Global Cloud Professional Services market is projected to grow at a CAGR of 16.53% during the forecast period, reaching a total market size of US$56.317 billion in 2025 from US$22.487 billion in 2019. Cloud professional service helps in improving efficiency, accelerates cloud automation, and reduces risk and cost. The demand for cloud professional services is growing significantly owing to the accelerated demand for cloud-based solutions across various industries including BFSI, education, healthcare, and government among others. Growing popularity of cloud computing is encouraging companies to opt for various cloud services. The market for cloud professional services is increasing as market players are offering cloud-based services for enterprises of various sizes, ranging from small and medium to large enterprises, across various industry verticals.
Service providers are creating ample opportunities for cloud professionals due to cost-effectiveness and ease of use of various cloud services. Rapidly growing service sector in different economies is further driving the demand for professional cloud services. Cloud professional service adapts easily to the changing landscape and enables customers to deploy various solutions seamlessly. It acts as an IT catalyst for IT information, providing the ability to combine the preferred clouds with existing on-premises infrastructure according to the working needs of the company. The market is very competitive due to the presence of large number of players. Companies are sustaining themselves by adopting various growth strategies including product launches, high expense on research and development, partnerships, and acquisitions.
PaaS holds the notable market share
By service type, the cloud professional service market is segmented as software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). PaaS holds a fairly large share in this market and the market growth for this service is being driven by rapid growth of communication and technology industry across the globe. Since increasing and improving offerings is at the forefront of growth strategies of players in this industry, and reducing costs remains a key focal point for them, the demand for software and hardware tools available over the internet is increasing, thus fueling the adoption of this service among them. SaaS also holds a significant share in this segment and increasing number of SMEs worldwide are expected to continue adding to its market growth over the projected period. The market for IaaS is poised to witness an impressive growth over the forecast period and one of the key driving factors will continue to be rising investments by enterprises of all sizes into improving agility.
BFSI industry is projected to grow at a healthy CAGR during the forecast period
By industry vertical, the cloud professional services market is segmented into BFSI, telecommunications, healthcare, government, media and entertainment, manufacturing, and others. BFSI industry will witness a significant CAGR during the forecast period. The major factor behind the growing adoption of cloud professional services across this industry is the need to reduce costs associated with IT. Owing to a tremendous pressure on banks and other financial enterprises due to lacklustre performance and poor returns on equity, many banks are shifting their workloads to cloud. Banks or financial institutions, with presence at multiple locations, can use cloud professional services that allow running of any program on all machines at any given time for easy accessibility, thus offering state of the art services to their customers while eliminating huge capital costs of running and maintaining complex On-premise IT facilities. Moreover, the upfront costs of procuring hardware are also minimised due to cloud adoption. BFSI is increasing the use of cloud professional service because of smooth customer experience and secure transactions. The market in healthcare industry is projected to grow at a significant CAGR during the forecast period. There is a rise in the usage of cloud professional service in the healthcare industry as data can be shared among medical service providers with ease. Companies are focusing on providing medical assistance through devices to improve medication adherence, reduce emergency room visits, and decrease hospital readmissions. Retail sector is also projected to hold a significant market share throughout the forecast period. The retail sector is using a cloud system in the supply chain as it enables enterprises to connect, engage, and collaborate with customers, business partners, and suppliers. Booming e-commerce industry is further bolstering the market growth of cloud professional services. Increasing manufacturing activities across the globe will continue to drive the growth of cloud professional services market across this segment till the end of the forecast period. Firms across the manufacturing sector use cloud professional service for benefits like faster deployments, improved productivity & performance, better control of critical applications, improved scalability, lower infrastructure cost, and a decrease in business downtime & losses.
North America one of the major regional markets
Regionally the cloud professional service market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America is one of the major regional markets for cloud professional services on account of high adoption of cloud computing in countries such as the U.S. and Canada. APAC is projected to witness the fastest market growth on account of rapid growth of industries such as BFSI, healthcare, and education. Furthermore, rising number of SMEs in countries like India is driving the demand for various cloud professional services across the region.