G Suite technology services market reported a revenue generation of nearly US$ 214 Mn in 2017 and is expected to witness a 1.2x growth in 2018, according to Fact.MR estimations. SMEs Held 71% Share of G Suite Technology Services Market in 2017. Overall market growth is likely to be driven by,
– Growing emphasis on the utilization of business productivity tools
– Small and medium organizations leveraging concise and affordable business solutions offered by Google Cloud
– Ongoing cloud migration across industries
– Identification of collaborative tools’ potential in increasing employee productivity
Apart from its cloud-first nature, the steadily rising adoption of G Suite technology services can be attributed to the ongoing industrial transformation in terms of digitalization, cloud migration and implementation of cognitive AI solutions.
“Demand for business productivity tools is set to rise in the coming decade on the back of increasing appetite of businesses for smarter and remunerative approaches. While larger organizations are already witnessing active utilization of productivity tools, small and medium enterprises are likely to look for G Suite technology services that fit well in their tight budgets”, says a senior analyst at Fact.MR.
According to Fact.MR study, small medium enterprises have been prominent end-users of the services. In 2018, revenues from small medium enterprises are likely to surpass US$ 190 Mn, whereas utilization of G Suite technology in large enterprises is estimated to grow 1.2x in 2018.
Fact.MR analysts added that among various services offered by G Suite technology, adoption of design and deployment services continues to register largest revenues.
Retail Industry at the Forefront, Education Sector Follows Closely
Retail solutions offered by G Suite technology are gaining traction among businesses. The retail industry is likely to register a bulk of demand and is expected to account for nearly US$ 36 Mn in 2018. The study suggests that the G Suite technology is highly sought after by the education industry and around 80 million students across the globe are using the services. In 2018, the education industry will hold nearly 13% of the global revenue.
North America Continues to Spearhead with Nearly 63% Revenue share in 2018
The buoyancy in the small and medium businesses in the United States, which according to the Office of Advocacy accounted for 30.2 million businesses in 2015, is likely to contribute to the leading utilization of G Suite technology services in 2018. The study estimates that North America will account for over 63% of the global revenues in 2018.
Europe is estimated to register the second largest demand. The study shows that Europe businesses will continue to register a significant demand despite GDPR compliance issues, as G Suite added security tools giving the users an opportunity to choose their data storage location.
The study opines that the media and advertising industry is expected to outsell the education and retail industries in terms of G Suite technology services revenues by 2028. The G Suite technology services market is likely to grow at an impressive rate and register over 26% CAGR through 2028.
The insights presented here are from a research study on G Suite Technology Services Market by Fact.MR
Comment this news or article