Cloud Professional Services Market Extrapolated to Reach $37.0 Billion by 2026
This report categorizes the cloud professional services market to forecast revenue and analyze trends by Service Type, Deployment Model, Organization Size, Verticals and Region.
Northbrook, IL 60062 -- (SBWire) -- 05/26/2022 --According to a new market research report "Cloud Professional Services Market by Service Type (Consulting, Integration and Optimization, Implementation and Migration, Application Development and Modernization), Organization Size, Deployment Model, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period, to reach USD 37.0 billion by 2026 from USD 14.2 billion in 2020. Cloud professional services assists organizations to implement cloud technologies to drive business operations and improve efficiency. Also, these services enable businesses to design, implement, and manage cloud systems to improve efficiency, flexibility, and infrastructure scalability. Vendors provide assistance to end users in the transition from a hardware or on-premise infrastructure to a cloud-based system. These services also help in the optimization of pre-existing cloud systems and vendors offer services, such as consulting and advisory, integration, application modernization, customized application development, implementation, migration, optimization, product implementation, and support and maintenance. Cloud professional services is more than just cloud delivery model which lowers the cost of implementing systems, it creates end to end delivery solutions that add additional value to the clients across business and technical operations of the enterprise. Operating business on behalf of client offers service providers better insights on implementation of services which arise with new business requirements, technical updates or new regulations imposed.
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The market is expected to be driven by adopting to the complex cloud environment
The cloud offers various advantages to companies over traditionally used practices. It offers flexibility, reduces cost, increases productivity and reduces risk associated with traditionally used practices. Apart from this, with recent developments cloud providers are adding new services frequently that can help companies sustain in a highly competitive market. But migrating to cloud can be a tricky task as complexity is growing in the cloud environment and if the adoption process does not go as desired, it can hider an organizations growth and cause monetary and non-monetary damages. Hence organizations prefer cloud professional services vendors who can do this for them with their knowledge and expertise. Hence the complex nature of cloud can be a driver for cloud professional services market.
Increasing awareness level
The cloud based professional services are used to deploy high end cloud solutions in three major models: public cloud, private cloud and hybrid cloud. Globally, cloud professional services adoption rate is increasing in the APAC, LA and MEA region due to the increasing awareness amongst the SMBs as well as large enterprises catering to a broad gamut of verticals. This increasing awareness level is significantly pushing the enterprises to deploy comprehensive cloud solutions and hence utilize a variety of professional consulting, system integration, training and education and support and maintenance services provided by various vendors in the cloud professional services market.
North America to dominate the global cloud professional services market in 2020
North America is the dominant market for cloud professional services due to the presence of a large number of end users who are technology aware and early adopters of solutions that are enriched with new capabilities. Countries evaluated in North America are the US and Canada. The region holds a market share of 47.1% in 2020 for the cloud professional services market, and the demand for cloud professional services is expected to be high in the near future. The primary factors for large-scale adoption are the inclination of organizations toward SaaS-based offerings and adoption of digital business strategies. The presence of well-established cloud professional vendors such as Accenture, IBM, Deloitte, and EY, which have a strong set of product and services portfolios and robust partner ecosystems, is another reason for the high adoption of cloud professional services in the region.
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The cloud professional services market includes major vendors, such as are Accenture (Ireland), IBM (US), Deloitte (UK), EY (UK), PwC (UK), HPE (US), Wipro (India), HCL (India), TCS (India), Capgemini (France), Atos (France), Cisco (US), Cognizant (India), DXC (US), Hitachi Vantara (US), Infosys (India), LTI (India), NTT Data (Japan), Rackspace (US), T-Systems (Germany), AWS (US), Google (US), Microsoft (US), Fujitsu (Japan), and Alibaba Cloud (China).
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