The Cloud Professional Services Market was estimated around USD 16.9 billion in 2021 and is expected to reach USD 58.6 billion in 2029 expanding at a CAGR of 16.8% over the forecast period (2021-2028).
The factors driving growth of the Cloud Professional Services Market includes growing emphasis on digitalizing business processes, rising awareness amongst enterprises about the benefits offered by cloud professional services, trending concept of Work from Home (WFH) and improvements in the living standards. The cloud professional services enhance efficiency, reduces operating cost, improves business agility, protects sensitive data, and prevent human errors in manufacturing facilities, are some of the features pushing the demand for cloud professional services around the world. Moreover, integration of Artificial Intelligence (AI), Machine Learning (ML) and development and operations (DevOps) with cloud platforms, easy affordability of cloud services, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Cloud Professional Services Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Cloud Professional Services Market is hindered due to rising concerns related to data breaches.
The prominent players operating in the Cloud Professional Services Market includes Tata Consulting Services Limited, Capgemini, PwC, Atos SE, Accenture, IBM, Deloitte, Cisco, PwC, and Wipro, among others.
Based on Type, the Consulting segment is predicted to grow at a significant CAGR during the forecast period
Consulting services aids business in planning and accessing the current system through using cloud strategies, is the major factor pushing growth of the segment.
Based on Vertical, the BSFI segment is projected to grow at a robust CAGR over the forecast period
Growing adoption of cloud professional services by banks to reduce cost associated with IT infrastructure and run different programs on machines at any given time, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Tata Consulting Services Limited and Wipro, growing adoption of advanced technologies by major companies, rapid industrialization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the Cloud Professional Services Market share in the Asia-Pacific region.
Key Developments
· In 2021, Accenture launched New Business Group with VMware to help the companies move to the cloud faster. The main aim is to bring together the dedicated professionals with the deep expertise in the hybrid cloud and cloud migrations, cloud-native, and application modernization and security across different sectors.
· In 2021, IBM, Siemens, and Red Hat launched a hybrid cloud initiative to improve the real time value of the industrial IoT data.
Market Segmentation
Segmentation by Service Type
· Consulting
· Implementation and Migration
· Application Development and Modernization
Segmentation by Deployment Model
· Public Cloud
· Private Cloud
Segmentation by Organization Size
· Large Enterprises
· Small and Medium-sized Enterprises
Segmentation by Vertical
· BFSI
· Retail and Consumer Goods
· IT and ITES
· Telecommunications
· Healthcare and Life Sciences
· Manufacturing
· Energy and Utilities
· Government
· Others
Segmentation by Region
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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