Cloud Office Services Market Estimated to Grow at a CAGR of 15% During 2022-2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
5G Introduction and Tech Advancements will Boost the Cloud Office Services Market
New York, US, March 24, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud Office Services Market Analysis by Component, Organization Size, - Forecast Till 2030.
The cloud office services market is likely to witness rapid revenue growth. The rising demand for cloud office services to evaluate and control the IT infrastructure drives market growth. Market Research Future (MRFR) asserts that the global cloud office services market is expected to garner USD 185.3 billion by 2030, growing at a 15% CAGR throughout the review period (2022-2030).
Global Cloud Office Services Market Overview:
Cloud office comprises a suite of Software-as-a-Service (SaaS) collaboration and communication tools. Storing content in a centralized, cloud-based repository allows users to work, communicate, and collaborate in real time, regardless of location or device. Cloud office services allow the migration of systems and data to a cloud-based platform.
This enables a collaborative approach that improves productivity and reduces operational costs. Implementing cloud office services make it easier to consolidate and transfer a collection of workloads, including file-sharing, email & instant messaging, conferencing, document management, and search & discovery. Cloud office services provide users with many ways to work collaboratively.
Global Cloud Office Services Market Scope:
Report Metric
Details
Market Size
USD 185.3 Billion
CAGR
15%
Base Year
2021
Geographies Covered
North America, Europe, Asia-Pacific
Key Vendors
MediaAgility Inc Rackspace Quest Software Inc Google Xillio Microsoft Corporation AvePoint Inc. Zoho Corporation Pvt. Ltd Evernote Corporation Adobe TERVELA CLOUD FAST PATH HyperOffice AvePoint Inc
Key Market Opportunities
Many enterprises already know the benefits of cloud services.
Key Market Drivers
The growing number of connected devices is a crucial driver for the cloud office service.
Industry Trends
With the growing use of cloud office services, the market is expected to garner significant traction during the next few years. Organizations across BFSI, IT & telecommunications, media & communication, healthcare, retail, and e-commerce are moving their IT infrastructure to the cloud, including software & hardware, computer services, network devices, IT security, and storage devices.
Besides, the attributes offered by remote infrastructure management, such as cost savings, enhanced efficiency, higher dependability, and remote availability of IT infrastructure, contribute to the cloud office services market growth excellently. The rising need to decrease deployment costs and downtime propels market revenues. Data validation & verification.
Also, the growing need among businesses for automatic data movement, data mapping & transformation, user account management, and performance monitoring would support market growth. On the other hand, security concerns and SMB reluctance to invest in IT infrastructure are major factors impeding market growth. Also, concerns over data security, cyber risks, and invariant service charges hamper the market growth.
Segments
The report is segmented into service types, organization sizes, verticals, and regions. The component segment is bifurcated into services suite, cloud office migration tools services, collaboration services, professional services, and other services. The organization size segment is bifurcated into small & medium-sized enterprises and large enterprises.
The vertical segment is bifurcated into BFSI, IT & telecommunications, healthcare & pharmaceuticals, retail & consumer goods, manufacturing, automotive & transportation, energy, government & public sector, and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and Rest-of-the-World.
Geographical Analysis
North America dominates the global cloud office services market, accounting for over 40% of the share. Factors such as the highest rate of cloud office service adoption, increased digitization, and the growing trend of outsourcing services drive market growth. Also, the presence of many key cloud office services providers and leading tech companies in this region boosts the cloud office services market size.
Better technical expertise and high implementation of cloud office services in rapidly growing businesses across industries substantiate the region's market share. The evolving cloud technology and increasing cloud office services applications across industries boost the market size in the region. The US accounts for a sizable share of the North American cloud office services market, creating significant opportunities.
Europe is another lucrative market for cloud office services. The rapidly developing work environment in the region is heightening the demand for cloud office services. Moreover, the high adoption of cloud office migration services that make the movement of office software and data from on-premises systems to the cloud easier creates significant growth opportunities in Europe.
The cloud office services market in the Asia-Pacific region is likely to grow at the fastest rate. Rapidly expanding businesses, the rising need for digital transformation solutions, and the growing acceptance of cloud-based technologies escalate the region's cloud office services market value. Furthermore, the growing reliance of companies on these services to increase productivity and curtail expenses boost market revenues.
Competitive Landscape
The global cloud office services market appears to be highly competitive and fragmented. Many well-established players, together with new entrants, form a competitive landscape. Key players make substantial investments to drive R&D activities and expand their global footprints. Leading providers of networking and security products offer new cloud-delivered services to extend zero-trust solutions.
They ensure that these new cloud services can make it easier for cloud-native businesses and enterprises to embrace cloud adoption and for IT teams & security admins to deploy, scale, and manage remote access & secure application access for the entire workforce. Also, they incorporate strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a larger impetus.
For instance, on Mar. 15, 2023, FunP Innovation Group (Taiwan), a leading digital advertising sales & advertising technology conglomerate, announced that it has secured US$3.12 million from a leading global provider of integrated cloud management services, IoT, and embedded technology, Ennoconn Corporation.
This capital injection will be used to develop and roll out smart retail and cloud services solutions in Indonesia and other markets in major Asia Pacific countries under its business unit cacaFly. Ennoconn's AIoT capabilities and FunP Innovation's cloud computing and marketing technology will bring the opportunity to develop pioneering retail solutions in Indonesia and beyond. Additionally, the partnership will increase its footprint in the fastest-growing markets worldwide.
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