The rapid advancements in mobile cloud-based applications have been the prime reason for significant expansions in this market.
The mobile cloud market was valued at $12.07 billion in 2016 and is projected to reach at $74.25 billion by 2023, to grow at a CAGR of 30.1% from 2017 to 2023. In 2016, the private cloud accounted for the highest revenue share in the mobile cloud market.
North America is the global supplier of the mobile cloud market, followed by Asia-Pacific. Japan dominates the market in Asia-Pacific and the U.S. leads the overall market in comparison with other countries.
The key factors that drive the global market are increase in smartphone usage, availability of faster network connections, and a rise in the adoption of BYOD (Bring Your Own Device) technology. However, privacy & security issues and lack of interoperability between platforms hamper the market growth. Moreover, increasing awareness and advancements in technologies is expected to provide lucrative opportunities for the mobile cloud market growth.
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Applications for educational purposes is expected to witness the highest growth rate during the forecast period. The entertainment application accounts for the highest total applications revenue. Moreover, other industry verticals (utilities, healthcare, government, industry, and automotive) among the mobile cloud applications dominated the global mobile cloud market in 2016.
Profiling Key Players: Amazon Web Services Inc., Microsoft Corporation, Google Inc., Salesforce.com, Apple Inc., Rackspace Inc., Dell EMC, IBM Corporation, Oracle Corporation, and Akamai Technologies Inc.
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