cloud business email market Industry Revenue (2020-2026)
The Evolution of cloud business email market opportunities, growth, future analysis, challenges
The global cloud business email market size is projected to reach USD 2.15 billion by 2023, according to the latest report by Market Research Future (MRFR). It can expand at 11% CAGR from 2017 to 2023. MRFR’s report on the cloud business email market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
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The global cloud business email market is driven by convenience and flexibility of cloud for handling exchange of information securely. Business email services hosted on the cloud can be accessed through the internet and smartphones. Benefits of curbing expenses, improve adaptability, and improve return of investment (ROI) can drive market growth effectively. The move by various organizations in improving customer experience and availability of pay-as-you-use model can bode well for the market.
Integration of hybrid cloud models for hosting various clients simultaneously and launch of new ventures with a focus on digitalization can drive demand for cloud business email. The market can expand by offering services to organizations of all sizes due to development of crossover cloud administration.
But compromise of data through cloud business email solutions may hamper market growth. Hidden costs and initial installation costs can pose a challenge for market players.
The COVID-19 pandemic has been lucrative for the cloud business email market. This is attributed to rise of remote working and shift to cloud of various applications for assuring continuity of work.
BFSI Vertical to Dominate Market Demand
The BFSI vertical is bound to command a major portion of the cloud business email market owing to various financial transactions and exchange of data between companies and clients. Strict regulations and adherence to security requirements coupled with privy to confidential data from governments and high net worth individuals can augur favorably for the market. Deployment of servers for handling email requests can lower implementation time and costs for banks. Large number of electronic transactions between employees and customers can spur market demand.
Security Solution of Cloud Business Email Providers to Garner Huge Revenue
Email security can dominate the solutions in the market owing to increasing number of corporate clients. As per the report by 99 Firms, the number of email users can amount to 4.3 billion by 2023.
North America to Lead in Global Cloud business email Market
North America is expected to take the lead in the global cloud business email market owing to adoption of cloud services and huge demand for advanced security. Prevention of cyberattacks and focus on maintaining security within corporations can drive the regional market demand. Use of cloud security software for protecting clients from cyberattacks and risk of email security outsourcing can drive market demand. Expansions of industries and potential of IoT can bode well for regional demand.
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Extreme Networks, Genesys (US), Cisco Systems (US), Aspect Software (US), Connect First (US), NewVoiceMedia (UK), 8x8 Inc. (US), Oracle Corporation (US), Five9 (US), and NICE Ltd. (Israel) are key players in the global cloud business email market.
Check Point Software Technologies has acquired Avanan which specializes in protection of email. The move by various organizations to cloud business email services will be valuable to the company in the long run.
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