Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Global Cloud Professional Services Market by Service Type (Consulting, Application Development & Modernization), Service Model (SaaS, PaaS, IaaS), Deployment Model (Public and Private), Organization Size, Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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%
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.
Competitive landscape
Some of the major vendors offering cloud professional services across the globe are Accenture (Ireland), IBM (US), Deloitte (UK), EY (UK), PwC (UK), HPE (US), HCLTech (India), Wipro (India), TCS (India), and Capgemini (France).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 283 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $25.6 Billion |
| Forecasted Market Value (USD) by 2028 | $55.3 Billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
Premium Insights
- Need to Enhance Operational Efficiency to Boost Growth of Market
- Consulting Services to Account for Largest Market Share During Forecast Period
- Saas Service Model to Account for Largest Market During Forecast Period
- Large Enterprises to Account for Larger Market Adoption During Forecast Period
- Bfsi to be Largest Vertical During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Rise in Adoption of Remote Working Models After COVID-19 Outbreak
- Increase in Focus of Enterprises on Improving Customer Experiences
- Accelerated Adoption of Public Cloud Services
Restraints
- Lack of Expertise to Impact Utilization of Cloud Professional Services Among Enterprises
Opportunities
- Implementation of Ai and Ml Technologies with Cloud Platforms
- Growth in Adoption of Hybrid Cloud Strategy to Improve Agility and Reliability
Challenges
- Concerns Over Data Security in Cloud
- Operational Challenges with Utilization of Multiple Clouds
Case Study Analysis
- UK Department for Work and Pensions Utilized IBM Consulting Services to Deliver Cloud and It Transformation
- Covestro Utilized Aws Professional Services to Transform Operations and Drive Manufacturing Innovation
- Ote Group Utilized Cisco Consulting Services to Reduce Costs and Automate Customer Provisioning
- Hitachi Vantara Helped Eurostar with Large-Scale Cloud Migration
- Rackspace Technology Helped Auronix Double Its Migration Speeds
Technological Analysis
- Blockchain
- Machine Learning
- Internet of Things
- Augmented Reality
- Artificial Intelligence
Company Profiles
Key Players
- Accenture
- IBM
- Deloitte
- Ey
- Pwc
- Hpe
- Hcltech
- Wipro
- Tcs
- Capgemini
- Atos
- Cisco
- Cognizant
- Dxc Technology
- Hitachi Vantara
- Infosys
- Ltimindtree
- Ntt Data
- Rackspace
- T-Systems
- Aws
- Microsoft
- Fujitsu
- Alibaba Cloud
- Digitalocean
Smes/Startups
- Stackoverdrive.Io
- 2Nd Watch
- Allcloud
- Mission
- The Provato Group
- Techmatrix
- Opsworks Co.
- Linode
- Financialforce
- Planview
For more information about this report visit https://www.researchandmarkets.com/r/8j088q
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