Cloud Professional Services Market to Hit USD 59.42 Bn by 2030 | Accelerated Adoption of Cloud Services Drive Growth

Posted by Yugandhara Y on December 14th, 2023

Cloud Professional Services Market Overview

The SNS Insider report highlights the Cloud Professional Services Market trajectory, indicating a significant leap from its valuation of USD 17.34 billion in 2022 to a projected market size of USD 59.42 billion by 2030. This robust growth, expected at a compound annual growth rate (CAGR) of 16.64% between 2023 and 2030, underscores the profound shift towards cloud adoption across industries.

Cloud professional services encompass a wide spectrum of offerings, aiding businesses in embracing, implementing, and optimizing cloud-based solutions. From strategy development and workload assessment to migration planning, application refactoring, and ongoing management, these services ensure businesses harness the full potential of cloud computing while navigating complexities around security, compliance, and performance optimization.

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Key Players Included in this Report are:

• Alibaba Group Holding Limited
• Amazon Web Services
• Cisco Systems
• Dell Technologies
• Google
• Hewlett Packard Enterprise Development
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Rackspace Hosting
• Others

Cloud Professional Services Market Analysis

The burgeoning popularity of cloud computing stands as a chief driver fueling the expansion of companies offering cloud professional services. The need for ongoing cloud management and optimization services has surged as more businesses transition to cloud computing. Moreover, rising internet connectivity in developing regions has spurred the demand for cloud services, aiding organizations in enhancing their IT capabilities and optimizing operations. The accelerated adoption of public cloud services and the increasing embrace of remote working models are steering the Cloud Professional Services Market towards unprecedented growth.

Market Segmentation Analysis

In the realm of deployment models, the dominance of the public cloud segment prevails. Offering scalability, a pay-per-usage pricing model, and ease of deployment, the public cloud remains a go-to choice for organizations seeking versatile cloud solutions.

Within service types, consulting, implementation, migration, and integration services hold sway. Their ability to cater to diverse needs, from upgrading enterprise infrastructure to ensuring secure deployment across various cloud environments, drives their prominence.

The BFSI sector takes the lead among verticals, leveraging cloud computing to optimize operations, especially in data processing, analytics, and risk assessment. The scalability and enhanced security features offered by cloud platforms have proven crucial in this sector.

Market Segmentation and Sub-Segmentation Included are:

On The Basis of Service Type

• Consulting
• Application Development and Modernization
• Implementation and Migration
• Integration and Optimization

On The Basis of Deployment Model

• Public Cloud
• Private Cloud

On The Basis of organization size

• Small and Medium-sized Enterprises
• Large Enterprises

On The Basis of verticals

• BFSI
• Manufacturing
• Healthcare and Lifesciences
• IT and ITES
• Government
• Telecommunications
• Retail and Consumer Goods
• Energy and utilities
• Others

Key Regional Development

North America contributes significantly to market growth, driven by enterprises' adoption of professional cloud services to innovate and optimize operations. Meanwhile, the Asia Pacific region, a digital hub witnessing rapid growth, showcases a surge in cloud and mobility trends. With strong ICT infrastructure and government initiatives supporting cloud adoption, the region experiences a substantial uptick in cloud professional services' adoption.

Key Takeaways

• The accelerated shift to cloud solutions propels the Cloud Professional Services Market, driven by the increasing reliance on public cloud services and remote work models.
• Significant opportunities exist in consulting, implementation, and migration services, catering to diverse business needs across various verticals.

Recent Developments

• In February 2023, IBM's acquisition of NS1 aims to bolster hybrid cloud deployments' agility.
• EY and Software AG's partnership in December 2022 focuses on leveraging integration platforms, IoT, and business process management for business transformation.
• Accenture's successful acquisition of Sentia's business in September 2022 strengthens its Cloud First capabilities across multiple cloud environments.

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