The cloud professional services market is projected to witness a compound annual growth rate of 17.59% to grow to US$69.887 billion by 2026, from US$22.487 billion in 2019. The cloud service providers have been offering a diverse range of services, which is not only limited to the large enterprises but in line with the needs of small and medium enterprises as well, which is boosting the cloud professional services adoption and is anticipated to propel the cloud professional services demand during the forecast period. In September 2021, Infosys announced the launch of the Leads and Proposals Solution as part of SAP's industry cloud portfolio for the professional services industry. Furthermore, the rising digitalization around the world supported by governments of the respective countries is leading to rapid digitization of business processes by a large number of companies and is projected to surge the demand for cloud professional services in the coming years. In addition, the growth of the service sector in various economies has further augmented the demand for cloud professional services. The growing trend in the service sector is expected to continue in the coming years as well and is anticipated to have a positive impact on the cloud professional services market growth.
Rising digitization of business processes
As the world is becoming connected, an increasing number of companies are now digitizing their business processes to match up with their needs and goals, which is anticipated to propel the demand for cloud professional services during the forecast period. As per a survey by Google India, in June 2020, 79% of small and medium-sized businesses in India expressed interest in learning about digital solutions in regional languages. It also stated that six out of 10 businesses are willing to adopt at least one digital solution such as the increase in digital marketing spending, adopting social media, and starting online sales. Furthermore, governments of various countries have been supporting the digitization of businesses in their respective countries, which is helping a large number of businesses to adopt digitization. This is leading to widespread adoption of cloud computing among companies and is consequently leading to rising demand for cloud professional services. For instance, in September 2020, the Australian government announced that it will invest Australian $800 million (US $566 million) for the advancement of digital technologies in businesses. It also announced schemes with a focus on investments into cybersecurity and the national broadband network (NBN), to boost Australia's 5G network for the efficacy of the online-based services and firms. Such measure by various governments around the world is projected to have a positive impact on cloud professional services as well.
COVID-19 Insights
The outbreak of the SARS-COVID-19 virus had a positive impact on the market growth. With the government imposing COVID-19 pandemic measures, such as lockdown, travel ban, and others, there has been a rise in remote working, worldwide. During the pandemic, cloud-based services had become an imperative tool for enterprises, as it has reduced the dependency on hardware-based solutions, thus reducing the stress to work from offices or premises. There have been several corporations that had been witnessing a significant surge in the adoption of cloud-based or other related digital services. For instance, Microsoft had stated at the end of 2020 that the company had witnessed a digital transformation of two years, in just two months, during the pandemic, due to the exponential growth in the demand for cloud-based services. Various sectors, such as healthcare, financial, retail, and other sectors had been witnessing a significant surge in the adoption of cloud-based professional services and solutions. Other factors, such as lower cost for backup, flexible computing, and business continuity had a positive impact on the adoption of cloud-based services, worldwide.
| Report Metric | Details |
| Market size value in 2019 | US$22.487 billion |
| Market size value in 2026 | US$69.887 billion |
| Growth Rate | CAGR of 17.59% from 2019 to 2026 |
| Base year | 2019 |
| Forecast period | 2021–2026 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Services, Deployment Model, Enterprise Size, Industry Vertical, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Cisco Systems, Inc., Accenture, Amazon Web Services, Inc., Atos SE, Microsoft, Dell Inc., Infosys Limited, VMware, Inc., Rackspace US, Inc., Oracle |
| Customization scope | Free report customization with purchase |
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the cloud professional service market size by 2026?
A1. The cloud professional service market is projected to reach a market size of US$69.887 billion by 2026.
Q2. What is the size of the global cloud professional service market?
A2. Cloud Professional Services Market was valued at US$22.487 billion in 2019.
Q3. What are the growth prospects for the cloud professional service market?
A3. The global cloud professional service market is projected to grow at a CAGR of 17.59% during the forecast period.
Q4. How is the global cloud professional service market segmented?
A4. The cloud professional service market has been segmented by services, deployment model, enterprise size, industry vertical, and geography.
Q5. What factors are anticipated to drive the cloud professional service market growth?
A5. As the world is becoming connected, an increasing number of companies are now digitizing their business processes to match up with their needs and goals, which is anticipated to propel the cloud professional service market growth.
Accenture
Amazon Web Services, Inc.
Atos SE
Microsoft
Dell Inc.
Infosys Limited
VMware, Inc.
Rackspace US, Inc.
Oracle
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