A new market study published by Global Industry Analysts, (GIA) the premier market research company, released its report titled “Cloud-Based Office Productivity Software – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
High adoption of cloud services drives the market
Amid the COVID-19 crisis, 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. 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.
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 the 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 the subsequent boom in the region’s enterprise segment continue to drive demand for cloud-based office productivity software tools in the Asia-Pacific region.
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