In a recent published report, Kenneth Research has updated the market report for Cloud Office Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cloud Office Services Market products
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The global cloud office services market is expected to register a CAGR of 14.6% during the forecast period to reach USD 6,802.9 Million by 2024.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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The global market for cloud office services is expanding at a high rate. The growing adoption of cloud services across industry verticals as well as in all the developing countries is fostering the growth of the market. The number of enterprises which are adopting cloud office services suites is growing rapidly. Cloud suites assist employees by providing access to files and documents online as well as offline. The employees can use cloud office services for video conferencing, cloud data storage, and sending emails. The employees are able to use these services on any device such as a desktop, laptop, tablet, or smartphone. Along with this, enterprises also get monthly security updates and new feature releases.
The major factors contributing to the market growth are increasing number of connected devices. The cloud office services are easy to deploy and use which is one of its attractive features. Also, the enterprises using cloud office services are able to reduce their IT expenditure as cloud office services have a subscription-based software. The growing adoption of smartphones in enterprises and rapidly increasing internet penetration are also some of the factors affecting market growth. However, concerns regarding data security are expected to restrain the market growth during the forecast period. The demand for cloud office services is expected to surge as more and more verticals are transforming and adopting digitization. Also, the growing number of employee-centric enterprises and adoption of bring-your-own-device (BYOD) policies offer lucrative opportunities to players in the global cloud office services market.
The global cloud office services market has been segmented based on component, organization size, vertical, and region/country.
By component, the global cloud office services market has been divided into cloud office services suite, cloud office services migration tools, cloud office services collaboration services, and cloud office services professional services.
The organization size segments of the global cloud office services market are small and medium-sized enterprises (SMEs) and large enterprises.
Based on vertical, the global cloud office services market has been classified as BFSI, IT & telecommunications, healthcare and pharmaceuticals, retail and consumer goods, manufacturing, automotive and transportation, energy, government and public sector, and others.
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The global cloud office services market has been analyzed under four regions—North America, Europe, Asia-Pacific, and the rest of the world.
Microsoft Corporation and Google are the two main players competing in the market. The market share of Microsoft Corporation is more than 60% and is the highest among all the other players in the ecosystem. Apple Inc. also offers cloud office services suite but currently, it offers it for free to the enterprises.
The key players in the global cloud office services market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Rackspace US, Inc. (US), Google Inc. (US), Microsoft Corporation (US), Ascensio System SIA (Latvia), Zoho Corporation Pvt. Ltd (India), Adobe (US), HyperOffice (US), Evernote Corporation (US), AvePoint, Inc. (US), Xillio (US), TERVELA CLOUD FASTPATH (US), SkySync (US), Quest Software Inc. (US), MediaAgility Inc. (US) and INSIGHT (US). The key strategies adopted by most of the players include launching solutions and upgrading previous versions of the suite. Also, these players offer products at competitive pricing to gain more market share.
The global market for cloud office services is expected to grow at a significant CAGR during the forecast period. The geographical analysis of cloud office services market has been done for North America, Europe, Asia-Pacific, and the rest of the world (includes the Middle East, Africa, and South America).
Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The US occupies nearly 80–85% share in the region as most of the leading vendors are headquartered here with a strong customer base. The adoption of cloud technology by enterprises across verticals is the highest in the region. This is the primary driving factor for the high adoption rate of cloud office services in North America.
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The market size of Europe is expected to be the second-largest, followed by Asia-Pacific during the review period. The market in Europe is expected to grow due to the increasing adoption of BYOD trend in the region. The market in Asia-Pacific is expected to be the fastest-growing during the assessment period as demand in the region is projected to rise more than the global CAGR of 14.6%. Developing countries such as India and China are driving the growth of the cloud office services market with unceasing demand, growing internet penetration, and rapid adoption of cloud computing. The market in the rest of the world offers numerous opportunities to vendors as the majority of the countries in the region are yet to adopt cloud office services solutions.
Cloud office services vendors
Cloud office services collaboration tool providers
Cloud service providers
Resellers and distributors
Investors and venture capitalists
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