Portland, April 03, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile cloud market was pegged at $15.35 billion in 2017 and is expected to garner $74.25 billion by 2023, registering a CAGR of 30.1% during the period 2017-2023. The report provides an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape.
Rise in smartphone usage, increase in availability of high-speed network, and surge in adoption of BYOD concept have boosted the growth of the global mobile cloud market. However, security concerns due to increased cyber-attacks and lack of interoperability between platforms and operating systems hamper the market growth. On the contrary, rapid technological advancements and increased awareness regarding cloud-based services are expected to create lucrative opportunities for the market players in the future.
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The entertainment segment contributed more than one-third of the total market in 2017 and is expected to dominate the market through 2023. This is due to the high adoption of cloud computing and mobility solutions as it delivers content-rich services to multiple devices effectively. However, the education segment is likely to grow at the fastest CAGR of 33.3% during the forecast period.
The hybrid deployment segment is expected to portray the fastest CAGR of 30.1% through 2023. This is due to the growing demand for efficient productivity by enterprises and quick and secure data access and high demand from SMEs. However, the private segment held the largest share in 2017, contributing nearly two-thirds of the total market, owing to growing need of large enterprises to secure confidential data without involving any third-party cloud provider, advancements in IT infrastructure, and maturing channel partner ecosystem.
North America region dominated the market in terms of revenue, contributing about one-third of the total revenue in 2017, owing to the high adoption of mobile cloud solutions, increase in smart devices per capita coupled with increase in popularity of social media networks and live streaming platforms. However, Asia-Pacific region is expected to manifest the fastest CAGR of 30.9% during the forecast period, owing to rise in internet penetration and high adoption of smartphones.
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The major companies in the mobile cloud market are included in the report, such as Amazon Web Services Inc, Google Inc., Apple Inc., Dell EMC, Oracle Corporation, Microsoft Corporation, Salesforce.com, Rackspace Inc., IBM Corporation, and Akamai Technologies Inc.