December 05, 2023: A new report from Allied Market Research projects that the global office suites market will reach $70.21 billion by 2030, growing at a CAGR of 26.72% from 2023 to 2030. The report cites the increasing adoption of cloud-based office suites and the rise of remote work as crucial market growth drivers.
The report segments the office suites market by type, deployment model, end-user, and region. By type, the cloud-based segment is expected to hold the largest market share in 2030, accounting for over 60% of the global market. This is due to the increasing popularity of cloud-based software, which offers scalability, flexibility, and ease of use.
According to the deployment model, the on-premises segment is expected to decline in share during the forecast period, while the cloud-based segment is expected to proliferate. This is due to the increasing adoption of cloud-based software by businesses of all sizes.
By end-user, the large enterprises segment is expected to hold the largest share of the market in 2030, followed by the small and medium-sized enterprises (SMEs) segment. This is due to the large enterprises’ more significant IT budgets and the need for more sophisticated office suite solutions.
North America is expected to hold the largest share of the office suites market by region in 2030, followed by Europe and Asia Pacific. This is due to the large economies and the high adoption of cloud-based software in these regions.
The report also profiles the leading players in the office suites market, including Microsoft, Google, Apple, IBM, and Alibaba. These companies invest heavily in research and development to develop new and innovative office suite solutions.
The office suite market is expected to grow in the coming years, driven by the increasing adoption of cloud-based office suites and the rise of remote work. Cloud-based office suites offer businesses several benefits, such as scalability, flexibility, and ease of use. Remote work also drives the demand for office suites, as employees need software they can use to work from anywhere.