The global cloud professional services market is predicted at USD 30.11 billion in 2024. The market size is expected to grow at a CAGR of 18.34% over the forecast period, reaching USD 69.87 billion by the end of 2029.
Cloud professional services provide enterprises with focused direction and technical knowledge to manage their cloud-based infrastructure flexibly and cost-effectively. These services are given through a variety of technologies, methods, and frameworks that aid businesses in streamlining and concentrating on their day-to-day operations and enhancing their productivity. In addition, service providers offer automated cloud environment solutions to accelerate the product development cycle, reduce overall operating expenses and eliminate human error in production facilities.
The increasing emphasis on corporate digitizing operations encourages the use of cloud computing across all industry verticals to boost business agility and safeguard critical data and workloads. This is one of the primary factors driving the growth of the worldwide professional cloud services market. Furthermore, the growing adoption of robotics due to emerging automation trends in manufacturing processes positively influences the need for cloud professional services to deploy robotic applications in the cloud. In addition, service providers are merging cloud platforms with analytic tools, AI, ML, development, and operations to create a hybrid cloud environment. In addition, the rising adoption of remote working methods due to the COVID-19 outbreak increased the demand for cloud computing solutions to ensure business continuity. It is predicted that this will stimulate market expansion.
Accelerated adoption of public cloud services- The cloud is a key part of helping businesses survive lockdowns and inconsistencies in their IT infrastructure. It lets them develop new ideas faster, improving their speed to market, agility, and responsiveness. Also, people are becoming more willing to use hybrid and public cloud models. For example, 68% of small businesses prefer the public cloud because it is cheaper. In another survey done by ESG, 59% of organizations said that they would spend more on public cloud applications in 2023, and 56% said they would spend more on public cloud infrastructure services in the same year.
Lack of knowledge and expertise will make it difficult to use professional cloud services- It takes a lot of knowledge and a wide range of skills on the subject. The PWC CEO Survey 2020 found that 77% of CEOs were worried about having enough skilled labors. However, the survey also found that companies that worked to improve the skills of their employees were ahead of their fellow companies in a variety of ways and were more optimistic about the future. So, these professionals need to learn new skills to easily manage cloud-based apps with fewer problems and ensure better performance and reliability.
Cloud-based Artificial Intelligence and Machine Learning technologies- AI and ML technologies are increasingly embraced by businesses worldwide. Many organizations have begun to believe that AI and ML-based cloud applications have the potential to support large-scale data analytics, data insights, and the automation of manual tasks as businesses focus on bolstering their digital infrastructure to support remote employees and ensure proper functioning during the pandemic. According to the research Voice of the Enterprise: AI & Machine Learning Use Cases 2021, 95% of firms cited AI as a crucial component of digital transformation. As a result of their focus on enhancing client experiences through innovation and automation, communication, OTT, gaming, technology, and financial services are the industries with the highest AI adoption rate.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
18.34% |
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Segments Covered |
By Service, Deployment Mode, Organization Size, End-Use Industries, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Accenture, IBM, Deloitte, EY, PwC, HPE, HCLTech, Wipro, TCS, Capgemini, Dell, Infosys Limited, Microsoft Corporation, Oracle Corporation, SAP SE, and others. |
By service model, the Infrastructure as a Service or IaaS segment will expand at the highest CAGR over the forecast period. The Infrastructure as a Service paradigm provides computation, memory storage, networking, and other related software and hardware as a cloud service instead of traditional on-premises servers. It provides the end user with hosting freedom for custom-built applications or standard software and a general data center for storage.
By deployment mode, it is anticipated that the public cloud segment will account for the highest market size throughout the projected period. The public cloud is defined as computer services provided by third-party providers through the public internet, making them accessible to anybody who desires to use or purchase them. Under the public cloud deployment paradigm, clients’ organizations have access to a variety of resources, including apps, storage, virtual servers, and hardware via the internet. In addition, it helps enterprises achieve scaling requirements, provides a pay-per-use pricing model, and facilitates deployment.
Based on organization size, the professional cloud services market is segmented into small enterprises, medium enterprises, and large enterprises. Out of these, the large enterprise segment is anticipated to hold the most prominent shares in the professional cloud services market owing to its variety of features that could help these organizations to grow.
Over the forecast period, the Healthcare and Life Sciences segment is esteemed to have the highest shares of the market. The COVID-19 mandate’s use of HER, e-prescribing, telemedicine, eHealth, other healthcare IT services, and the increasing use of big data analytics, wearable technologies, and the Internet of Things all contribute to the expansion of the healthcare cloud computing market.
Cisco offers telehealth and remote patient monitoring technologies to more than 17 thousand healthcare institutions in 118 countries. The increased awareness of telehealth among healthcare practitioners is expected to increase the use of the telecloud in a number of nations, creating considerable growth opportunities for organizations in the healthcare cloud professional services market.
The North American cloud professional services market will have the most growth rate during the forecast period. The market growth in this area is being driven by emerging countries like the UK, Canada, Mexico, and Brazil, which are becoming more interested in cloud and mobility trends. The North American region is one of the world’s digital hubs, and businesses have been quick to see how cloud technology helps with digital transformation. The adoption of cloud professional services applications in the region is helped by strong economies, well-built ICT infrastructure, businesses that spend a lot on IT, and strong regulatory frameworks. Different government programs in the North American region also make it easier for people to use these services. Smart city projects will be one of the main reasons why people start using public cloud professional services. This is because government agencies use them to change their IT infrastructure. Cloud professional services are getting a lot of money from big players all over the region.
Accenture
IBM
Deloitte
EY
PwC
HPE
HCLTech
Wipro
TCS
Capgemini
Dell
Infosys Limited
Microsoft Corporation
Oracle Corporation
SAP SE, and others.
In February 2023, IBM announced the acquisition of N51, a network provider of SaaS automation solutions for driving agility in hybrid cloud settings.
In December 2022, EY partnered with Software AG to use business process management, IoT, and integration platforms, to assist enterprises with their transformation.
In December 2021, Deloitte bought BIAS Corporation to complement its existing cloud applications and infrastructure capabilities.
By Service
Platform as a Service (PaaS)
Software as a Service (SaaS)
Infrastructure as a Service (IaaS)
By Deployment Mode
Public Cloud
Private Cloud
Hybrid Cloud
By Organization Size
Small
Medium
Large
By End-use Industries
BFSI
Government
IT and Telecom
Healthcare and Life Sciences
Energy and utilities
Manufacturing
By Region
North America
Asia Pacific
Europe
Latin America
Middle East & Africa
Frequently Asked Questions
Key factors driving market growth include the increasing adoption of cloud computing across various industries, the need for specialized cloud expertise, the rising demand for scalable and flexible IT infrastructure, ongoing digital transformation initiatives, and the cost-efficiency of cloud solutions compared to traditional IT infrastructure.
Common challenges include the complexity of cloud migration, data security and privacy concerns, integration with existing systems, managing multi-cloud environments, ensuring compliance with regulatory requirements, and the need for continuous optimization and management of cloud resources.
Cloud professional services support business continuity and disaster recovery by helping organizations design and implement robust backup and recovery solutions. These services include data replication across multiple geographic locations, automated backup processes, regular testing of disaster recovery plans, and rapid recovery of data and applications to minimize downtime in case of disruptions.
Cloud consulting plays a crucial role in cloud professional services by providing expert guidance on cloud strategy, architecture, and implementation. Consultants assess an organization's needs, recommend appropriate cloud solutions, design custom cloud architectures, and develop migration plans to ensure a smooth transition to the cloud and optimal utilization of cloud resources.
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