing to the presence of technology giants. Europe is also an important revenue pocket. The ongoing BYOD trend in the region is a major driver of the regional cloud computing services market. Asia Pacific is prognosticated to demonstrate the fastest growth rate of 14.6% over the forecast period. Rising demand for IT services in India and China are assessed to lead the proliferation of the regional market in the coming years.
In November 2019, Sprint Corporation, an American telecommunications company, has announced the launch of a cloud-based commercial phone service, Omni, specially designed for small and medium-size businesses.
In December 2019, the Royal Melbourne Institute of Technology (RMIT) has announced the opening of Cyber Ready Cloud Innovation Centre (CIC), which will be working on supercomputing in the cloud.
In November 2019, Deloitte, a multinational professional services network, has announced the launch of suite of four new healthcare products, which runs on the Salesforce Health Cloud, ConvergeHEALTH Connect.
LIST OF TABLES
Table 1 Global Cloud Office Services Market, By Region, 2019–2024
Table 2 North America: Global Cloud Office Services Market, By Country, 2019–2024
Table 3 Europe: Global Cloud Office Services Market, By Country, 2019–2024
Table 4 Asia-Pacific: Global Cloud Office Services Market, By Country, 2019–2024
Table 5 Rest Of The World: Global Cloud Office Services Market, By Country, 2019–2024
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LIST OF FIGURES
FIGURE 1 Global Cloud Office Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Cloud Office Services Market
FIGURE 4 Value Chain/Supply Chain Of Global Cloud Office Services Market
FIGURE 5 Share Of The Global Cloud Office Services Market In 2018, By Country (In %)
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