The global Cloud Professional Services market size is estimated to be valued at USD 25.6 billion in 2023 and is projected to reach USD 55.3 billion by 2028 during the forecast period, growing at a CAGR of 16.6%. The growing focus of enterprises on improving customer experiences is one of the key factors driving the market growth.
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By Service Model, the SaaS segment to account for a larger market share during the forecast period
The SaaS segment is expected to account for a larger market share during the forecast period. Most SaaS providers offer a usage-based subscription that can be purchased on a monthly or yearly basis. It eliminates the upfront cost of installation, along with the ongoing maintenance costs. It is a boon for small businesses as it provides access to expensive, high-powered software on a fair subscription-based method.
By Deployment Model, the private cloud segment is expected to grow for a higher growth during the forecast period.
The private cloud segment is expected to account for the highest growth rate during the forecast period. A private cloud is a computing model that offers a proprietary environment dedicated to a single business entity. This deployment model enables a company to have better control over its data and reduce risks, such as data loss and issues related to regulatory compliance.
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Unique Features in the Cloud Professional Services Market
Cloud professional services assist businesses smoothly move from on-premises settings to cloud infrastructure by providing customised migration plans that maximise performance, economy, and scalability.
In order to maximise the advantages of cloud technology, providers create tailored cloud designs that cater to the specific requirements of enterprises. These architectures ensure efficient resource utilisation, security, and compliance.
Cloud professional services are experts in multi-cloud and hybrid solutions, allowing companies to integrate on-premises and cloud systems for workload optimisation, redundancy, and flexibility, or to utilise numerous cloud providers.
Cloud cost optimisation services are provided by providers, who examine resource utilisation, spot inefficiencies, and put plans in place to cut costs on the cloud without sacrificing functionality or accomplishing organisational goals.
In order to safeguard data, apps, and infrastructure in the cloud environment, cloud professional services place a high priority on security and compliance. They do this by providing thorough security assessments, threat detection, and compliance audits.
Major Highlights of the Cloud Professional Services Market
In response to the increasing demand for cloud services globally, providers are strengthening their footprint in new regions and providing localised knowledge and assistance, leading to a global expansion of the market.
Cloud professional services companies offer training and skill-building courses to give organisations the know-how to properly use cloud technology, enabling teams to spur innovation and efficiency in the cloud.
Cloud-based analytics solutions are utilised by providers to extract actionable insights from data, facilitate well-informed decision-making, and unleash company value.
Cloud professional services are experts in cloud cost optimisation; they assist companies in finding ways to cut costs, making the best use of available resources, and coordinating cloud spending with strategic objectives.
Businesses can expedite time-to-market for apps and services, increase agility, and optimise deployment processes by integrating DevOps concepts and automation technologies into cloud environments through providers.
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Top Companies in the Cloud Professional Services Market
The key market players dominating the Cloud Professional Services market include Accenture (Ireland), IBM (US), Deloitte (UK), EY (UK), PwC (UK), HPE (US), HCLTech (India), Wipro (India), TCS (India), and Capgemini (France). These players have adopted various strategies, such as new product launches and enhancements, partnerships, collaborations, and acquisitions, to grow in the market.
Accenture is a diversified computer technology and consulting corporation and is engaged in offering delivery and implementation services, application services, business process outsourcing, technology consulting, and cloud services. Accenture provides its ‘Cloud Ascent’ point of view series that shows how mastering migration, hyper-scale integration, modernization, management, and innovation can help unlock greater flexibility, agility, and new growth opportunities. It offers a full spectrum of cloud services, including cloud strategy and change management, migration, optimization, engineering and automation, infrastructure services, cloud security, data on the cloud, and sustainability with cloud and cloud platforms. In September 2022, Accenture acquired Sentia’s business in the Netherlands, Belgium, and Bulgaria to enhance Accenture’s Cloud First capabilities and provide cloud infrastructure services across public, private, and sovereign cloud environments.
IBM is a leading multinational company that develops hardware and software technologies for computer systems and provides consulting services. The company offers a robust product portfolio in analytics, social and security, IoT, cloud, and mobile. IBM Cloud offers an open and secure public cloud for business, a next-generation hybrid multi-cloud platform, advanced data and AI capabilities, and deep enterprise expertise across 20 industries. IBM has more than 60 data centers worldwide to deploy locally and scale globally for resiliency and redundancy on six continents. In February 2023, IBM announced the acquisition of NS1, a network automation SaaS solution provider, to drive agility in hybrid cloud environments.
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