Global Cloud Professional Services Market (2020 to 2026) – Surge in Cloud Adoption During the COVID-19 Pandemic Presents Opportunities – PRNewswire

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 Insights4.1 Attractive Growth Opportunities in the Cloud Professional Services Market4.2 Cloud Professional Services Market, by Service Type, 2020 Vs. 20264.3 Cloud Professional Services Market, by Deployment Model, 20204.4 Cloud Professional Services Market, by Organization Size, 20204.5 Cloud Professional Services Market, by Vertical, 2020 Vs. 20264.6 Cloud Professional Services Market: Regional Scenario, 2020-2026

5 Market Overview and Industry Trends5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Paradigm Shift to the Cloud5.2.1.2 Increasing Offerings from Cloud Providers5.2.1.3 Growing Need for Digitalization5.2.1.4 Adopting the Complex Cloud Environment5.2.2 Restraints5.2.2.1 Regulatory Compliance Issues5.2.2.2 Concerns Over Data Security and Confidentiality5.2.3 Opportunities5.2.3.1 Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations5.2.3.2 Surge in Cloud Adoption During the COVID-19 Pandemic5.2.3.3 Increasing Awareness Levels5.2.4 Challenges5.2.4.1 Difficulty in Implementing Cloud Services5.2.4.2 Selecting the Right Mix of Services5.3 Use Cases5.4 Technology Analysis5.4.1 Blockchain5.4.2 Machine Learning5.4.3 Internet of Things5.4.4 Augmented Reality5.4.5 Artificial Intelligence5.5 Patent Analysis5.6 Porter's Five Forces Analysis5.7 Regulations5.7.1 North America5.7.2 Europe5.7.3 Asia-Pacific5.7.4 Middle East and Africa5.7.5 Latin America5.8 Value Chain Analysis5.9 Ecosystem5.10 COVID-19-Driven Market Dynamics5.10.1 Drivers and Opportunities5.10.2 Restraints and Challenges5.10.3 Cumulative Growth Analysis5.11 Cloud Professional Services: Impact of COVID-19

6 Cloud Professional Services Market, by Service Type6.1 Introduction6.1.1 Service Type: Market Drivers6.1.2 Service Type: COVID-19 Impact6.2 Consulting6.3 Integration and Optimization6.4 Implementation and Migration6.5 Application Development and Modernization

7 Cloud Professional Services Market, by Deployment Model7.1 Introduction7.1.1 Deployment Model: Market Drivers7.1.2 Deployment Model: COVID-19 Impact7.2 Public Cloud7.3 Private Cloud

8 Cloud Professional Services Market, by Organization Size8.1 Introduction8.1.1 Organization Size: Market Drivers8.1.2 Organization Size: COVID-19 Impact8.2 Large Enterprises8.3 Small and Medium-Sized Enterprises

9 Cloud Professional Services Market, by Vertical9.1 Introduction9.1.1 Verticals: Market Drivers9.1.2 Verticals: COVID-19 Impact9.2 Banking, Financial Services and Insurance9.3 Retail and Consumer Goods9.4 IT and ITEs9.5 Telecommunications9.6 Healthcare and Life Sciences9.7 Manufacturing9.8 Energy and Utilities9.9 Government9.10 Other Verticals

10 Cloud Professional Services Market, by Region10.1 Introduction10.2 North America10.3 Europe10.4 Asia-Pacific10.5 Middle East and Africa10.6 Latin America

11 Competitive Landscape11.1 Introduction11.2 Market Share of Top Vendors11.3 Historical Revenue Analysis of Top Vendors11.4 Company Evaluation Quadrant11.4.1 Definitions and Methodology11.4.2 Star11.4.3 Emerging Leaders11.4.4 Pervasive11.4.5 Participants11.5 Sme Evaluation Quadrant11.5.1 Definitions and Methodology11.5.2 Progressive Companies11.5.3 Responsive Companies11.5.4 Dynamic Companies11.5.5 Starting Blocks11.6 Competitive Scenario

12 Company Profiles12.1 Major Players12.1.1 Accenture12.1.2 IBM12.1.3 Deloitte12.1.4 EY12.1.5 PWC12.1.6 HPE12.1.7 Wipro12.1.8 HCL12.1.9 TCS12.1.10 Capgemini12.1.11 ATOS12.1.12 Cisco12.1.13 Cognizant12.1.14 DXC Technology12.1.15 Hitachi Vantara12.1.16 Infosys12.1.17 LTI12.1.18 NTT Data12.1.19 Rackspace12.1.20 T-Systems12.1.21 Aws12.1.22 Google12.1.23 Microsoft12.1.24 Fujitsu12.1.25 Alibaba Cloud12.2 Startup / SME Players12.2.1 Stackoverdrive.Io12.2.2 2Nd Watch12.2.3 Allcloud12.2.4 Nordcloud12.2.5 Mission12.2.6 The Provato Group12.2.7 Techmatrix12.2.8 Inventive Works12.2.9 Opsworks Co.

13 Adjacent Market13.1 Introduction13.2 Cloud Computing Market

14 Appendix14.1 Discussion Guide14.2 Knowledge Store: The Subscription Portal14.3 Available Customizations

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Global Cloud Professional Services Market (2020 to 2026) - Surge in Cloud Adoption During the COVID-19 Pandemic Presents Opportunities - PRNewswire