Cloud Applications Market Report 2024

The cloud applications market size has grown rapidly in recent years. It will grow from $275.09 billion in 2023 to $325.27 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth seen in the past can be credited to the rising adoption of artificial intelligence and machine learning, the expansion of IoT devices and edge computing, the shift towards remote work and digital transformation, increasing dependence on cloud service providers, and the adoption of hybrid and multi-cloud strategies.

The cloud applications market size is expected to see rapid growth in the next few years. It will grow to $639.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. Anticipated growth in the forecast period can be attributed to scalability and cost-effectiveness, rapid deployment and shortened time-to-market, enhanced business productivity, global accessibility and collaboration, and increased digitalization. Key trends expected in this period include the integration of AI, ML, and IoT with cloud computing across various industries, innovation in products, strategic partnerships, expansion of AI and machine learning capabilities, and technological advancements.

The increasing adoption of DevOps toolchains is set to drive the growth of the cloud application market in the coming years. These toolchains, comprising integrated tools and processes integral to DevOps practices, automate and streamline software development, testing, deployment, and monitoring. They accelerate the software development lifecycle, enhancing the speed of cloud application development and release. By automating tasks from code integration to deployment, DevOps tools enable swift updates and deployments, reducing time-to-market and enhancing responsiveness to customer demands. This efficiency boosts the appeal of cloud applications to businesses. According to the 2022 State of Testing in DevOps Report by mabl, larger enterprises are significantly more likely to adopt full DevOps practices compared to medium-sized enterprises, with a notable increase in deployment frequency across organizations. Thus, the widespread adoption of DevOps toolchains is a key driver of cloud application market growth.

Leading companies in the cloud applications sector are innovating with advanced solutions such as cloud mesh to improve application-centric connectivity across hybrid and multi-cloud environments. Cloud mesh, an advanced networking architecture, facilitates seamless integration and communication between multiple cloud environments. For instance, IBM launched the IBM Hybrid Cloud Mesh in May 2023. This solution simplifies, scales, and secures application connectivity across hybrid and multi-cloud environments, addressing the challenge of isolating IT environments and accelerating application deployment and management. It aims to meet the rising demand for enhanced multi-cloud and hybrid-cloud connectivity, visibility, and governance.

In December 2021, Oracle, a US-based software company, completed the acquisition of Cerner for $28.3 billion. This strategic move is designed to enhance Oracle's standing in the healthcare technology sector and reinforce its cloud strategy by integrating Cerner's robust healthcare IT platform into its cloud offerings. Cerner, headquartered in the US, is renowned for its expertise in healthcare information technology solutions and services, particularly its flagship Millennium EHR platform, which provides comprehensive healthcare IT solutions.

Major companies operating in the cloud applications market are Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Salesforce.com Inc., SAP SE, Adobe Inc., Intuit Inc., ServiceNow Inc., OpenText Corporation, Workday Inc., Infor Global Solutions Inc., Citrix Systems Inc., The Sage Group plc, Zoho Corporation Pvt. Ltd., IFS AB (Industrial and Financial Systems), Epicor Software Corporation, Box Inc., Upland Software Inc., Tidip Technologies Ltd., Vultr Holdings Corporation, pCloud AG, Cloudflex Computing Services Limited.

North America was the largest region in the cloud application market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud applications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cloud applications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud applications are software applications accessed and utilized primarily via the internet, rather than being locally installed on a user's device. This allows users to access and use applications through web browsers or dedicated applications without the need for local software installation or management.

The primary players in the cloud applications market include small and medium-sized enterprises (SMEs) and large enterprises. SMEs are defined as businesses with revenues, assets, or a number of employees below a specific threshold. These applications encompass a wide range, including customer relationship management, enterprise resource management, human capital management, content management, collaboration and productivity suites, supply chain management, business intelligence and analytics, among others. They cater to various sectors such as banking, financial services, and insurance, energy and utilities, government and public sector, health and life sciences, manufacturing, retail and consumer goods, telecommunications, transportation and logistics, travel and hospitality, and more.

The cloud applications market research report is one of a series of new reports that provides cloud applications market statistics, including cloud applications industry global market size, regional shares, competitors with a cloud applications market share, detailed cloud applications market segments, market trends and opportunities, and any further data you may need to thrive in the cloud applications industry. This cloud applications market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud applications market includes revenues earned by entities through business intelligence and analytics, software-as-a-service, infrastructure-as-a-service, and data storage solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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