The Global Market for Cloud Based Office Productivity Software is Forecast to Reach US$42.1 Billion by 2024
Changing Demands of Modern Millennial-Heavy Mobile
Workforce Provides a Fertile Environment for the Growth of Cloud Based Office
Productivity Software, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Cloud Based Office Productivity Software market. The global market for Cloud Based Office Productivity
Software is forecast to reach US$42.1 billion by 2024, driven by globalization of businesses, rise of borderless
organizations and workforce decentralization and emergence of the cloud as the
true flavor of mobility well suited to deliver productivity apps for mobile employees.
A growing number of companies worldwide
are adopting flexible workforce mobility programs to enhance productivity,
control costs, keep employees satisfied and retain critical talent. This is
largely because of the growing mobile mindshift which is defined quite simply
as instant gratification of contextual information needs at any point of time. Epitomizing
the mobile mindshift is the over 1 billion and 250 million annual global sales
of smartphones and tablets respectively. Although the mobile mindshift has its
roots in the consumer environment, the phenomenon is proliferating the
enterprise environment with the modern workforce going “mobile native” and
preferring to use smartphones and tablets for corporate information access,
communication and conducting transactions. Given the mobile mind shift of the
new millennials, companies are faced with the necessity of mastering the mobile
mind shift and productively engage and retain next generation corporate
thinkers and leaders. An agile, mobile workforce is no longer just an
attractive employee benefit plan but has emerged to be a critical variable in
achieving corporate success and business goals in the current competitive
market environment. Supported by the all-around benefits of workforce mobility,
the focus of most talent and HR management strategies are focused on enterprise
mobility and workforce mobility.
The scenario provides the cornerstone
for the growth of the US$38 billion enterprise mobility enablement market.
Among all the components of enterprise mobility, applications rank as the most
vital element, with over 70% of businesses earmarking large budgets for
investing in applications. This thereby has made mobile applications the
largest expense category in enterprise mobility spending. There is strong
demand for applications encompassing various business operations involving
communication, collaboration, coordination and information and data management.
With increasing number of companies adopting BYOD programs
enterprise mobility is all about enhancing productivity. Office productivity
applications, in this regard, remain in the spotlight a key mobility
strategy.
Cloud based office productivity apps are
defined as apps such as Spreadsheet, Presentation, Calendar, Project Management,
Collaboration Tools, and Contact Management etc. delivered over private and/or
public clouds for easy access by employees on smartphones and/or tablets through
browsers. Few of the factors driving in the market include mass adoption among
the growing base of SMBs worldwide; massive investments in workforce
mobility/BYOD programs, migration from traditional desktop productivity software
to cloud based solutions; growing confidence in the security and reliability of
public cloud computing services; and developments in high-speed Internet and
bandwidth expansion that make cloud service a commercial viability.
As stated by the new market research
report on Cloud Based Office Productivity Software, the United States represents the largest market worldwide.
Asia-Pacific ranks as the fastest growing market with a CAGR of 27.2% over the
analysis period led by the development of the enterprise sector; increased investments
in enterprise IT; aspiration of developing countries to emerge into the forefront
of IT revolution; and growing cloud readiness of Asian economies. The growth in
the region is also benefiting from the growing interest in investing in disruptive
and transformative enterprise technologies that are vital for innovation, growth
and enterprise agility especially against the backdrop of rising global competition
and expanding opportunities offered by Asia's role as the global outsourcing
marketplace for both manufacturing and services.
Major players in the market include Adobe
Systems Incorporated, Amazon.com Inc., Apple Inc., Google Inc., Hancom Inc.,
Hewlett Packard, HyperOffice, IBM Corporation, Infraware Inc., Microsoft
Corporation and Zoho Corporation Pvt. Ltd., among others.
The research report titled
“Cloud Based Office Productivity Software: A Global Strategic
Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The single segment report provides market
estimates and projections for all major geographic markets such as the USA,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America (Brazil
and Rest of Latin America), and Rest of World.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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