PUBLISHER: The Business Research Company | PRODUCT CODE: 1262956
PUBLISHER: The Business Research Company | PRODUCT CODE: 1262956
“Professional Cloud Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on professional cloud services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for professional cloud services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The professional cloud services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the professional cloud services market are: Amazon Web Services, Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, Accenture PLC., IBM, Fujitsu Limited, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Capgemini SE, Wipro Limited, Atos, Infosys Limited, Cognizant, HCL Technologies, Tata Consultancy Services, Rackspace Technology, and Google LLC.
The global professional cloud services market is expected to grow from $24.95 billion in 2022 to $29.71 billion in 2023 at a compound annual growth rate (CAGR) of 19.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The professional cloud services market is expected to grow to $59.48 billion in 2027 at a CAGR of 19.0%.
The professional cloud services market includes revenues earned by entities by production IaaS, test and development IaaS, disaster recovery IaaS, customer relationship management (CRM) software, enterprise resource planning (ERP) software, and accounting software . The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Professional cloud services refer to companies providing expert assistance to aid businesses in designing, implementing, and managing cloud systems.
North America was the largest region in the professional cloud services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of professional cloud services are consulting, application development and modernization, implementation and migration, integration, and optimization. Consulting refers to the business giving expert advice or support about a particular profession or technology. The organizations including small and medium-sized enterprises (SMEs), and large enterprises install services such as platform as a service (PaaS), software as a service (SaaS), and infrastructure as a service (IaaS) used to deploy high-end cloud solutions in three major models such as public, private, and hybrid. These services are used by various end-user industries such as manufacturing, healthcare, retail, IT and telecommunications, government, media and entertainment, BFSI, other end-user industries.
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 market. For instance, in 2020, as per Situation Report, a global poll of IT Leaders and their digital transformation investment strategies by Software AG, a Germany-based software company, 97% of IT directors polled stated their organization invested in digital transformation initiatives and also expect that expenditure to continue in 2021. Therefore, the growing focus on digital transformation initiatives is driving the growth of the professional cloud services market.
Innovations in professional cloud services are a key trend gaining popularity in the professional cloud services market. Major companies operating in the professional cloud services market are focused on offering innovative services such as new leads and proposals solutions, an integrated cloud service. For instance, in September 2021, Infosys, an India-based information technology company, and SAP, a Germany-based software company, jointly developed and launched the leads and proposals solution, part of SAP's cloud professional services portfolio for the professional services industry. This innovative service uses predictive analytics and the built SAP Business Technology Platform (SAP BTP) to offer its clients an industry-specific service that offers various benefits including a reduction in their costs with improved lead conversion, and accelerated revenue growth.
In February 2022, IBM, a a US-based technology company, acquired Neudesic for an undisclosed amount. Through this acquisition, IBM aims to expand its portfolio of hybrid multi-cloud services and further advance its hybrid cloud and artificial intelligence strategy. Neudesic is a a US-based software company operating in the professional cloud services market.
The countries covered in the Professional Cloud Services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The professional cloud services market research report is one of a series of new reports from The Business Research Company that provides professional cloud services market statistics, including professional cloud services industry global market size, regional shares, competitors with a professional cloud services market share, detailed professional cloud services market segments, market trends and opportunities, and any further data you may need to thrive in the professional cloud services industry. This professional cloud services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.