Press release
Cloud Professional Services Market Achieved USD 16.9 billion in 2021 and projected to reach USD 58.6 billion in 2029 | Size, Share & Forecast Analysis
Cloud Professional Services Market
The Cloud Professional Services Market was estimated around USD 16.9 billion in 2021 and is expected to reach USD 58.6 billion in 2029 expanding at a CAGR of 16.8% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/cloud-professional-services-market-analysis-industry-research/
The factors driving growth of the Cloud Professional Services Market includes growing emphasis on digitalizing business processes, rising awareness amongst enterprises about the benefits offered by cloud professional services, trending concept of Work from Home (WFH) and improvements in the living standards. The cloud professional services enhance efficiency, reduces operating cost, improves business agility, protects sensitive data, and prevent human errors in manufacturing facilities, are some of the features pushing the demand for cloud professional services around the world. Moreover, integration of Artificial Intelligence (AI), Machine Learning (ML) and development and operations (DevOps) with cloud platforms, easy affordability of cloud services, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Cloud Professional Services Market size. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Cloud Professional Services Market is hindered due to rising concerns related to data breaches.
The prominent players operating in the Cloud Professional Services Market includes Tata Consulting Services Limited, Capgemini, PwC, Atos SE, IBM, Deloitte, Cisco, PwC, and Wipro, among others.
Based on Type, the Consulting segment is predicted to grow at a significant CAGR during the forecast period
Consulting services aids business in planning and accessing the current system through using cloud strategies, is the major factor pushing growth of the segment.
Based on Vertical, the BSFI segment is projected to grow at a robust CAGR over the forecast period
Growing adoption of cloud professional services by banks to reduce cost associated with IT infrastructure and run different programs on machines at any given time, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Tata Consulting Services Limited and Wipro, growing adoption of advanced technologies by major companies, rapid industrialization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the Cloud Professional Services Market share in the Asia-Pacific region.
Key Developments
In 2021, IBM, Siemens, and Red Hat launched a hybrid cloud initiative to improve the real time value of the industrial IoT data.
Market Segmentation
Segmentation by Service Type
Consulting
Implementation and Migration
Application Development and Modernization
Segmentation by Deployment Model
Public Cloud
Private Cloud
Segmentation by Organization Size
Large Enterprises
Small and Medium-sized Enterprises
Segmentation by Vertical
BFSI
Retail and Consumer Goods
IT and ITES
Telecommunications
Healthcare and Life Sciences
Manufacturing
Energy and Utilities
Government
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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