The cloud professional services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cloud Professional Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cloud professional services market size has grown rapidly in recent years. It will grow from $29.52 billion in 2023 to $34.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency focus, security concerns, scalability demands, compliance requirements, data management challenges, business continuity planning.
The cloud professional services market size is expected to see rapid growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to multi-cloud strategies, containerization and microservices, serverless computing, focus on cloud-native development, data governance and privacy, customer experience optimization. Major trends in the forecast period include increased cloud adoption, focus on cloud security and compliance, application modernization and migration services, focus on data management and analytics in the cloud, containerization and kubernetes adoption, quantum computing exploration.
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Scope Of Cloud Professional 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.
Cloud Professional Services Market Overview
Market Drivers –
The rising focus on digitizing business processes is expected to propel the growth of the cloud professional services market going forward. Digitalization of business processes refers to a process of using digital tools to manage data and other information digitally and to convert production and other business functions into more efficient, productive, and revenue-generating. These processes involve the use of cloud professional services. This helps in increasing expenditure towards digitalization, collection, and storage of data and sensitive information in a cloud environment to reduce risk and optimize business outcomes as well, and also helps in the smooth running of work from home. For instance, in January 2021, according to Software AG, a Germany-based Software Company, in 2020, 97% of IT directors stated their organization invested in digital transformation initiatives and also expect that expenditure to continue in 2021 . Further, according to data from Owl Labs a US-based video conferencing company, before the pandemic (2020) only 30% of all employees in the US worked remotely. Post-pandemic 70% of employees are working remotely, indicating a dependence on technology. Therefore, rapid digitalization in businesses is driving the growth of the content recommendation engine market.
Market Trends –
Technological innovations are the key trend gaining popularity in the cloud professional services market. Major companies operating in the cloud professional services market are introducing new technologies to sustain their position in the market. For instance, in July 2022, Sygitech Cloud Solutions, an India-based IT service company, launched 2 new technology platforms SygiOps and SygiCloudSync, that help in reducing the human elements and errors from a task. This software aims to lighten the workload of IT staff members and increase productivity by automating their first routine duties. With the help of automated cloud-based technology, it helps to store the data automatically without any human intervention.
The cloud professional 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 Deployment Model: Public Cloud, Private Cloud
3) By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
4) By Verticals: BFSI, Manufacturing, Healthcare and Life Sciences, IT and ITES, Government, Telecommunications, Retail and Consumer Goods, Energy and utilities, Other Verticals
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Regional Insights –
North America was the largest region in the cloud professional services market in 2023. Asia-Pacific is expected to be fastest growing region in the cloud professional services market report forecast period. The regions covered in the cloud professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the cloud professional services market report are Accenture plc, HCL Technologies Ltd., Cognizant Technology Solutions India Pvt Ltd., Capgemini SE, Cisco Systems Inc., DXC Technology Company, Hitachi Vantara Corporation, Infosys Limited, NTT Data Corporation, Amazon.com Inc., Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Fujitsu Limited, Wipro Limited, PricewaterhouseCoopers International Limited, Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Hewlett Packard Enterprise Company, International Business Machines Corporation, T-Systems International GmbH, Rackspace Technology Inc., SAP SE, StackOverdrive.io LLC, Renova Cloud Company Limited, Advascale SIA, Gorilla Logic LLC, BlueSoft Sp. Z.o.o, Turing Enterprises Inc., Cubex Systems Pty Ltd., Debuide Technologies (OPC) Pvt. Ltd., Exodata LLC, Tata Consultancy Services Ltd., Coastal Cloud LLC, OpenText Corp., CompuData Inc., Spaulding Ridge Enterprises London Llimited, Navisite LLC, Assured Technology Pvt. Ltd., Tech Mahindra Ltd., Atos Information Technology Incorporated, Cloudreach Europe Ltd.
1. Executive Summary
2. Cloud Professional Services Market Report Structure
3. Cloud Professional Services Market Trends And Strategies
4. Cloud Professional Services Market – Macro Economic Scenario
5. Cloud Professional Services Market Size And Growth
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27. Cloud Professional Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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