Cloud Professional Services Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The cloud professional services market size has grown rapidly in recent years. It will grow from $29.52 billion in 2023 to $34.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency focus, security concerns, scalability demands, compliance requirements, data management challenges, business continuity planning.

The cloud professional services market size is expected to see rapid growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to multi-cloud strategies, containerization and microservices, serverless computing, focus on cloud-native development, data governance and privacy, customer experience optimization. Major trends in the forecast period include increased cloud adoption, focus on cloud security and compliance, application modernization and migration services, focus on data management and analytics in the cloud, containerization and kubernetes adoption, quantum computing exploration.

Market Overview -
Cloud professional service refers to the services provided based on cloud technology infrastructure that involves the selection, deployment, and ongoing management of various cloud-based resources over the internet. Cloud professional services are used by various companies for planning and managing their cloud infrastructure as per the needs of the company.

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Digitalization Drives Cloud Professional Services Market Growth
The rising focus on digitizing business processes is expected to propel the growth of the cloud professional services market going forward. Digitalization of business processes refers to a process of using digital tools to manage data and other information digitally and to convert production and other business functions into more efficient, productive, and revenue-generating. These processes involve the use of cloud professional services. This helps in increasing expenditure towards digitalization, collection, and storage of data and sensitive information in a cloud environment to reduce risk and optimize business outcomes as well, and also helps in the smooth running of work from home. For instance, in January 2021, according to Software AG, a Germany-based Software Company, in 2020, 97% of IT directors stated their organization invested in digital transformation initiatives and also expect that expenditure to continue in 2021 . Further, according to data from Owl Labs a US-based video conferencing company, before the pandemic (2020) only 30% of all employees in the US worked remotely. Post-pandemic 70% of employees are working remotely, indicating a dependence on technology. Therefore, rapid digitalization in businesses is driving the growth of the content recommendation engine market.

Competitive Landscape -
Major companies operating in the cloud professional services market report are HCL Technologies Ltd., Cognizant Technology Solutions India Pvt Ltd., Capgemini SE, Cisco Systems Inc., DXC Technology Company, Hitachi Vantara Corporation, Infosys Limited, NTT Data Corporation, Amazon.com Inc., Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Fujitsu Limited, Wipro Limited, PricewaterhouseCoopers International Limited, Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Hewlett Packard Enterprise Company, International Business Machines Corporation, T-Systems International GmbH, Rackspace Technology Inc., SAP SE, StackOverdrive.io LLC, Renova Cloud Company Limited, Advascale SIA, Gorilla Logic LLC, BlueSoft Sp. Z.o.o, Turing Enterprises Inc., Cubex Systems Pty Ltd., Debuide Technologies (OPC) Pvt. Ltd., Exodata LLC, Tata Consultancy Services Ltd., Coastal Cloud LLC, OpenText Corp., CompuData Inc., Spaulding Ridge Enterprises London Llimited, Navisite LLC, Assured Technology Pvt. Ltd., Tech Mahindra Ltd., Atos Information Technology Incorporated, Cloudreach Europe Ltd.

The Increasing Popularity Of Hybrid And Multi-Cloud Environments
Technological innovations are the key trend gaining popularity in the cloud professional services market. Major companies operating in the cloud professional services market are introducing new technologies to sustain their position in the market. For instance, in July 2022, Sygitech Cloud Solutions, an India-based IT service company, launched 2 new technology platforms SygiOps and SygiCloudSync, that help in reducing the human elements and errors from a task. This software aims to lighten the workload of IT staff members and increase productivity by automating their first routine duties. With the help of automated cloud-based technology, it helps to store the data automatically without any human intervention.

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Key Segments -

The cloud professional services market covered in this report is segmented -

1) By Service Type: Consulting, Application Development and Modernization, Implementation and Migration, Integration and Optimization
2) By Deployment Model: Public Cloud, Private Cloud
3) By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
4) By Verticals: BFSI, Manufacturing, Healthcare and Life Sciences, IT and ITES, Government, Telecommunications, Retail and Consumer Goods, Energy and utilities, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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