Market Research Report
Cloud Professional Services Market by Service Type (Consulting, Integration and Optimization, Implementation and Migration, Application Development and Modernization), Organization Size, Deployment Model, Vertical, and Region - Global Forecast to 2026
|Published by||MarketsandMarkets||Product code||998828|
|Published||Content info||233 Pages
Delivery time: 1-2 business days
|Cloud Professional Services Market by Service Type (Consulting, Integration and Optimization, Implementation and Migration, Application Development and Modernization), Organization Size, Deployment Model, Vertical, and Region - Global Forecast to 2026|
|Published: April 5, 2021||Content info: 233 Pages||
The global cloud professional services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period, to reach USD 37.0 billion by 2026 from USD 14.2 billion in 2020. Most organizations are increasingly adopting cloud-based models by distributing their computing resources across several environments. Cloud adoption gaining popularity as it provides flexibility, scalability, and low-cost benefits. It also helps organizations centrally analyze data generated from various locations and collect data from different assets, making it easy to gather and analyze data. Due to the transition to cloud, cloud providers are aggressively adding new products and services in their portfolio to have competitive advantage.
The consulting segment holds the largest market size during the forecast period.
Consulting is a professional services practice for enterprise infrastructure that involves advising customers for managing organization's IT infrastructure and improving infrastructure performance, including security and workflow processes. The cloud professional service vendors offer consulting services to users that have limited awareness related to the upgradation of current enterprise infrastructure. Users wishing to upgrade their 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. The implementation of cloud-based systems can be a costly process for some companies; therefore, it is of utmost importance that end users' companies are aware of the exact business requirements.
The Banking, financial services and insurance vertical expected to hold largest market share in 2020.
Cloud 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. The BFSI vertical is adopting the digitalization initiatives at a rapid pace to meet the rising customer expectations; hence, adopting cloud professional services for the right solution mix. These services are enabling BFSI to reduce its CAPEX and Operational Expenditure (OPEX) by selecting the right mix of services. There is always a risk associated with data in the BFSI sector, and selecting the right services is always an integral part of the business process. Cloud professional service vendors allow the BFSI vertical to select solutions that offer high data security standards. It also enables BFSI enterprises to comply with the regulations related to the cloud.
North America to hold the largest market size and Asia Pacific (APAC) to grow at a higher rate during the forecast period
APAC is one of the fastest-growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives carried out by different governments and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. The region houses a large number of enterprises related to manufacturing, energy and utilities, transportation and logistics, chemicals, and aerospace, which is further expected to drive the demand for cloud professional services. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.
The report segments the global cloud professional services market by Service Type, Consulting, Application Development and Modernization, Implementation and Migration, and Integration and Optimization. By the deployment model, the cloud professional services market has been segmented into public cloud and private cloud. Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. By vertical, the cloud professional services market has been classified into BFSI; Manufacturing; Healthcare and Lifesciences; IT and ITES; Government; Telecommunications; Retail and Consumer Goods; Energy and utilities and others. By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the cloud professional services market with information on the closest approximations of the revenue numbers for the overall cloud professional services market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.