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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