Report Id: SNS/ICT/2414 | July 2022 | Region: Global | 135 Pages
Report Scope & Overview:
The Cloud Professional Services Market size was valued at USD 17.34 Bn in 2022 and is expected to reach USD 59.42 Bn by 2030, and grow at a CAGR of 16.64 % over the forecast period 2023-2030.
Cloud professional services help businesses to build high-end cloud solutions in three key models: private cloud, public cloud, and hybrid cloud, in order to drive business operations, and increase efficiency, flexibility, and infrastructure scalability. To assist in the optimization of pre-existing cloud systems, vendors offer services such as application modernization, customized application development, consulting and advisory, integration, implementation, migration, optimization, product installation, and support and maintenance. Cloud professional services help to reduce system implementation costs and offer end-to-end delivery solutions that add value to an enterprise's business and technical operations.
Bigtime Software Acquires Projector to Position It as the Leading Operating Platform for Professional Services Firms. Bigtime Software, the largest cloud-based software supplier for professional services organizations, announced the purchase of Projector PSA, a major provider of cloud-based PSA software to the middle market, in July 2022. The merged company will provide an operating platform with practice management capability that will allow professional services organizations to develop confidently.
MARKET DYNAMICS:
KEY DRIVERS:
Cloud-based paradigm shift.
Cloud companies' offerings are expanding.
Digitalization is becoming increasingly important.
Embracing the complicated cloud environment.
RESTRAINTS:
Issues with regulatory compliance.
Data security and confidentiality concerns.
OPPORTUNITY:
Organizational preference for cloud-based deployments to overcome on-premises restrictions.
Increased cloud utilization in healthcare.
Increasing public awareness.
CHALLENGES:
Implementing cloud services is difficult.
Choosing the Best Service Combination.
IMPACT OF COVID-19:
Many companies have had to adjust their procedures and practices as a result of the COVID-19 epidemic. The inability to travel was the primary cause of company interruption. Inability to relocate the labor and social alienation have prompted corporations to alter their current business models. To combat the COVID-19 epidemic, governments are collaborating closely with cloud providers. Because of rising demand for the cloud to provide a range of important digital solutions such as e-commerce and remote work, as well as entertainment platforms like as online gaming and video streaming, the COVID-19 outbreak has considerably boosted the expansion of the cloud services business. Furthermore, during the pandemic, cloud service companies' revenues grew at a rapid pace.
MARKET ESTIMATION:
Cloud professional services companies provide consulting services to consumers that have insufficient knowledge about upgrading current corporate infrastructure. Users who want to improve their infrastructure may make use of the experience of cloud professional service providers that specialize in the deployment of cloud-based systems across industry-specific use cases, which aids in the implementation of the proper mix of services. Implementation services help clients achieve their business goals faster by planning, accessing current systems, doing quality assessment and verification, and providing support. Implementation services provide a successful and secure deployment on any infrastructure, including private, public, and hybrid clouds.
The services provided through the public deployment paradigm are either free or require a subscription. It assists enterprises in meeting their scalability requirements, as well as providing a pay-per-usage pricing structure and simplicity of setup. To prevent data loss, the public cloud is often constructed with built-in redundancies. A private cloud deployment approach allows a corporation to have more control over its data and decrease risks such as data loss and regulatory compliance difficulties. Only authorized users may access the system in the private cloud, which is employed in banking and financial institutions, major corporations, and government agencies.
The market is divided into the following industry verticals: BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing, and Others. During the projection period, the healthcare industry segment will show a promising CAGR. The use of cloud professional services is increasing across the healthcare business because data can be readily shared among medical service suppliers. Organizations are continually seeking to provide medical support via gadgets in order to improve drug adherence, minimize emergency department visits, and decrease hospital readmissions.
KEY MARKET SEGMENTS:
On The Basis of Service Type
Consulting
Application Development and Modernization
Implementation and Migration
Integration and Optimization
On The Basis of Deployment Model
Public Cloud
Private Cloud
On The Basis of organization size
Small and Medium-sized Enterprises
Large Enterprises
On The Basis of verticals
BFSI
Manufacturing
Healthcare and Lifesciences
IT and ITES
Government
Telecommunications
Retail and Consumer Goods
Energy and utilities
Others
REGIONAL ANALYSIS:
Because of the increased number of end-users and rising acceptance of cloud computing in Canada and the United States, North America is expected to be the leading regional market for cloud professional services. Because of the tremendous advancement of industries such as education, healthcare, and BFSI, APAC is the second largest shareholder. India, Japan, China, and Australia are leaders in cutting-edge technologies such as AI, IoT, analytics, and cloud computing, which is projected to fuel demand for cloud professional services. On the other hand, the market in the Middle East and Africa is expected to grow.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The major key players are Alibaba group holding limited, Amazon web services, Inc., Cisco Systems, Inc., Dell, technologies Inc., Google LLC, Hewlett Packard enterprise development lp, international business machines corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc.
Report Attributes | Details |
---|---|
Market Size in 2022 | US$ 17.34 Billion |
Market Size by 2030 | US$ 59.42 Billion |
CAGR | CAGR 16.64% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • by Service Type (Consulting, Application Development, and Modernization, Implementation and Migration, Integration and Optimization) • by Deployment Model (Public Cloud and Private Cloud) • by organization size (Small and Medium-sized Enterprises and Large Enterprises) • by verticals (BFSI, Manufacturing, Healthcare and Lifesciences, IT and ITES, Government, Telecommunications, Retail and Consumer Goods, Energy and utilities, Others) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Alibaba group holding limited, Amazon web services, Inc., Cisco Systems, Inc., Dell, technologies Inc., Google LLC, Hewlett Packard enterprise development lp, international business machines corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc. |
Key Drivers | •Cloud-based paradigm shift. •Cloud companies' offerings are expanding. |
Market Restraints | •Issues with regulatory compliance. •Data security and confidentiality concerns. |
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the Cloud Professional Services market for the year 2028 is USD 43.67 Bn.
Ans: - Cloud-based paradigm shift and cloud companies' offerings are expanding.
Ans: - North America is expected to be the leading regional market for cloud professional services.
Ans: - The major key players are Alibaba group holding limited, Amazon web services, Inc., Cisco Systems, Inc., Dell, technologies Inc., Google LLC, Hewlett Packard enterprise development lp, international business machines corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting, Inc.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Cloud Professional Services Market Segmentation, by Service Type
8.1 Consulting
8.2 Application Development and Modernization
8.3 Implementation and Migration
8.4 Integration and Optimization
9. Cloud Professional Services Market Segmentation, by Deployment Model
9.1 Public Cloud
9.2 Private Cloud
10. Cloud Professional Services Market Segmentation, by organization size
10.1 Small and Medium-sized Enterprises
10.2 Large Enterprises
11. Cloud Professional Services Market Segmentation, by verticals
11.1 BFSI
11.2 Manufacturing
11.3 Healthcare and Lifesciences
11.4 IT and ITES
11.5 Government
11.6 Telecommunications
11.7 Retail and Consumer Goods
11.8 Energy and utilities
11.9 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Alibaba group holding limited
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Amazon web services, Inc.
13.3 Cisco Systems, Inc.
13.4 Dell, technologies Inc.
13.5 Google LLC
13.6 Hewlett Packard enterprise development lp
13.7 International business machines corporation
13.8 Microsoft corporation
13.9 Oracle corporation
13.10 Rackspace hosting, Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.