As per the report published by Fior Markets, the global Cloud Professional Services market is expected to grow from USD 14.5 billion in 2020 and to reach USD 50.2 billion by 2028, growing at a CAGR of 16.8% during the forecast period 2021-2028.
The Cloud Professional Services market is witnessing significant growth from the past years. This growth is attributed to the growing cloud use in SMEs, fast cloud acceptance, and increased demand for cloud-based solutions across many industries, including BFSI, education, healthcare, and government.
The cloud professional services market consists of a collection of abilities that comprises consulting/technical expertise along with functional knowledge. Cloud professional services enable businesses to leverage cloud technologies to optimize corporate operations and efficiency. Additionally, such services support companies to design, implement, and manage cloud systems to improve efficiency, flexibility, and infrastructure scalability. Vendors assist end-users in migrating from hardware or on-premise infrastructure to a cloud-based solution. Professional services also help in the optimization of pre-existing cloud systems, and businesses include consulting and advice, integration, application modernization, bespoke application creation, implementation, migration, optimization, product installation, and maintenance and support. Cloud professional services comprise more than just a cloud delivery model, which lowers the cost of implementing systems; they also provide end-to-end delivery solutions that provide quality customer service through the enterprise’s commercial and technology operations. Operating a business on behalf of a client provides service providers with more important insights into delivering services from new business requirements, technology developments, or newly enforced regulations. Cloud professional talents enable organizations to build high-end cloud solutions in three major models: private cloud, public cloud, and hybrid cloud, to drive business operations, improve efficiency, scalability, and infrastructural sustainability.
The global Cloud Professional Services market is predicted to witness significant growth, owing to the increasing inclination toward cloud professional service, easy accessibility, a wide range of applicability, and various benefits involved in the usage of professional cloud services, such as lower prices, better flexibility, higher productivity, and less risk. The factors restraining the market growth are difficulties with regulatory compliance and the complexity of setting up cloud services. Raising awareness amongst the population will provide market growth opportunities.
Key players operating in the global cloud professional services market include Google, Microsoft, HCL, Deloitte, Wipro, Accenture, HCL, IBM, Cognizant, EY, PwC, HPE, Capgemini, Atos, Infosys, Cisco, DXC, Hitachi Vantara, LTI, NTT Data, Rackspace, T-Systems, and AWS. To gain a significant market share in the global cloud professional services market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Google and Microsoft are some of the key manufacturers operating in the cloud professional services market.
- In February 2021, Accenture and VMware have created a New Business Group to help businesses transition to the cloud more quickly. The new business group seeks to bring together dedicated professionals with strong experience in hybrid cloud and cloud migrations, cloud-native and application modernization, and security across major sectors.
- IBM, Siemens, and Red Hat introduced a hybrid cloud effort in February 2021 to improve the real-time value of industrial IoT data.
- In March 2021, HCL Technologies has expanded its collaboration with Qualys, a pioneer and market leader in cloud-based IT, security, and compliance solutions. The goal of this extension is to integrate Qualys VMDR into the HCL Technologies CyberSecurity Fusion Center (CSFC).
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Large Enterprises segment dominated the market and held the largest market share of 67.4% in the year 2020
Based on Enterprise Size, the global Cloud Professional Services market is segmented into Large Enterprises, Small and Medium-Sized Enterprises. The large enterprises segment dominated the market and held the largest market share of 67.4% in the year 2020. This growth is attributed to the growing number of firms in the industry and a high adoption rate in the sector.
Implementation and Migration segment dominated the market and held the largest market share of 28.55% in the year 2020
Based on Service Type, the global Cloud Professional Services market is segmented into Implementation and Migration, Application Development and Modernization, Consulting and, Integration and Optimization. The implementation and migration segment dominated the market and held the largest market share of 28.55% in the year 2020. This growth is attributed to flexibility, scalability, adaptation to shifting workloads, higher efficiency, agility, enhanced application security, and economic benefits.
Public Cloud segment dominated the market and held the largest market share of 39.4% in the year 2020
Based on the Deployment Model, the global Cloud Professional Services market is segmented into Private Cloud, Public Cloud, and Hybrid Cloud. Public Cloud segment dominated the market and held the largest market share of 39.4% in the year 2020. This growth is attributed to the service scalability, a pay-per-usage pricing model, and convenience to set up.
Healthcare segment dominated the market and held the largest market share of 19.7% in the year 2020
Based on vertical, the global Cloud Professional Services market is segmented into IT & Telecom, BFSI, Healthcare, Government & Defense, Retail & eCommerce, Manufacturing, Media & Entertainment, Others. The healthcare segment dominated the market and held the largest market share of 19.7% in the year 2020. This growth is attributed to the expanding use of Cloud Professional Services in the healthcare industry, simple data transmission across medical service providers, and medical support utilizing devices to enhance prescription adherence and reduce hospitalizations.
