Paradigm shift to the cloud and increasing offerings from cloud providers to magnify growth in the global Cloud Professional Services Market
The value of the Cloud Professional Services market is projected to grow to $ 1,620,597 million with an estimated CAGR of 15.8% by 2030
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Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global cloud professional services market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global cloud professional serices market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global cloud professional services market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global cloud professional services market.
Cloud Professional Services for Consulting Services to Sustain the Highest Revenues
The cloud professional services vendors offer consulting services to users that have limited awareness related to the upgradation of current enterprise infrastructure. Users who wish to upgrade its infrastructure can harness the expertise of cloud professional service providers specializing in the deployment of cloud–based systems across industry–specific use cases, which helps in implementing the right mix of services.
Public Cloud Deployment Type Services to be the Most Lucrative
The services offered over the public deployment model are either free or offered under a subscription model. It helps organizations meet their demands for scalability, provides pay per usage pricing strategy, and ease of deployment. The public cloud is typically designed with built–in redundancies to prevent data loss.
The cloud professional services vendors offer consulting services to users that have limited awareness related to the upgradation of current enterprise infrastructure. Users who wish to upgrade its infrastructure can harness the expertise of cloud professional service providers specializing in the deployment of cloud–based systems across industry–specific use cases, which helps in implementing the right mix of services.
BFSI industry to Generate More Revenue
BFSI industry will witness a significant CAGR during the forecast period. The major factor behind the growing adoption of cloud professional services across this industry is the need to reduce costs associated with IT. Owing to tremendous pressure on banks and other financial enterprises due to lackluster performance and poor returns on equity, many banks are shifting their workloads to the cloud. Banks or financial institutions, with a presence at multiple locations, can use cloud professional services that allow running of any program on all machines at any given time for easy accessibility, thus offering state of the art services to their customers while eliminating huge capital costs of running and maintaining complex On-premise IT facilities.
APAC to Sweep the Largest Revenue Streams Followed by North America
North America is the dominant market for cloud professional services due to the presence of a large number of end users who are technology aware and early adopters of solutions that are enriched with new capabilities. Countries evaluated in North America are the US and Canada. The region holds a market share of 47.1% in 2020 for the Cloud Professional Services Market, and the demand for cloud professional services is expected to be high in the near future.
Asia-Pacific is going to witness the highest growth in the professional cloud services market, owing to the presence of the two largest economies of the world i.e., India and China. The economies of both nations are growing and China has experienced an explosive growth in its industrial sector, whereas India’s growth has been fueled by the expansion of service-producing industries.
Inclination of organizations toward cloud-based deployments to overcome on-premises limitations and increasing awareness levels to offer new opportunities in the global cloud professional services market
Cloud professional services assists organizations to implement cloud technologies to drive business operations and improve efficiency. Also, these services enable businesses to design, implement, and manage cloud systems to improve efficiency, flexibility, and infrastructure scalability. Cloud professional services is more than just cloud delivery model which lowers the cost of implementing systems, it creates end to end delivery solutions that add additional value to the clients across business and technical operations of the enterprise.
Further, growing need for digitalization and adopting the complex cloud environment are expected to ravel new growth opportunities in the global cloud professional services market during the forecast period.
In present times, cloud professional service is steadily replacing the traditional method as It offers flexibility, reduces cost, increases productivity and reduces risk as opposed to the earlier used methods. Other factor such as recent developments in cloud providers are adding new services frequently that can help companies sustain in a highly competitive market, thus fostering growth in the global cloud professional service market.
Forward-looking players in the global cloud professional service market are furthering investments towards developing advanced cloud professional services. The increasing awareness level is significantly pushing the enterprises to deploy comprehensive cloud solutions.
As new generation cloud professional service, the agile deployment, secure & storage management, low total cost ownership; utility based sharing models and high level computing is expected to serve as an apt opportunity for the global cloud professional service market in the projected timeline. Also, advantages such as the cost benefits is likely to improve growth opportunities for the cloud professional services market.
Cloud Professional Services helps customers easily connect, store, and enable transactions anytime and anywhere, resulting in reduced efforts and time for customers to complete the process. Cloud professional services help BFSI vendors to focus more on the customer-centric model by creating a multi-channel relationship with customers at every step of service offered by them. These factors fuel cell ample growth in the global cloud professional service market, and the growth trend is likely to continue in the coming years.
The primary aim of introducing cloud professional services is to offerlower costs, high security, and flexibility.
The major players of the global Cloud Professional Services market are Accenture, IBM, Deloitte, EY, PwC, HPE, Wipro, HCL, TCS, and Capgemini.
The cloud professional services market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Cloud Professional Services Market: a Snapshot
- According to Asia cloud computing, international connectivity has increased by 63% year-on-year, close to 2016’s 62%. Emerging markets took the lead in terms of growth. India, China, Indonesia, and Vietnam all saw per-user speeds grow above 100%. APAC economies also have a slight advantage in terms of cloud regulation. This is the outcome of recent steps to strengthen privacy and intellectual property frameworks.
- Japan is hosting Olympics 2020 and they have pledged to provide 5G coverage with a range of interconnected devices. This movement is creating opportunities for the cloud services market.
- In September 2018 -Microsoft has announced the general availability of Azure Data Box, a physical box which organizations can order, fill up, and then return to Redmond for it to be uploaded to an Azure environment. As more and more enterprise data is being transferred to the cloud, sometimes this process can break the network's back - which calls for less virtual and more physical solutions. This is reduced by Azure Data Box.
Cloud Professional Services Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | $ 1,620,597 million |
| Growth Rate | CAGR of 15.8% during 2020-2030 |
| Segment Covered | By Service Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Accenture, IBM, Deloitte, EY, PwC, HPE, Wipro, HCL, TCS, Capgemini, Atos, Cisco, Cognizant, DXC, Hitachi Vantara, Infosys, LTI, NTT Data, and Others. |
Key Segments of the Global Cloud Professional Services Market
Service Type Overview (USD Million)
- Consulting
- Deployment Type Development and Modernization
- Implementation and Migration
- Integration and Optimization
Deployment Type Overview (USD Million)
- Public Cloud
- Private Cloud
Vertical Overview, (USD Million)
- BFSI
- Manufacturing
- Healthcare & Lifescience
- IT and ITES
- Government
- Telecommunications
- Retail and Consumer Goods
- Energy & Utilities
- Others
Regional Overview, (USD Million)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- Japan
- Rest of APAC
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
- Saudi Arab
- Rest of MEA
Frequently Asked Questions (FAQ) :
The cloud professional services market is expected to grow at a compound annual growth rate of 15.8% from 2022 to 2030 to reach $ 1,620,597 million by 2030.
The COVID-19 outbreak has forced many organizations to change their regulations and policies. The foremost reason for business disruption was inability to travel. Inability to move the workforce, and social distancing have forced businesses to change their existing ways of functioning. Governments are working closely with cloud providers to fight the COVID-19 pandemic.
The major players of the global Cloud Professional Services market are Accenture, IBM, Deloitte, EY, PwC, HPE, Wipro, HCL, TCS, Capgemini, Atos, Cisco, Cognizant, DXC, Hitachi Vantara, Infosys, LTI, NTT Data, and Others.
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