Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Cloud Professional Services Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The cloud professional services market is experiencing rapid growth, with projections indicating a leap from US$32.352 billion in 2021 to US$94.963 billion by 2028. This growth, marked by a compound annual growth rate of 16.63%, can be attributed to a variety of factors influencing the market dynamics.
- Diverse Service Range: Cloud service providers, such as Infosys with its Leads and Proposals Solution for SAP's industry cloud, have expanded their offerings to cater not only to large enterprises but also to small and medium-sized businesses.
- Digitalization Efforts: Governments worldwide are supporting the digitalization of businesses, leading to an increased adoption of cloud services. This trend is contributing significantly to the market growth.
- Service-Oriented Economy: The rise of the service-oriented economy, enabled by cloud computing, allows for cost-effective management of databases and remote data access.
Impact on Healthcare and Other Industries
The cloud professional services market has a profound impact across various sectors, including healthcare, where it plays a critical role in data management and patient care:
- Healthcare Data Management: Cloud services facilitate the easy exchange of data among medical service providers, enhancing healthcare delivery. Technologies like AI and machine learning, integral to cloud services, are instrumental in data analysis and patient care.
- Technological Advancements: Major players like Microsoft are introducing breakthrough cloud technologies for life sciences and healthcare, as seen with the Azure Health Data Services and enhancements to Microsoft Cloud for healthcare.
Digitization of Business Processes
The market is further propelled by the growing trend of digitizing business processes:
- Global Connectivity: As businesses strive to match their operations with their objectives, the demand for cloud professional services is escalating.
- Hybrid Cloud Solutions: Providers like Ridge are offering innovative hybrid cloud solutions, allowing enterprises to manage their workloads more effectively.
Cloud Adoption Statistics
The adoption of cloud services is gaining momentum globally:
- Eurostat Data: Over 40% of organizations utilize cloud services for data storage and operational ease.
- IBM Insights: 89% of IT leaders plan to migrate critical workloads to the cloud, driven by digitization.
SaaS and PaaS: Key Components
Software as a Service (SaaS) and Platform as a Service (PaaS) are vital components of the cloud professional services market:
- SaaS Benefits: SaaS is preferred for its cost-effectiveness, scalability, and simplicity in implementation. It helps organizations minimize upfront IT investments.
- PaaS Demand: PaaS is sought after for providing infrastructure services to various organizations, offering flexibility and scalability without significant business costs.
Market Developments
Key developments in the market include:
- Wells Fargo’s Strategy: In September 2021, Wells Fargo announced a new public cloud digital infrastructure strategy with Google and Microsoft.
- Innovative Solutions: Comune di Codogno utilized Amazon Connect to set up a cloud-based contact center in response to COVID-19.
Conclusion
The cloud professional services market is poised for substantial growth, driven by diverse service offerings, global digitalization efforts, and the increasing adoption of SaaS and PaaS. This growth trajectory is anticipated to continue, reshaping the landscape of cloud computing and its applications across various industries.
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