Professional Cloud Services Market

Global Professional Cloud Services Market Size (2024 to 2029)

The global professional cloud services market is predicted to reach USD 26.79 billion in 2024 and USD 59.24 billion by 2029, growing at a CAGR of 17.2% during the forecast period.

Increased offers from cloud service providers, the growing need for digitalization, adapting to the complicated cloud environment, and the paradigm shift to the cloud are all likely to drive the growth of the cloud professional services market. Cloud professional services provide enterprises with tailored counsel and technical knowledge to help them manage their cloud-based infrastructure more flexibly and cost-effectively. These services are provided through various technologies, methods, and frameworks that help businesses simplify and focus on their daily operations while increasing productivity. Service providers are now delivering automated cloud environment solutions to speed up product development, lower overall running costs, and eliminate human errors in manufacturing plants.

Global Professional Cloud Services Market Drivers:

The cloud's rapid acceptance might also be due to the variety of services provided by cloud providers. CPS vendors are also expanding their capabilities by including new technologies like AI and ML, as well as cloud platform integration, to create an ecosystem for their clients. The advantages of cloud professional services, such as increased efficiency, lower costs, risk mitigation, and increased competition, are enticing businesses to use them. Cloud service providers and CPS vendors are forming strategic alliances to make cloud adoption easier for their clients.

Global Professional Cloud Services Market Restraints:

Financial services, government, healthcare, and telecommunications are just a few of the industries that use cloud-based services. Industry-specific regulations, as well as other criteria and standards, are continually evolving. On the other hand, unfavorable industry-specific legislation, rules, interpretive stances, or standards may affect businesses. Compliance costs and other impediments imposed by industry-specific rules, regulations, and interpretation stances may limit customers' use and acceptance of solutions and serviceps, diminishing overall demand. Compliance with these regulations may also require service providers to devote significant resources to specific clients, resulting in higher costs and longer sales cycles.

Impact of COVID-19 on the global professional cloud services market:

The SARS-COVID-19 virus outbreak had a favorable impact on market growth. As a result of the government's COVID-19 pandemic measures, such as lockdowns and travel bans, there has been an increase in remote working around the world. During the pandemic, cloud-based services became a critical tool for businesses since they lowered reliance on hardware-based solutions, decreasing the stress of working from offices or premises. A major increase in the adoption of cloud-based or other similar digital services has been observed in various organizations.

Global PROFESSIONAL CLOUD SERVICES MARKET REPORT COVERAGE:

This research report on the global professional cloud services market has been segmented and sub-segmented based on the service, deployment, end-user, and region.

Global Professional Cloud Services Market - By Service:

• Consulting

• Application Development & Modernization

• Implementation & Migration

• Integration & Optimization

During the forecast period, the consultancy segment is expected to keep the majority share. Cloud professional services companies provide advising services to users who are unfamiliar with upgrading their present business infrastructure. Users who want to improve their infrastructure can take advantage of the knowledge of cloud professional service providers who specialize in the implementation of cloud-based systems across industry-specific use cases, assisting them in putting together the optimal combination of services. By planning, accessing current systems, completing the quality assessment and verification, and providing support, implementation services help clients quickly achieve business goals for leveraging cloud strategy. Implementation services provide a smooth and secure deployment on any infrastructure, including private, public, and hybrid clouds. Scalability, flexibility for variable workloads, greater productivity, agility, enhanced application security, and lower costs are the key reasons for the growing demand for cloud migration services.

Global Professional Cloud Services Market - By Deployment:

• Private

• Public

The services available through the public deployment approach are either free or are available on a subscription basis. It enables enterprises to achieve their scaling requirements, as well as provides a pay-per-use pricing plan and ease of setup. To prevent data loss, the public cloud is usually constructed with built-in redundancies. A private cloud deployment strategy gives a corporation more control over its data and reduces risks like data loss and regulatory compliance difficulties. Only authorized users have access to the private cloud, which is used in banking and financial institutions, large corporations, and government agencies.

Global Professional Cloud Services Market – By End-User:

• BFSI

• Manufacturing

• Healthcare & Lifesciences

• IT & ITES

• Government

• Telecommunications

• Retail & Consumer Goods

• Energy & Utilities

• Others

To fulfill increased consumer expectations, the BFSI vertical is rapidly implementing digitalization activities, which necessitates the use of cloud professional services for the correct solution mix. By picking the proper mix of services, BFSI can lower its CAPEX and Operational Expenditure (OPEX). In the BFSI sector, there is always a risk involved with data, and choosing the correct services is always an important element of the business process. The BFSI vertical can choose from a variety of cloud professional service vendors that offer high data security requirements. It also enables BFSI businesses to comply with cloud-related requirements.

Global Professional Cloud Services Market – By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

In terms of technology adoption, APAC is one of the fastest-growing areas, and the desire for digitalization is being fueled by a variety of government and large-scale company efforts in the region. China, Japan, Australia, Singapore, India, and Indonesia are at the forefront of technology adoption, embracing cutting-edge technologies like AI, edge, IoT, analytics, and cloud. The increasing deployment of cloud technology is a primary driver of cloud professional services adoption among businesses in this region. The cost-effectiveness and ease of deployment of cloud services will be important drivers in enterprise adoption of cloud technologies.

During the projected period, the North American Professional Cloud Services Market is expected to rise at a CAGR of 15% during the projection period. This is owing to the regional market's early adoption of cloud-based networks. The North American market is generating the most income due to a lack of resources to build in-house facilities and an increase in the use of BYOD. The initial use of cloud computing was primarily motivated by financial considerations, such as reduced capital expenses. The ability to deploy new apps faster, as well as a reduction in CapEx investment and IT management complexity, are the key drivers for cloud adoption. These characteristics assist businesses in their adoption of cloud-based technologies. Thousands of clients can share the same resources using today's multi-tenant cloud platform services. As a result, a significant amount of labor and associated costs was saved.

In terms of technology adoption and the use of cloud-based platforms in operations, Western Europe is on par with North America. In the rest of the world, particularly in Southern and Eastern Europe, adoption is slower. Because the EU has chosen a plan to unlock the potential of cloud computing, the rate of adoption is expected to skyrocket. By 2020, the strategy specifies steps that will result in a net gain of 2.5 million new European employment and an annual increase to the European Union GDP of EUR 160 billion (about 1%). Professional cloud-based services can rapidly adapt to changing environments and create solutions that meet new needs. Cloud-based services are particularly profitable due to their capacity to easily configure apps to changing environments and construct new ones on short notice.

During the projection period, the Cloud Professional Services Market in Latin America, the Middle East, and Africa would rise at a CAGR of 20.1%. By 2026, the LAMEA Implementation & Migration Cloud Professional Services Market by Country was dominated by Brazil, with a market value of $197.6 million. Argentina's market would grow at 21.6 percent each year. Furthermore, the UAE market is predicted to grow at 20.5% annually.

KEY MARKET PARTICIPANTS:

The major companies operating in the global professional cloud services market include Microsoft Azure (US), Google (US), IBM (US), Alibaba Cloud (China), SAP (Germany), Accenture (Ireland), NTT Data (Japan), Atos (France), Capgemini (France), TCS (India), Wipro (India), Cognizant (India), Infosys (India), HCL (India), and others.

RECENT HAPPENINGS IN THE MARKET:

• Accenture has finalized its acquisition of BRIDGEi2i, a Bengaluru-based artificial intelligence (AI) and analytics startup. Accenture's Applied Intelligence division gains more than 800 experienced individuals, bolstering its worldwide capabilities in data science, machine learning, and AI-powered insights. 

• Capgemini has finalized the acquisition of Empired Limited, which was first announced on July 19, 2021. Capgemini will be a digital, data, and cloud market leader in the region, with considerable capabilities across the whole Microsoft technology suite, thanks to its combined scale and broad services offering. The transaction was approved by the required majority of Empired shareholders and the Federal Court of Australia under a scheme of arrangement. 

• HCL Technologies (HCL) has unveiled its new facility in Sri Lanka's cutting-edge Cinnamon Life complex. The facility will house 4,000 employees and will be the company's largest in the country. 

• Atos has announced the launch of Atos OneCloud Sovereign Shield, a set of solutions, methodologies, and operational cloud services that is unlike anything else on the market, enabling clients all over the world to meet the challenges of managing their data in the edge to cloud continuum while adhering to the strictest data governance regulations. Atos OneCloud Sovereign Shield is a comprehensive edge-to-cloud platform ecosystem and highly secure service that improves clients' control over the data they produce and exchange, allowing them to regain control and effectively deal with legal dependencies. It is part of Atos' OneCloud initiative.