Overview and Scope
Professional cloud services refer to companies that provide expert assistance to aid businesses in designing, implementing, and managing cloud systems.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
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