Cloud Professional Services Market

Cloud Professional Services Market size reached USD 19.7 billion in 2022 and is estimated to reach USD 68.4 billion in 2030 and the market is estimated to grow at a very high CAGR of 16.8%

Cloud Professional Services Market Overview

The professional cloud services allow the customers to deploy several types of cloud services. The cloud service acts as a catalyst for the IT transformation, thus offering the flexibility to gather preferred clouds and existing on-premises infrastructure in the ratio best suited according to the workload. The global cloud professional services market includes two types of deployment models: public cloud and private cloud.

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Major Cloud Professional Services Market Drivers

The factors driving the global Cloud Professional Services market size include the growing number of cloud service providers followed by the increasing requirement of digitalization and the adoption of the complex cloud environment. The increasing adoption of the cloud has encouraged manufacturers to offer various cloud services. The vendors are increasingly opting for new advanced technologies such as Artificial Intelligence (AI) ad Machine Learning (ML) with the cloud platforms to create an ecosystem with their target audience. Moreover, the rising awareness related to the various benefits offered by the professional cloud services, such as improves efficiency, decreases cost, risk mitigation, and increases the competition, are further supporting the adoption of these services.

There has been an increase in the adoption of these services, particularly in the healthcare sector. This sector requires 24*7 services and provides a large amount of data that needs to be handled for the benefit of the patients. By using cloud professional services, the data can be shared among the medical service providers with ease, thus improving the efficiency and decreasing the time in a particular task. In 2019, Microsoft Corporation and Walgreens Boots Alliance Inc., entered in a partnership to develop a new healthcare delivery model with an aim to improve the future of the healthcare system. The companies are emphasizing on connecting the WBA stores and health information systems to the individuals through their digital devices.

Restraint in the Cloud Professional Services Market

The lack of skilled professionals, along with the increasing number of cyberattacks, are the two major factors that are hindering the growth of the cloud professional services market share.

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Service Type – Segment Analysis

Based on the service type, the consulting segment is anticipated to grow at a higher CAGR during the forecast period. The cloud professional service providers offer consulting services to users who have limited awareness regarding the up-gradation of the current enterprise infrastructure. The consulting services help the users in implementing the right mix of services. The implementation service allows the clients to achieve their objectives of the utilization of cloud strategy by planning, accessing the current system, and performing quality validation.

Deployment Model – Segment Analysis

Based on the deployment model, the public cloud segment is expected to grow at a higher CAGR during the forecast period. The services provide under the public deployment model are either free or are subscription model-based. This helps the companies to meet their demand for scalability, offers pay per usage pricing strategy, and easy to use. All these benefits offered by this deployment model is encouraging the users to opt for public cloud deployment.

Verticals – Segment Analysis

Based on the verticals, the BFSI segment is anticipated to witness a faster CAGR during the forecast period. The increasing adoption of cloud professional services with an aim to decrease the cost involved in the IT structure is a major factor that is responsible for the segment growth. The banks and financial institutions, with presence in various parts of the world, are increasingly opting for cloud professional services to run different programs on all machines at any given time for easy accessibility.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. This is attributed to the presence of the two largest economies, including China and India. As per the Asia Cloud computing, the international connectivity has surged by 63% year-on-year, which was 62% in 2016. Moreover, economies such as India, China, Singapore, Australia, and Indonesia are increasingly opting for advanced technologies such as AI, IoT, analytics, and cloud professional services. Such factors are further expected to supplement market growth in the coming years.

Top Market Players

Various notable players operating in the market include Accenture, IBM, Deloitte, PwC, Wipro, HCL, Tata Consulting Services Limited, Capgemini, Atos SE, and Cisco, among others. 

Key Developments:

• • In 2021, Accenture introduced New Business Group with VMware to help the companies move to the cloud faster. The main aim is to bring together the dedicated professionals with the deep expertise in the hybrid cloud and cloud migrations, cloud-native, and application modernization and security across different sectors.
  • In 2021, IBM, Siemens, and Red Hat introduced a hybrid cloud initiative to improve the real time value of the industrial IoT data.

Segments covered in the Report:

The global Cloud Professional Services market has been segmented on the basis of Service Type, Deployment Model, Organization Size, Vertical and regions. Based on Service Type, the market is segmented into Consulting, Implementation and Migration, and Application Development and Modernization. Based on Deployment Model, the market is segmented into Public Cloud and Private Cloud. Based on Organization Size, the market is segmented into Large Enterprises ad Small and Medium-sized Enterprises. Based on Vertical the market is segmented into BFSI, Retail and Consumer Goods, IT and ITES, Telecommunications, Healthcare and Life Sciences, Manufacturing, Energy and Utilities, Government, and Others. 

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Market Segmentation

Global Cloud Professional Services Market by Service Type

• • Consulting
  • Implementation and Migration
  • Application Development and Modernization

Global Cloud Professional Services Market by Deployment Model

• • Public Cloud
  • Private Cloud

Global Cloud Professional Services Market by Organization Size

• • Large Enterprises
  • Small and Medium-sized Enterprises

Global Cloud Professional Services Market by Vertical

• • BFSI
  • Retail and Consumer Goods
  • IT and ITES
  • Telecommunications
  • Healthcare and Life Sciences
  • Manufacturing
  • Energy and Utilities
  • Government
  • Others

Global Cloud Professional Services Market by Region

• • North America Cloud Professional Services Market (Option 1: As a part of the free 25% customization)

    • By Service Type
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Cloud Professional Services Market (Option 2: As a part of the free 25% customization)

    • By Service Type
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Cloud Professional Services Market (Option 3: As a part of the free 25% customization)

    • By Service Type
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Cloud Professional Services Market (Option 4: As a part of the free 25% customization)

    • By Service Type
    • By Deployment Model
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Cloud Professional Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Accenture
  • IBM
  • Deloitte
  • PwC
  • Wipro
  • HCL
  • Tata Consulting Services Limited
  • Capgemini
  • Atos SE
  • Cisco