Cloud based office productivity software market to reach $50.7 bn by 2026

According to ReportLinker, Global Cloud Based Office Productivity Software Market to Reach $50.7 Billion by 2026.

Cloud-based office productivity software tools allow users to lease user access through a web service rather than purchasing and installing the software onto their computers. These software solutions provide remote storage, computing, access and use, thus eliminating the need for users to download the same onto their client desktops. In recent years, there has been a significant increase in the adoption and subscription of cloud-based office productivity software, which is driving growth in the market. The cloud based office productivity software is growing in prominence due to the large number of applications that can be used by end-users including word processors, graphics software, spreadsheets and database management systems. In addition, progressions in information investigation and business knowledge have been fueling the market growth. COVID-19 has accelerated demand for cloud-based offerings due to the drastic and sudden shift to remote working. Cloud computing infrastructure and software helped to keep businesses online, communicating and functioning with very little disruption. Even after the pandemic, the migration to cloud office suites is expected to continue, with growing realization among organizations that the flexibility and resilience offered by cloud collaboration platforms are greater than the advantage of control provided by on-premise software implementations.

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.

The U.S. market is estimated at $4.8 billion in 2021, while China is forecast to reach $10.9 billion by 2026
The Cloud Based Office Productivity Software market in the U.S. is estimated at US$4.8 Billion in the year 2021. 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 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 subsequent boom in the region`s enterprise segment continue to drive demand for cloud based office productivity software tools in Asia-Pacific region.

Retail segment to reach $7.5 billion by 2026
In the global Retail segment, USA, Canada, Japan, China and Europe will drive the 24.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$6.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 27.5% CAGR through the analysis period.

CT Bureau