Cloud Office Services Market is Expected to Grow at a Significant CAGR by 2024

Pune, India, June 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Cloud Office Services Market.

Overview

According to Market Research Future, the global cloud office services market has been segmented based on component, organization size, vertical, and region/country.

The major factors boosting market growth are increasing number of connected devices and rapidly growing internet penetration. The cloud office software is easy to deploy; it helps enterprises by reducing its IT expenditure. Furthermore, there has been a significant increase in the adoption of  BYOD policy in enterprises in the developed economies across the globe. A large number of enterprises across verticals are employee-centric, offering flexible work hours and work from home facilitiy for their employees. Cloud office assists these enterprises by connecting the employees and providing storage, file sharing and communication solutions. However, concerns regarding data security are expected to restrain the market growth.

By component, the global cloud office services market has been divided into cloud office suite, cloud office migration tools, cloud office collaboration services, and cloud office professional services. The cloud office suite segment is expected to have the largest market share while the cloud office migration tools segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the market has been segmented into large enterprises and small and medium enterprises (SME). The large enterprises segment is expected to have a larger market size during the review period. Large organizations deploy cloud office extensively to provide BYOD services to the employees as these enterprises have adopted digitization to a greater extent. The SMEs segment is expected to grow at the higher CAGR during the review period.

Based on vertical, the market has been segmented into BFSI, IT & telecommunications, healthcare and pharmaceuticals, retail and consumer goods, manufacturing, automotive and transportation, energy, government and public sector, and others. The IT and telecommunications segment is expected to have a larger size and exhibit higher CAGR during the forecast period due to the increasing adoption of cloud technology and technological advancements across the globe that offer security and privacy over the cloud.

By region, the global cloud office services market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Key Players

The key players in the global cloud office services market are Google Inc. (US), Microsoft Corporation (US), Ascensio System SIA (Latvia), Zoho Corporation Pvt. Ltd. (India), Adobe (US), HyperOffice (US), Rackspace US, Inc. (US), SkySync (US), Quest Software Inc. (US), MediaAgility Inc. (US), INSIGHT (US), Evernote Corporation (US), AvePoint, Inc. (US), Xillio (US), and TERVELA CLOUD FASTPATH (US).

Access Report Details @ https://www.marketresearchfuture.com/reports/cloud-office-services-market-8017

Regional Analysis

The global cloud office services market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. North America was the largest market in 2018 due to the presence of maximum number of established players of the market in the US. The market in Asia-Pacific is expected to be the fastest-growing during the forecast period of 2019 to 2024.