According to the research report titled ‘Global Cloud Applications Market Size study, by Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), by Verticals (Banking, Financial Services, and Insurance (BFSI), Energy and Utilities, Government and Public Sector, Healthcare and Life Sciences and Others), by Application (Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global cloud applications market is slated to accumulate substantial returns over 2021-2027.
 

As per the report findings, surging demand from end use sectors in cloud services, coupled with reduction of operational costs such as IT infrastructure deployment & skilled resource hiring are propelling global cloud applications market growth.
 

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Furthermore, increasing technological advancements, expanding network capability, and growth in various end-use verticals such as banking as well as supply chain management will create lucrative prospects for industry partakers over the forecast period.
 

For the unversed, cloud applications are software that primarily perform the function of data storage and are accessed via internet and managed by a server instead of users' local machines.
 

Despite the positive outlook, factors such as lack of resources & relevant expertise, and absence of standard global data privacy laws are likely to impede the development of worldwide cloud applications market in the upcoming years.
 

Moving on, the geographical landscape of the industry is defined by key regions such as Asia Pacific (China, Japan, India, South Korea, Australia), Europe (U.K., France, Spain, Germany, Italy), North America (U.S., Canada), and Latin America (Brazil, Mexico). Among these, North America currently holds a major market share and is slated to exhibit a considerable CAGR over 2021-2027. This can be ascribed to high internet penetration, presence of a large number of cloud service providers, and availability of several leading investors in IT technologies throughout the region.
 

Prominent companies profiled in global cloud applications market report are Sage Group plc, Infor (US) Inc., International Business Machines (IBM) Corp., Adobe Inc., Workday Inc., Google LLC, SAP SE, Oracle Corp., Microsoft Corp., and Salesforce Inc.