Global Cloud Professional Services Market (2020 to 2026) - Surge in Cloud Adoption During the COVID-19 Pandemic Presents Opportunities
DUBLIN, April 13, 2021 /PRNewswire/ -- The "Cloud Professional Services Market by Service Type (Consulting, Integration and Optimization, Implementation and Migration, Application Development and Modernization), Organization Size, Deployment Model, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cloud professional services market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period, to reach USD 37.0 billion by 2026 from USD 14.2 billion in 2020.
Most organizations are increasingly adopting cloud-based models by distributing their computing resources across several environments. Cloud adoption gaining popularity as it provides flexibility, scalability, and low-cost benefits. It also helps organizations centrally analyze data generated from various locations and collect data from different assets, making it easy to gather and analyze data. Due to the transition to cloud, cloud providers are aggressively adding new products and services in their portfolio to have competitive advantage.
The consulting segment holds the largest market size during the forecast period.
Consulting is a professional services practice for enterprise infrastructure that involves advising customers for managing organization's IT infrastructure and improving infrastructure performance, including security and workflow processes. The cloud professional service vendors offer consulting services to users that have limited awareness related to the upgradation of current enterprise infrastructure. Users wishing to upgrade their infrastructure can harness the expertise of cloud professional service providers specializing in the deployment of cloud-based systems across industry-specific use cases, which helps in implementing the right mix of services. The implementation of cloud-based systems can be a costly process for some companies; therefore, it is of utmost importance that end users' companies are aware of the exact business requirements.
The Banking, financial services and insurance vertical expected to hold the largest market share in 2020.
Cloud helps customers easily connect, store, and enable transactions anytime and anywhere, resulting in reduced efforts and time for customers to complete the process. Cloud professional services help BFSI vendors to focus more on the customer-centric model by creating a multi-channel relationship with customers at every step of service offered by them. The BFSI vertical is adopting the digitalization initiatives at a rapid pace to meet the rising customer expectations; hence, adopting cloud professional services for the right solution mix. These services are enabling BFSI to reduce its CAPEX and Operational Expenditure (OPEX) by selecting the right mix of services. There is always a risk associated with data in the BFSI sector, and selecting the right services is always an integral part of the business process. Cloud professional service vendors allow the BFSI vertical to select solutions that offer high data security standards. It also enables BFSI enterprises to comply with the regulations related to the cloud.
North America to hold the largest market size and the Asia Pacific (APAC) to grow at a higher rate during the forecast period
APAC is one of the fastest-growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives carried out by different governments and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. The region houses a large number of enterprises related to manufacturing, energy and utilities, transportation and logistics, chemicals, and aerospace, which is further expected to drive the demand for cloud professional services. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Cloud Professional Services Market
4.2 Cloud Professional Services Market, by Service Type, 2020 Vs. 2026
4.3 Cloud Professional Services Market, by Deployment Model, 2020
4.4 Cloud Professional Services Market, by Organization Size, 2020
4.5 Cloud Professional Services Market, by Vertical, 2020 Vs. 2026
4.6 Cloud Professional Services Market: Regional Scenario, 2020-2026
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Paradigm Shift to the Cloud
5.2.1.2 Increasing Offerings from Cloud Providers
5.2.1.3 Growing Need for Digitalization
5.2.1.4 Adopting the Complex Cloud Environment
5.2.2 Restraints
5.2.2.1 Regulatory Compliance Issues
5.2.2.2 Concerns Over Data Security and Confidentiality
5.2.3 Opportunities
5.2.3.1 Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations
5.2.3.2 Surge in Cloud Adoption During the COVID-19 Pandemic
5.2.3.3 Increasing Awareness Levels
5.2.4 Challenges
5.2.4.1 Difficulty in Implementing Cloud Services
5.2.4.2 Selecting the Right Mix of Services
5.3 Use Cases
5.4 Technology Analysis
5.4.1 Blockchain
5.4.2 Machine Learning
5.4.3 Internet of Things
5.4.4 Augmented Reality
5.4.5 Artificial Intelligence
5.5 Patent Analysis
5.6 Porter's Five Forces Analysis
5.7 Regulations
5.7.1 North America
5.7.2 Europe
5.7.3 Asia-Pacific
5.7.4 Middle East and Africa
5.7.5 Latin America
5.8 Value Chain Analysis
5.9 Ecosystem
5.10 COVID-19-Driven Market Dynamics
5.10.1 Drivers and Opportunities
5.10.2 Restraints and Challenges
5.10.3 Cumulative Growth Analysis
5.11 Cloud Professional Services: Impact of COVID-19
6 Cloud Professional Services Market, by Service Type
6.1 Introduction
6.1.1 Service Type: Market Drivers
6.1.2 Service Type: COVID-19 Impact
6.2 Consulting
6.3 Integration and Optimization
6.4 Implementation and Migration
6.5 Application Development and Modernization
7 Cloud Professional Services Market, by Deployment Model
7.1 Introduction
7.1.1 Deployment Model: Market Drivers
7.1.2 Deployment Model: COVID-19 Impact
7.2 Public Cloud
7.3 Private Cloud
8 Cloud Professional Services Market, by Organization Size
8.1 Introduction
8.1.1 Organization Size: Market Drivers
8.1.2 Organization Size: COVID-19 Impact
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Cloud Professional Services Market, by Vertical
9.1 Introduction
9.1.1 Verticals: Market Drivers
9.1.2 Verticals: COVID-19 Impact
9.2 Banking, Financial Services and Insurance
9.3 Retail and Consumer Goods
9.4 IT and ITEs
9.5 Telecommunications
9.6 Healthcare and Life Sciences
9.7 Manufacturing
9.8 Energy and Utilities
9.9 Government
9.10 Other Verticals
10 Cloud Professional Services Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.1 Introduction
11.2 Market Share of Top Vendors
11.3 Historical Revenue Analysis of Top Vendors
11.4 Company Evaluation Quadrant
11.4.1 Definitions and Methodology
11.4.2 Star
11.4.3 Emerging Leaders
11.4.4 Pervasive
11.4.5 Participants
11.5 Sme Evaluation Quadrant
11.5.1 Definitions and Methodology
11.5.2 Progressive Companies
11.5.3 Responsive Companies
11.5.4 Dynamic Companies
11.5.5 Starting Blocks
11.6 Competitive Scenario
12 Company Profiles
12.1 Major Players
12.1.1 Accenture
12.1.2 IBM
12.1.3 Deloitte
12.1.4 EY
12.1.5 PWC
12.1.6 HPE
12.1.7 Wipro
12.1.8 HCL
12.1.9 TCS
12.1.10 Capgemini
12.1.11 ATOS
12.1.12 Cisco
12.1.13 Cognizant
12.1.14 DXC Technology
12.1.15 Hitachi Vantara
12.1.16 Infosys
12.1.17 LTI
12.1.18 NTT Data
12.1.19 Rackspace
12.1.20 T-Systems
12.1.21 Aws
12.1.22 Google
12.1.23 Microsoft
12.1.24 Fujitsu
12.1.25 Alibaba Cloud
12.2 Startup / SME Players
12.2.1 Stackoverdrive.Io
12.2.2 2Nd Watch
12.2.3 Allcloud
12.2.4 Nordcloud
12.2.5 Mission
12.2.6 The Provato Group
12.2.7 Techmatrix
12.2.8 Inventive Works
12.2.9 Opsworks Co.
13 Adjacent Market
13.1 Introduction
13.2 Cloud Computing Market
14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: The Subscription Portal
14.3 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/w9uv1d
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