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The Cloud Professional Services Market size is estimated to increase by USD 35.4 billion, at a CAGR of 19.64% between 2023 and 2028. The growth of the market depends on several factors, including the digital transformation of end-user industries, the increased adoption by retail and e-commerce, and the rising investment in technology by end-users. Cloud professional services are the range of services provided by experts to help organizations plan, implement, and manage their cloud computing strategies and solutions. These services are typically offered by consulting firms, technology vendors, and managed service providers.
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The public cloud segment is estimated to witness significant growth during the forecast period. The public segment comprises offerings provided by cloud service providers or third-party consulting firms to help enterprises make the most of their utilization of public cloud platforms. There is an increasing demand for the public cloud segment due to the numerous benefits and advantages it offers to organizations.
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The public cloud segment was the largest and was valued at USD 7.60 billion in 2018. Additionally, this segment comprises a broad solution and support designed to assist organizations in adopting, implementing, managing, and optimizing their use of public cloud resources. The main purpose of public cloud professionals is that they assist with setting up and deploying resources on the specific cloud platform. Some of these processes include provisioning virtual machines, containers, storage, databases, and networking components. Hence, the increasing demand for the public cloud segment across enterprises will fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. There is an increasing adoption of professional cloud services across enterprises in North America as it enables market players to scale, innovate, and optimize their operations. Professional cloud services comprise a broad range of offerings that enable enterprises to plan, implement, and manage their cloud strategies.
In addition, there is a significant transition of IT infrastructure and applications of several enterprises to the cloud to utilize its benefits, such as scalability, cost-efficiency, flexibility, and improved collaboration. Therefore, prominent companies in North America are leveraging cloud solutions to modernize their operations, streamline processes, and improve customer experience. Hence, such factors are significantly driving the market growth in the region during the forecast period.
The market is witnessing substantial growth driven by the widespread adoption of cloud computing across various industries. As organizations transition their IT infrastructure to cloud platforms, the demand for cloud services and cloud service providers escalates. Stakeholders, including CPS providers and high-performance computing consortiums, play a pivotal role in facilitating this transition, ensuring security and application compatibility in hybrid cloud environments. The market thrives on providing cloud-native features and leveraging big data analytics and wearable technologies to enhance eHealth initiatives like telemedicine and EHR. With the rise of DevOps practices and containerization, Cloud Professional Services cater to the evolving needs of stakeholders, driving market growth and enabling seamless platform as a service (PaaS), software as a service (SaaS), and infrastructure as a service (IaaS) solutions in the public cloud landscape.
The market is experiencing substantial growth by the ongoing digital transformation sweeping across various end-user industries. Organizations are keen on modernizing their operations and enhancing customer experiences through the adoption of cloud computing and cloud services. This trend is further fueled by the increasing need for IT infrastructure security and the emergence of hybrid cloud solutions to accommodate diverse cloud platforms.
Further, cloud professional services providers play a pivotal role in facilitating this transition, offering expertise in big data analytics, wearable technologies, and Internet of Things integration. With a focus on application compatibility and cloud-native features, these providers enable seamless adoption of PaaS, SaaS, and IaaS solutions, catering to the evolving needs of stakeholders and driving market growth amidst the digital transformation landscape.
A key factor shaping the market growth is the increasing popularity of private cloud services. There is a growing popularity of private cloud services among enterprises as they are essentially cloud computing resources and infrastructure that are dedicated to a single organization, offering similar benefits as public cloud services but within a more controlled and isolated environment. VMware, IBM, Microsoft, and Oracle are some of the prominent private cloud service providers. In addition, private clouds are specially designed for the exclusive use of a single organization, unlike public clouds, which are shared by multiple organizations.
Moreover, the main advantage of private cloud services is that they offer enhanced security and customization. Additionally, it provides greater control for the organization over its data, applications, and security policies. Therefore, there is an increasing adoption of private cloud services across industries with strict regulatory compliance requirements, such as healthcare or finance. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Security concerns regarding cloud services are one of the key challenges hindering market growth. There is growing concern regarding the security offered as it can significantly impact the confidentiality, integrity, and availability of data and applications in cloud environments. Some of the top concerns across enterprises include data breaches, compliance issues, and security vulnerabilities.
Moreover, there is an increasing need for specialized expertise to ensure security measures and compliance with industry standards. As public cloud environments are often multi-tenant; multiple customers share the same infrastructure, there is a high chance of data breaches and isolation vulnerabilities across the tenants. Hence such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing exponential growth, driven by the increasing adoption of the cloud and the emergence of hybrid cloud industry solutions. With the White House advocating for technological advancements, CPS providers play a pivotal role in facilitating cloud strategy development and implementation. This market caters to diverse sectors like eHealth and telemedicine, leveraging big data analytics and wearable technologies for advanced analytics. Expertise in artificial intelligence and machine learning ensures efficient cloud migration and maintenance while addressing data loss concerns. As stakeholders embrace multi-cloud strategies and cost optimization, Cloud Professional Services providers offer comprehensive solutions for IT ecosystems, enabling seamless cloud infrastructures and enhancing cloud skills. Cloud professional services are increasingly integrating customer data platforms to enhance data management and analytics, enabling businesses to deliver more personalized and effective customer experiences.
Moreover, the market is witnessing rapid expansion, driven by the increasing adoption of cloud-based solutions across various industries. Organizations leverage third-party experts to navigate the complexities of hybrid cloud environments and devise migration strategies for seamless data transfer and application compatibility. Cloud professionals facilitate the deployment of cloud-native features and the implementation of advanced analytics tools, harnessing the power of artificial intelligence, machine learning, and robotics-related applications. With a focus on DevOps practices and containerization, businesses optimize IT ecosystems and embrace serverless architectures, utilizing platform as a service (PaaS) and software as a service (SaaS) models to streamline development and operations. Amidst rising IT expenses, organizations turn to managed services to drive efficiency and innovation in the cloud technology landscape.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.64% |
Market Growth 2024-2028 |
USD 35.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.39 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, China, UK, Canada, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, AT and T Inc., Capgemini Service SAS, Cisco Systems Inc., Cloud Software Group Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Deutsche Telekom AG, Furukawa Electric Co. Ltd., Informatica Inc., Infosys Ltd., Microsoft Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., Unisys Corp., Verizon, and Wipro Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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