Dublin, April 25, 2022 (GLOBE NEWSWIRE) -- The "Cloud Based Office Productivity Software - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Cloud Based Office Productivity Software Market to Reach $50.7 Billion by 2026
The global market for Cloud Based Office Productivity Software estimated at US$12.6 Billion in the year 2020, is projected to reach a revised size of US$50.7 Billion by 2026, growing at a CAGR of 25.5% over the analysis period.
In recent years, there has been a significant increase in the adoption and subscription of cloud-based office productivity software, which is driving growth in the market. The cloud based office productivity software is growing in prominence due to the large number of applications that can be used by end-users including word processors, graphics software, spreadsheets and database management systems.
In addition, progressions in information investigation and business knowledge have been fueling the market growth. COVID-19 has accelerated demand for cloud-based offerings due to the drastic and sudden shift to remote working. Cloud computing infrastructure and software helped to keep businesses online, communicating and functioning with very little disruption.
Even after the pandemic, the migration to cloud office suites is expected to continue, with growing realization among organizations that the flexibility and resilience offered by cloud collaboration platforms are greater than the advantage of control provided by on-premise software implementations.
BFSI, one of the segments analyzed in the report, is projected to record a 27.4% CAGR and reach US$16.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the IT & Telecom segment is readjusted to a revised 28.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.8 Billion in 2021, While China is Forecast to Reach $10.9 Billion by 2026
The Cloud Based Office Productivity Software market in the U.S. is estimated at US$4.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.9 Billion by the year 2026 trailing a CAGR of 31.3% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 20.2% and 23.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 22.1% CAGR. The high adoption of cloud services and cloud based subscriptions in US and Europe is fueling growth in the market.
Fast paced economic growth of large economies like China and India, rapid industrialization, increasing shift of manufacturing and corporate activity from developed markets to the region and subsequent boom in the region`s enterprise segment continue to drive demand for cloud based office productivity software tools in Asia-Pacific region.
Retail Segment to Reach $7.5 Billion by 2026
In the global Retail segment, USA, Canada, Japan, China and Europe will drive the 24.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$6.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 27.5% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- COVID-19 Accelerates Demand for Cloud-based Technologies and Offerings
- Enterprise Mobility Initiatives Gather Momentum Amidst the Pandemic
- WFM (Work from Home) Employees as a % of the Total Workforce
- Cloud Based Office Productivity Software - Global Key Competitors Percentage Market Share in 2022 (E)
- An Introduction to Cloud-Based Office Productivity Software
- Key Components of Cloud Office Productivity Software
- Global Market Prospects & Outlook
- Developed Regions Lead, Developing Economies to Drive Future Growth
- Office Suites Become Critical for Efficient Organizational Functioning
- Competition
- Global Office Productivity Software Market: Percentage Breakdown by Leading Software Tools for 2020E
- Office Productivity Software Market in the US and Japan: Percentage Breakdown by Leading Software for 2020E
- A Glance at Few Leading Cloud Based Productivity Software
- Microsoft Office 365: The Leading Cloud-based Office Productivity Tool
- Google's G Suite: The Key Competitor to Microsoft Office 365
- Recent Market Activity
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 46 Featured)
- Adobe Systems Incorporated
- Amazon.com, Inc.
- Apple, Inc.
- Google Inc.
- Hancom, Inc.
- HP Development Company
- HyperOffice
- IBM Corporation
- Infraware
- Microsoft Corporation
- VMware Inc.
- Zoho Corporation Pvt. Ltd.
3. MARKET TRENDS & DRIVERS
- Myriad Benefits of Cloud-based Office Productivity Software to Propel Adoption
- How Are Cloud-Based Productivity Tools Transforming the Digital Workspace?
- Cloud Based Productivity Software for Increased Workplace Efficiency
- Moving Beyond Personal Productivity to Team Productivity: True Benefit of Cloud-Based Office Productivity Software Driving Adoption Rates
- Connected Enterprises Remain the Cornerstone for Growth in the Market
- Changing Demands of Modern Mobile Workforce Provides a Fertile Environment for the Growth of Cloud Based Office Productivity Solutions
- Key Benefits Encouraging Mobility Trend among Enterprises Ranked by Importance Attached by Enterprises
- Cloud-Based Office Productivity Software Enables Enterprise Mobility
- With Enterprises Moving to the Cloud Amid the Pandemic, Cloud-Based Office Productivity Software Market Poised to Benefit
- With COVID-19 Accelerating WFM Trend, Demand Rises for Cloud-based Office Productivity Tools
- Adoption of Cloud-Based Office Productivity Software Among SMBs Emerges as a Powerful Driver of Growth
- Adoption of Cloud-Based Office Productivity Software Gathers Steam in Large Enterprises
- Rising Internet, Smartphone Penetration and Expanding Bandwidth Provide Foundation for Market Growth
- Rise of BYOD Strengthens the Business Case for Cloud Based Office Productivity Software
- Key Factors Encouraging BYOD/COPE/COBO Trend among Enterprises Ranked by Importance Attached by Enterprises
- Virtual Desktops: A Powerful Productivity Enhancing Business Application for BYOD Employees
- Artificial Intelligence Finds Growing Role in Office Suites
- Microsoft Introduces AI into Office Suite
- Zoho Offers AI-Based Office Suite
- Pandemic Drives Focus onto Optimization of Cloud Productivity Software Licensing
- Hybrid Strategies Turbocharge Adoption Among a Wider Base of Enterprises
- Cloud-Based Email: A Widely Used Office Productivity App
- Email Client Usage Shifts in Favor of Cloud and Mobile Environments
- Customization of Cloud Productivity Apps to Boost Growth
- Cloud Productivity Applications Bring to Light the Need for Enhanced Data Protection
- Key Challenges Facing Cloud-Based Office Productivity Software Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/obk6cq
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