30 March 2021
Visiongain has published a new report on Cloud-based Apps Market Report to 2031: Forecasts By Application Type (Content Management, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Business Intelligence (BI) & Analytics, Human Resource Management (HRM), Supply Chain Management (SCM), Collaboration & Productivity Suites, Others), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Industry Vertical (BFSI, Government & Public Sector, Healthcare, IT & Telecom, Manufacturing, Retail & Consumer Goods, Others). PLUS, Profiles of cloud-based apps Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global cloud-based apps market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Cloud-based apps are Internet-based applications where most of the processing logic and data storage is processed in the cloud. The end-user interacts via a web browser or a mobile application, and the data processing is managed by a combination of the local device and a cloud computing platform. High focus on enhancing customer experience and growing awareness related to the benefits of cloud are the factors driving the growth of the cloud-based apps market. The market seeks growth opportunities from the rising adoption of cloud-based solutions and services by SMEs and big data management. However, data security & privacy concerns, lack of proper network infrastructure in developing countries, and possibilities related to vendor lock-in are the factors hampering the market growth during the forecast period.
COVID-19 Impact on Cloud-Based Apps Market
The COVID-19 outbreak is having a significant impact on the cloud-based apps market. The cloud computing technology has witnessed a considerable demand during the pandemic. Enterprises had to halt the on-premise business processes and take up work from home initiatives leading to rising demand for cloud-based applications. Cloud-based enterprise collaboration applications such as TeamViewer, ClickMeeting, Skype, and Slack witnessed a considerable market. The enterprises had to shift their all other on-premise applications such as HRM, SCM and other applications on the cloud to ensure smooth and reliable business functioning and availability, which also spurred the market growth.
Moreover, e-commerce applications such as Amazon and big basket have been gaining immense popularity during the lockdown for delivering essential supplies. Cloud platform ensured seamless working of the business applications and coped with the sudden spike in usage. Of cloud-based apps is on the rise owing to the high scalability, flexibility, and reliability offered. Thus COVID-19 had a significant impact on the cloud-based apps market, which is expected to rise even post-pandemic.
High Focus on Enhancing Customer Experience
The customers today are demanding satisfying and engaging support from the enterprises. Enterprises are emphasizing on providing a highly engaging support service which helps them to retain their clientele by improving customer satisfaction. The subscription model of cloud-based CRM helped the enterprises to reduce the costs related to integrating an advanced CRM system in an existing IT environment. The cloud-based apps help in optimizing the workflows by collaborating the customer-facing business processes, thereby enhancing the customer experience. Moreover, by leveraging the AI and analytical capabilities, the cloud-based apps also provide personalized services to the user based on their requirements which further boosts the engagement level. Thus, the need for enhancing customer experience is driving the growth of cloud-based apps market.
Growing Awareness Related to Benefits of Cloud
The businesses of all sizes across the sectors are showing interest in cloud services. The spending on cloud infrastructure & applications is increasing due to the growing awareness related to the benefits of the cloud. The cloud apps such as ERP, CRM, SCM, HRM, collaboration suites, and business intelligence & analytics are offered as software-as-a-service (SaaS) to the customers based on the subscription model. These apps are highly scalable and take any amount of data load while computing. Moreover, these cloud-based apps also offer flexibility to the user. They allow access to the app content to the authorized person from any location via any device. The business intelligence & analytical apps provide a visual dashboard of the business performance, which helps in data-driven decision making. Thus, increasing awareness related to the benefits of cloud infrastructure & apps is driving market growth.
Rising Adoption of Cloud-Based Solutions and Services by SMEs
Cloud technology is witnessing a significant demand among SMEs. The cloud platform offers features such as scalability, reliability, and accessibility, among others which proves beneficial for SMEs to achieve cost-effective operations. Cloud-based apps are based on a subscription model in which the customer is only charged according to the usage of services, thereby offering cost efficiency. Moreover, scalability, flexibility, accessibility, and automated update features allow SMEs to improve operational efficiency and boost business performance.
Big Data Management
A considerable volume of data is generated from business operations daily. Analyzing this data may help enterprises to uncover potential benefits to obtain a competitive position in the market. Cloud helps in processing and analyzing this generated big data within no time, thereby improves the business processes. Cloud-based apps are scalable and offer analytical computing capabilities, which allows them to quickly take up and analyze the massive load of data to gain fruitful insights in real-time. The AI-based software as a service model helps in finding the business insights from the big data and help the enterprise executives to get a better view of the business. The business insights offered help in the data-driven decision making, thereby offering growth potential and competitive market position to the organizations.
The cloud-based apps market is highly competitive. The key market players are focused on developing the research & development capabilities and emphasize partnership & collaboration strategies for developing innovative and advanced cloud-based apps. The companies focus on obtaining a competitive position in the market by offering an engaging and enhanced customer experience. Some of the companies profiled in the report include IBM Corporation, Oracle Corporation, Microsoft Corporation, Salesforce.com Inc., Google, SAP SE, Adobe Systems Inc., Infor, Amazon Web Services, and Zoho Corporation.
August 2020, SAP SE rolled out the latest updates to its cloud-based ERP solution. The updated features in the newest release include solution order management, event-based recognition, and intelligent situation automation among others which are focusing on increasing business process efficiency and helping to evolve business models for the future
November 2019, Microsoft Corporation expanded its strategic partnership with Salesforce.com Inc. The expansion of the alliance aimed at helping the customers meet the needs of their businesses and boost team productivity with their cloud-based apps.
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