Mobile Cloud Market to Reach $74.25 Bn, Globally, by 2023 at 30.1% CAGR, Says Allied Market Research
Increase in usage of smartphone, high adoption rate of BYOD concept, availability of faster network connectivity, and rise in awareness of cloud-based services are expected to propel the growth of the global mobile cloud market.
PORTLAND, Oregon, Feb. 11, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Mobile Cloud Market by Application (Entertainment, Utilities, Education, Healthcare and Others), and Deployment (Public, Private and Hybrid) - Global Opportunity Analysis and Industry Forecast, 2017–2023". The report provides an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global mobile cloud market was pegged at $15.35 billion in 2017 and is expected to garner $74.25 billion by 2023, registering a CAGR of 30.1% during the period 2017–2023.
Rise in smartphone usage, increase in availability of high-speed network, and surge in adoption of BYOD concept have boosted the growth of the global mobile cloud market. However, security concerns due to increased cyber attacks and lack of interoperability between platforms and operating systems hamper the market growth. On the contrary, rapid technological advancements and increased awareness regarding cloud-based services are expected to create lucrative opportunities for the market players in the near future.
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Entertainment segment retains lion's share
The entertainment segment held the largest revenue in 2017, contributing more than one-third of the total market, owing to high adoption of cloud computing and mobility solutions as it delivers content-rich services to multiple devices effectively. Moreover, the trend of digitization of media platforms and next-generation smart technologies such as IoT, AI, and machine learning supplemented the segment growth. However, the education segment is projected to manifest the fastest CAGR of 33.3% during the forecast period. This is attributed to the emergence of massive open online courses (MOOCs), bring your own device (BYOD) concept, mobile e-learning applications and increased influence of mobile cloud learning as it brings the classroom experience to mobile phones of learners and can be remotely accessed and shared with various devices. The report includes other segments such as utilities, education, healthcare, and others (industrial, automotive and government).
Hybrid Deployment segment to manifest fastest growth by 2013
The hybrid deployment segment is expected to portray the fastest growth with a CAGR of 30.1% through 2023, owing to rise in demand for efficient productivity by enterprises and quick & secure data access, and high demand from SMEs. However, the private segment held the largest share in 2017, contributing nearly two-thirds of the total market, owing to growing need of large enterprises to secure confidential data without involving any third-party cloud provider, advancements in IT infrastructure, and maturing channel partner ecosystem. The report also analyzes the public segment.
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North America dominates the market
North America region dominated the market in terms of revenue, contributing about one-third of the total revenue in 2017, owing to high adoption of mobile cloud solutions, increase in smart devices per capita coupled with increase in popularity of social media networks and live streaming platforms. However, Asia-Pacific region is expected to manifest the fastest CAGR of 30.9% during the forecast period, owing to rise in internet penetration and high adoption of smartphones. The report includes other regions such as Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The major companies in the market are included in the report, such as Amazon Web Services Inc, Google Inc., Apple Inc., Dell EMC, Oracle Corporation, Microsoft Corporation, Salesforce.com, Rackspace Inc., IBM Corporation, and Akamai Technologies Inc.
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