The Professional Cloud Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Professional Cloud Services Global Market Report 2024, The professional cloud services market size has grown rapidly in recent years. It will grow from $29.41 billion in 2023 to $34.56 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to digital transformation initiatives, cost efficiency, globalization of businesses, increased data volumes, focus on business continuity, rise in remote work..
The professional cloud services market size is expected to see rapid growth in the next few years. It will grow to $68.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to edge computing expansion, industry-specific solutions, focus on sustainability, enhanced data governance and privacy, increased use of containers and microservices,. Major trends in the forecast period include hybrid and multi-cloud deployments, cloud migration and modernization, managed cloud services, focus on cloud security, edge computing and fog computing, serverless computing, containers and kubernetes orchestration, quantum computing exploration..
A growing focus on digital transformation initiatives is expected to propel the growth of the professional cloud services market going forward. The act of employing digital technologies to develop new business processes or change current ones is known as digital transformation. Professional cloud service providers assist businesses by offering strategy and technology planning and advisory services for digital transformation to achieve organizational goals. As a result, the focus of businesses on digital transformation is in turn driving the professional cloud services. For instance, in January, 2021, as per the Situation Report, a global poll of IT leaders and their digital transformation investment strategies was conducted by Software AG, a Germany-based software company, and 97% of IT directors polled stated their organization invested in digital transformation initiatives and also expected that expenditure to continue in 2021. Therefore, the growing focus on digital transformation initiatives is driving the growth of the professional cloud services market.
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The professional cloud services market covered in this report is segmented –
1) By Service Type: Consulting, Application Development And Modernization, Implementation And Migration, Integration And Optimization
2) By Service Model: Platform as a Service (PaaS), Software as a Service (SaaS), Infrastructure as a Service (IaaS)
3) By Deployment Type: Public, Private, Hybrid
4) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
5) By End-User Industry: Manufacturing, Healthcare, Retail, IT And Telecommunications, Government, Media And Entertainment, BFSI, Other End-User Industries
Innovations in professional cloud services are a key trend gaining popularity in the professional cloud services market. Major companies operating in the professional cloud services are focused on offering innovative services such as new leads and proposals, solutions, and an integrated cloud service. For instance, in September 2021, Infosys, an India-based information technology company, and SAP, a Germany-based software company, jointly developed and launched the leads and proposals solution, part of SAP’s cloud professional services portfolio for the professional services industry. This innovative service uses predictive analytics and the built-in SAP Business Technology Platform (SAP BTP) to offer its clients an industry-specific service that offers various benefits, including a reduction in their costs, improved lead conversion, and accelerated revenue growth.
The professional cloud services market report table of contents includes:
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