The global Cloud Professional Services market is projected to grow from USD 25.6 billion in 2023 to USD 55.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. Cloud plays an integral role in helping enterprises to sustain despite lockdown scenarios and IT infrastructure inconsistencies, enabling them to innovate faster thereby enhancing speed to market, agility, and responsiveness. As per the EY-NASSCOM cloud survey 2022 , 67% of the large enterprises accelerated cloud adoption, 39% of medium-sized companies and 38% of small companies embarked on their cloud journey. In addition, there is an increased openness to adopt hybrid and public cloud models with 68% of the small enterprises preferring public cloud owing to its cost advantages.
“By Service Type, the implementation & migration services segment is expected to grow at a higher CAGR during the forecast period”
The implementation & migration services segment is expected to grow at a higher growth rate during the forecast period. Cloud implementation services refers to the process of deploying cloud-based solutions in the organization’s infrastructure. Various cloud service providers offer these services to help businesses to utilize cloud computing technologies. While cloud migration is defined as a process of moving an organization’s digital infrastructure, services, databases, IT resources, and applications either completely or partially over the cloud and offer a secured environment than an on-premises server.
“By organization size, the large enterprises segment is expected to account for the largest market share”
The large enterprises segment is expected to account for the largest market size. Large enterprises are defined as a business entity with an employee count of more than 1,000. The growing trend of digitalization is driving the demand for public cloud services among large enterprises. In addition, the increasing demand for accessing applications from remote locations and growing size of data generated by large organizations is driving the need for storing data at centralized locations.
“By vertical, the healthcare & life sciences segment is expected to grow at the highest CAGR during the forecast period.”
The healthcare & life sciences segment is expected to grow at the highest CAGR during the forecast period. Cloud solutions are quickly becoming a core part in the digital transformation of this sector. Most healthcare organizations do not have siloed systems which does not offer streamlined and integrated workflows. Migrating applications to cloud opens numerous opportunities for healthcare sector such as deep data mining and analytical capabilities supports research operations, enhanced interoperability ensures efficient data transfer between different divisions in the organizations, internet connected clinical devices is driving the market for IoT based applications.
The breakup of the profiles of primary participants is given below:
- By Company: Tier 1 - 32%, Tier 2 – 49%, and Tier 3 - 19%
- By Designation: C-Level Executives - 33%, Directors - 22%, Others - 45%
- By Region: North America - 40%, Europe - 20%, Asia Pacific - 35%, Rest of the World - 5%
Note: Others include sales managers, marketing managers, and product managers.
Note: Tier 1 companies’ revenue is more than USD 10 billion; tier 2 companies’ revenue ranges between USD 1 and 10 billion; and tier 3 companies’ revenue ranges between USD 500 million and USD 1 billion.
Source: Industry Experts
The following key Cloud Professional Services vendors are profiled in the report:
- DXC Technology
- Hitachi Vantara
- NTT Data
- Alibaba Cloud
- 2nd Watch
- Mission Cloud
- The Provato Group
- OpsWorks Co.
MarketsandMarkets segments the Cloud Professional Services market based on Service Type (Consulting, Integration & Optimization, Implementation & Migration, and Application Development & Modernization), Service Model (PaaS, SaaS, and IaaS), Deployment Model (Private Cloud and Public Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Retail & Consumer Goods, IT & ITeS, Telecommunications, Healthcare & Life Sciences, Manufacturing, Energy & Utilities, Government & Defense, and Other Verticals) and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The report also provides a comprehensive review of the drivers, restraints, opportunities, and challenges in the Cloud Professional Services market. It covers the qualitative aspects in addition to the quantitative aspects of the market.
Reasons To Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Cloud Professional Services market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better 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.
The report provides insights on the following pointers
- Analysis of key drivers (Rise in adoption of remote working models after COVID-19 outbreak, Increase in focus of enterprises on improving customer experiences, and Accelerated adoption of public cloud services), restraints (Lack of knowledge and expertise to impact utilization of cloud professional services among enterprises), opportunities (Implementation of AI and ML technologies with cloud platforms and Growth in adoption of hybrid cloud strategy to improve agility and reliability), and challenges (Concerns over data security in cloud and Operational challenges with utilization of multiple clouds) influencing the growth of the Cloud Professional Services market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Cloud Professional Services market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the Cloud Professional Services market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Cloud Professional Services market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like include Accenture (Ireland), IBM (US), Deloitte (UK), EY (UK), PwC (UK), HPE (US), HCLTech (India), Wipro (India), TCS (India), Capgemini (France), among others in the Cloud Professional Services market strategies. The report also helps stakeholders understand the competitive analysis by these market players.