Market Size –
The professional cloud services market size has grown rapidly in recent years. It will grow from <b>$29.41 billion in 2023 to $34.56 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. </b> 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 <b>$68.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. </b> 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.
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Scope Of Professional Cloud Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Professional Cloud Services Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the professional cloud services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the professional cloud services market report during the forecast period. The regions covered in the professional cloud services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the professional cloud services market report are Amazon Web Services Inc., Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, Accenture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, PricewaterhouseCoopers International Limited, Hewlett Packard Enterprise Company, Wipro Limited, Tata Consultancy Services Limited, Capgemini SE, Fujitsu Limited, Nippon Telegraph and Telephone Data Corporation (NTT Data Corporation), Societas Europaea, SAP SE, Infosys Limited, Hindustan Computers Pvt., Cognizant Technology Solutions Corporation, DXC Technology Company, Romexsoft, SourceFuse Technologies Inc., ELEKS Software Engineering and Development Inc., Prakash Software Solutions Pvt. Ltd., Cloudreach Ltd., Cloud Technology Partners Inc., Cloud Sherpas LLC, Cloudnexa Inc., Datapipe Inc.
Table of Contents
1. Executive Summary
2. Professional Cloud Services Market Report Structure
3. Professional Cloud Services Market Trends And Strategies
4. Professional Cloud Services Market – Macro Economic Scenario
5. Professional Cloud Services Market Size And Growth
…..
27. Professional Cloud Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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