Cloud Professional Services Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Cloud Professional Services Market Overview and Definition
The global cloud professional services market rsize was valued at USD 15.9 Billion in 2021 and is projected to reach USD 68.5 Billion by 2032, growing at a CAGR of 17.24% from 2022 to 2032. Cloud professional services offers targeted guidance along with the technical expertise to assists organizations in implementation of cloud technologies and to manage their cloud-based infrastructure efficiently and cost effectively. Such services allows businesses to design, manage, and implement cloud systems to improve flexibility, efficiency, and infrastructure scalability. The cloud professional services are provided through various practices, tools, and frameworks, by helping the enterprises to simplify and focus on their business activities while improving productivity.
The cloud professional service vendors offers support to end users in the migration from an on-premise or hardware infrastructure to the cloud-based system. Vendors offer services, such as consulting & advisory, integration, customized application development, application modernization, implementation, product implementation, migration, optimization, and support & maintenance.
Covid Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the cloud professional services. This is attributed to fact that the businesses around the globe have spent as well as planned to spend more of their IT resources as well as on cloud-delivered services. Benefits associated with the cloud systems such as agility, innovation and a high degree of automation have been reinforced during the COVID-19 pandemic. It has also prepared adopters for the upcoming unknown disruption to their business.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the sectors associated with the internet service providers (ISPs), information technology (IT) infrastructure, cloud computing, and data centers have experienced huge demand increase as a result of the shift towards home and remote working. The pandemic has fuelled need for enterprises to have additional investments to support remote work and adjust business processes.
On the other hand, several companies are launching new cloud solutions during the pandemic, further boosting growth of the market. For instance, in February 2021, Microsoft Corporation launched Azure Stack hyperconverged infrastructure (HCI), a new hybrid cloud solution in India for organisations to build and run cloud-native applications with seamless access to on-premise cloud services with existing tool, skillsets, and processes. Such developments during the pandemic have created lucrative growth opportunities for the global cloud professional services market.
Top Impacting Factors
Growth of the global cloud professional services market is mainly driven by the factors such as increasing usage of cloud-based technologies and rising trend of digitization of business processes which is encouraging the usage of cloud computing across several industry verticals to improve business agility and protect workloads & sensitive data. In addition to this, plethora of offerings offered by the cloud providers with the integration of technologies such as artificial intelligence (AI) and machine learning (ML) with cloud platforms creating significant demand for the professional services.
Moreover, the extensive adoption of robotics on due to the rising automation trends across the manufacturing processes has further positively influenced the demand for professional services to deploy robotic applications on the cloud.
However, regulatory compliance issues along with the concerns associated with the data security and confidentiality may hamper growth of the cloud professional services market during the forecast period.
On the other hand, rising inclination of organizations toward cloud-based deployments to reduce or eliminate the on-premises limitations has created lucrative growth opportunities for the market growth.
Cloud Professional Services Market Regional Analysis
On the basis region, the Global Cloud Professional Services Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the Cloud Professional Services Market. This is mainly attributed to upsurge in adoption of advanced technologies in countries such as Canada and the U.S. along with the huge presence of key market players in this region. In addition to this, companies in this region are forced to adopt various kinds of cloud services owing to the increasing prominence of cloud computing, further boosting growth of the North America cloud professional services market.
However, the Asia-Pacific is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by the growing popularity and adoption of cloud computing technology, mainly across China and India. In addition, rapid growth in digitization due to governments and large enterprises initiatives in this region fuels demand for the cloud professional services. Countries such as China, Japan, India, Australia, Singapore, and Indonesia are leading the technology adoption in the Asia-Pacific, which includes embracing new-age technologies such as AI, IoT, edge, analytics, and cloud.
Integration of AI & ML is being observed across the cloud services. For instance, cloud-based as-a-service platforms are providing the users with any level of skill to access machine learning functions such as language processing, image recognition tools, and recommendation engines. Also, there is rising adoption trend of hybrid or multi-cloud environments, where users choose the individual elements of service providers' offerings that meets their demands.
In addition to this, rising adoption of cloud services in the healthcare sector is projected to be opportunistic for the market growth. For instance, in January 2019, Walgreens Boots Alliance Inc., the holding company that owns the retail pharmacy chains and Microsoft Corporation joined hands to develop new health care delivery models and retail innovations to advance and improve the future of health care with the help of cloud services.
Cloud Professional Services Market Segmentation
Global Cloud Professional Services market segmentation is based on the service type, deployment model, organization size, industry vertical, and region. Based on the service type, the cloud professional services market is segmented into consulting, application development and modernization, implementation and migration, and integration and optimization. Based on the deployment model, it is segregated into public cloud and private cloud. According to the enterprise size, the market is divided into small and medium-sized enterprises (SMEs) and large enterprises.
According to the industry vertical, the market is divided into BFSI, Manufacturing, Healthcare & Life sciences, Retail & Consumer Goods, IT & ITES, Government, Telecommunications, Energy & utilities, and others. Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
Cloud Professional Services Market Key Companies
The global Cloud Professional Services market is consolidated with the presence of major players in the market such as Accenture PLC, Fujitsu Limited, HCL Technologies Limited, Cisco Systems Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Company, Infosys Limited, Atos SE, Capgemini SE, Dell Technologies Inc., Microsoft Corporation, NTT DATA Corporation, Oracle Corporation, SAP SE and other players.