Professional Cloud Services Global Market Report 2024

The global professional cloud services market has grown rapidly in recent years. It will grow from $29.41 billion in 2023 to $34.56 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth observed during the historical period can be attributed to several factors, including digital transformation initiatives, cost-efficiency measures, the globalization of businesses, the surge in data volumes, a heightened focus on business continuity, and the increase in remote work practices.

The global professional cloud services market is expected to see rapid growth in the next few years. It will grow to $68.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The projected growth in the upcoming period is expected to stem from several factors, including the expansion of edge computing, the development of industry-specific solutions, a concentrated effort on sustainability, improved data governance and privacy practices, and the increased adoption of containers and microservices. Noteworthy trends anticipated for this period encompass hybrid and multi-cloud deployments, cloud migration and modernization strategies, the rise of managed cloud services, a heightened focus on cloud security measures, the emergence of edge computing and fog computing solutions, the integration of serverless computing models, the orchestration of containers and Kubernetes, and exploration into the realm of quantum computing.

The professional cloud services market anticipates substantial growth due to heightened emphasis on digital transformation initiatives. This strategic shift involves employing digital technologies to revamp or develop new business processes. Service providers in professional cloud services assist businesses by offering strategic planning and technology advisory services to achieve organizational objectives through digital transformation. A global poll by Software AG in January 2021 revealed that 97% of polled IT directors invested in digital transformation initiatives, with continued expenditure anticipated for the year, indicating a significant driving force for the professional cloud services market.

The surge in demand for cloud computing is anticipated to drive the professional cloud services market. Cloud computing, facilitating the delivery of various computing services over the internet, is integral for organizations and individuals managing hardware and software infrastructure. Professional cloud services leverage cloud computing to safeguard sensitive data, mitigate cyber threats, and offer diverse business solutions. According to Google LLC's report in January 2023, there was a notable increase of 56% in public cloud usage from 2021 to 2022, with 76% of individuals using the public cloud in 2022, signifying the significant demand propelling the professional cloud services market.

Innovations within professional cloud services represent a prevailing trend in this market segment. Key industry players are dedicated to introducing innovative services such as new leads and proposals, integrated cloud services, and tailored solutions. For instance, Infosys and SAP collaborated to develop the leads and proposals solution, utilizing predictive analytics and SAP's Business Technology Platform to provide industry-specific services to clients, leading to cost reductions, improved lead conversions, and accelerated revenue growth.

Major companies within the professional cloud services arena are unveiling novel services to gain a competitive edge. Tech Mahindra's launch of Cloud BlazeTech in December 2022 exemplifies this pursuit, offering an integrated platform to drive business value for cloud-powered enterprises worldwide. Cloud BlazeTech streamlines cloud transformation journeys by integrating migration, operational models, and governance structures, supporting infrastructural transformation and facilitating a move towards a cloud-native environment.

In February 2022, IBM's acquisition of Neudesic underscores the company's strategic move to expand its hybrid multi-cloud services portfolio and advance hybrid cloud and artificial intelligence strategies. Neudesic, a software company in the professional cloud services sector, becomes a part of IBM's expansion initiative in this domain.

Major companies operating in the professional cloud services market report are Amazon Web Services Inc., Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, Accenture PLC, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, PricewaterhouseCoopers International Limited, Hewlett Packard Enterprise Company, Wipro Limited, Tata Consultancy Services Limited, Capgemini SE, Fujitsu Limited, Nippon Telegraph and Telephone Data Corporation (NTT Data Corporation), Societas Europaea, SAP SE, Infosys Limited, Hindustan Computers Pvt., Cognizant Technology Solutions Corporation, DXC Technology Company, Romexsoft, SourceFuse Technologies Inc., ELEKS Software Engineering and Development Inc., Prakash Software Solutions Pvt. Ltd., Cloudreach Ltd., Cloud Technology Partners Inc., Cloud Sherpas LLC, Cloudnexa Inc., Datapipe Inc.

North America was the largest region in the professional cloud services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the professional cloud services market report during the forecast period. The regions covered in the professional cloud services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the professional cloud services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of professional cloud services include consulting, application development and modernization, implementation and migration, integration, and optimization. Consulting involves offering expert guidance or support in specific professional or technological domains. These services cater to organizations, encompassing small and medium-sized enterprises (SMEs) and large enterprises, deploying platform as a service (PaaS), software as a service (SaaS), and infrastructure as a service (IaaS) models to establish robust cloud solutions across public, private, and hybrid frameworks. Various industries such as manufacturing, healthcare, retail, IT and telecommunications, government, media and entertainment, BFSI, and other sectors utilize these services.

This report provides professional cloud services market statistics, including professional cloud services industry global market size, regional shares, competitors with a professional cloud services market share, detailed professional cloud services market segments, market trends and opportunities, and any further data you may need to thrive in the professional cloud services industry. This professional cloud services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The professional cloud services market includes revenues earned by entities through production IaaS, test and development IaaS, disaster recovery IaaS, customer relationship management (CRM) software, enterprise resource planning (ERP) software, and accounting software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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