Global Cloud Professional Services is poised to gain momentum due to the growing demand for cloud-based solutions pertaining to various industries which are inclusive of but not limited to BFSI, education, healthcare, and government sector.
According to the report, the Global Cloud Professional Services market is projected to increase at a CAGR of 16.53% over the forecast period 2019-2025. In general, the services, which are offered within the purview of this market are inclusive of but not limited to, advisory services, performance testing services, system, and network integration services such as application load, training services. Albeit deployment and support services aren’t categorized as cloud professional services, they are also offered along with the aforementioned that also includes storage security services as well as data backup and recovery services. Further, increasing inclination towards a service-oriented economy is one of the major factors that is driving the global professional cloud services market growth. The very benefit of doing away with space thereafter reducing the cost incurred in real-estate purchase or rent and managing with minimal computer hardware, organizations around the globe are eagerly inclined to integrate cloud computing in their process.
To this end, there have been a few key developments, which have been set in motion by certain major market players in this market. They are as follows:
A broad multiyear agreement was announced between Microsoft Corp and AT&T Inc. in July 2019. The deal is to the tune of US$2 billion, whereby Microsoft has been tasked to provide solutions to the entire core telecommunications business of AT&T that is known as the AT&T Communications LLC organization. Under this deal, Microsoft’s Azure will become the latter’s preferred cloud platform for workloads that don’t concern its network infrastructure. Further, AT&T had also planned to migrate much of the AT&T Communications workforce to Microsoft 365 that will also enable AT&T to access the artificial intelligence-powered Azure Advanced Threat Protection service for preventing any cyber-attacks. The aforesaid service comes bundled with Office 365.
Again, during the same year in October, a leading IT strategic service provider InterVision announced the acquisition of an IT professional services and consulting firm known as Fotis Networks. Through the means of this acquisition InterVision aimed at strengthening its engineering talent and expertise which provides professional services to clients in the commercial, education, government as well as healthcare sectors to augment their capabilities with cloud services.
In 2019, IBM closed its acquisition of Red Hat an open-source, enterprise software maker for the US$34 billion to be integrated with IBM’s hybrid cloud division thereby increasing its prospects in the cloud infrastructure business. Thus, form the aforementioned strategic decisions it could clearly comprehend that the need for Cloud Professional Services has been realized more than ever.
The major players covered as part of the report are Accenture, Amazon Web Services, Inc., Atos SE, Cisco Systems, Inc., Dell Inc., Infosys Limited, Microsoft, Oracle, Rackspace US, Inc., and VMware, Inc. among others.
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In this report the Global Cloud Professional Services Market has been segmented based on the following: