The 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. Major factors that are expected to drive the growth of the cloud professional services market include increasing offerings from cloud service providers, growing need of digitalization, and the paradigm shift to the cloud because of COVID- 19 pandemic.
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The market is expected to be driven by adopting to the complex cloud environment
The cloud offers various advantages to companies over traditionally used practices. It offers flexibility, reduces cost, increases productivity and reduces risk associated with traditionally used practices. Apart from this, with recent developments cloud providers are adding new services frequently that can help companies sustain in a highly competitive market. But migrating to cloud can be a tricky task as complexity is growing in the cloud environment and if the adoption process does not go as desired, it can hider an organizations growth and cause monetary and non-monetary damages. Hence organizations prefer cloud professional services vendors who can do this for them with their knowledge and expertise. Hence the complex nature of cloud can be a driver for cloud professional services market.
Increasing awareness level
The cloud based professional services are used to deploy high end cloud solutions in three major models: public cloud, private cloud and hybrid cloud. Globally, cloud professional services adoption rate is increasing in the APAC, LA and MEA region due to the increasing awareness amongst the SMBs as well as large enterprises catering to a broad gamut of verticals. This increasing awareness level is significantly pushing the enterprises to deploy comprehensive cloud solutions and hence utilize a variety of professional consulting, system integration, training and education and support and maintenance services provided by various vendors in the cloud professional services market.
The cloud professional services market includes major vendors, such as are Accenture (Ireland), IBM (US), Deloitte (UK), EY (UK), PwC (UK), HPE (US), Wipro (India), HCL (India), TCS (India), Capgemini (France), Atos (France), Cisco (US), Cognizant (India), DXC (US), Hitachi Vantara (US), Infosys (India), LTI (India), NTT Data (Japan), Rackspace (US), T-Systems (Germany), AWS (US), Google (US), Microsoft (US), Fujitsu (Japan), and Alibaba Cloud (China). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Accenture, IBM, Deloitte, EY, and PwC have majorly adopted many growth strategies, such as new services and product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the cloud professional services market.
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Accenture is a diversified computer technology and consulting corporation, and engaged in offering delivery and implementation services, application services, business processes outsourcing, technology consulting, and cloud services. The company operates its business in segments such as cognitive solutions, global business services, and technology services and cloud platforms. It provides its “Cloud Ascent” point of view series that shows how mastering migration, hyperscaler integration, modernization, management and innovation can help unlock greater flexibility, agility and new growth opportunities. It offers a full spectrum of cloud services that includes cloud strategy and change management, cloud migration, cloud management and optimization, cloud engineering and automation, infrastructure services, cloud security, data on cloud, sustainability with cloud and cloud platforms.
Accenture has a strong presence in more than 50 countries and has served clients of more than 120 countries. Accenture have a work force of 506K with more than 180 partners in its ecosystem and 7900 patents and patents pending worldwide.
EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The company was founded in 1989 and is headquartered in London, UK. It helps clients capitalize on transformative opportunities and help them fulfill regulatory requirements, keep investors informed and meet the needs of all their stakeholders. EY provides support to businesses to be effective and create long-term value for tomorrow. It offers services in assurance, consulting, strategy and transactions, and tax services. EY help financial services organizations re-think business processes and operating models, through cloud-enabled platforms, emerging technologies and generation-skipping transformation.
EY cloud professional services includes risk management along the cloud transformation journey, cost improvisation and transformation, enterprise cloud transformation and governance and cloud migration. EY caters its services to large and medium-sized enterprises with startups spread across different verticals, such as aerospace and defense, automotive, BFSI, chemical, construction, distribution, energy, equipment, fashion, food and beverages, healthcare, high tech and electronics, hospitality, retail, public sector, and service industries. It has around 200,000 customers and presence in 150 countries.
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