Global Cloud Office Services Market Synopsis
According to MRFR, the global Cloud Office Services Market is expected to record a
CAGR of 14.6% during the review period to reach USD 6,802.9 Million by 2024.
The global cloud bureau services market is expanding
at a high rate. The that adoption of cloud services across business vertical
lines as well as across all developing countries is fostering market growth.
The number of companies that implement cloud office software suites is
increasingly growing. Increasing numbers of connected devices are the major
factors contributing to market growth. Increasing smartphone adoption in
enterprises and rapidly increasing internet penetration are also some of the
factors that affect market growth.
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Data protection issues, however, are expected to
curb market growth over the forecast period. Demand for cloud office services
is slated to rise as more and more verticals turn and digitise. In addition ,
the increasing number of employee-centered enterprises and the adoption of BYOD
policies offer lucrative opportunities for players in the global cloud office
services market.
Market Segmentation
The global cloud office services market has been
analyzed based on organization size, component, vertical, and region.
Based on the component, the global cloud office
services market has been segmented into cloud office services collaboration
services, cloud office services migration tools, cloud office services suite,
and cloud office services professional services.
Moreover, the organization size segments of the
global cloud office services market comprise small and medium-sized enterprises
(SMEs) and large enterprises.
By vertical, the global cloud office services market
has been classified as government and public sector, IT &
telecommunications, BFSI, healthcare and pharmaceuticals, manufacturing, retail
and consumer goods, automotive and transportation, energy, and others.
Regional Outlook
The global cloud office services market is projected
to expand during the forecast period, at a significant CAGR. The cloud office
services industry regional research was performed for North America,
Asia-Pacific, Europe , and the rest of the world (including the Middle East,
Africa , and South America).
North America is projected to have the largest
market share during the forecast period amongst the regions listed. As most of
the leading vendors are headquartered here with a large customer base, the US
occupies nearly 80–85 per cent share in the area. The strongest in the field is
the company's adoption of cloud technologies across verticals. It is the key
driving force for North America 's high adoption rate of cloud bureau services.
Europe's market share is expected to be the
second-largest, led by Asia-Pacific during the study period. Europe's market is
expected to rise as BYOD trend in the region is increasingly taking hold. The
Asia-Pacific market is expected to expand the fastest during the assessment
period as demand in the region is projected to increase by more than 14.6
percent in the global CAGR. Developing countries like India and China are
fueling the growth of the cloud office services market with ever-increasing
demand, increasing internet penetration and rapid cloud computing adoption. The
market in the rest of the world provides numerous opportunities to the market
players as the majority of the nations in the region are yet to implement cloud
office services solutions.
Competitive Dynamics
The major players in the global cloud office
services market are Evernote Corporation (US), Google Inc. (US), Rackspace US,
Inc. (US), Microsoft Corporation (US), Zoho Corporation Pvt. Ltd (India),
Ascensio System SIA (Latvia), Adobe (US), HyperOffice (US), AvePoint, Inc.
(US), TERVELA CLOUD FASTPATH (US), SkySync (US), Xillio (US), Quest Software
Inc. (US), MediaAgility Inc. (US) and INSIGHT (US).
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