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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