Cloud Professional Services Global Market Report 2024

The global cloud professional services market has grown rapidly in recent years. It will grow from $29.52 billion in 2023 to $34.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The historic growth in cloud professional services can be attributed to a focus on cost efficiency, heightened security concerns, scalability demands, compliance requirements, challenges in data management, and an emphasis on business continuity planning.

The global cloud professional services market is expected to see rapid growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The forecasted growth in cloud professional services can be attributed to the adoption of multi-cloud strategies, the widespread use of containerization and microservices, the emergence of serverless computing, a focus on cloud-native development, increased attention to data governance and privacy, and efforts to optimize customer experience. Major trends in the forecast period include a continued rise in cloud adoption, a heightened focus on cloud security and compliance, increased demand for application modernization and migration services, a concentration on data management and analytics in the cloud, growing adoption of containerization and Kubernetes, and exploration into the realm of quantum computing.

The anticipated surge in the digitization of business processes is poised to drive the growth of the cloud professional services market. This digitization involves leveraging digital tools to manage data and business functions more efficiently, resulting in increased expenditure on cloud professional services. This trend has been underscored by a significant investment in digital transformation initiatives, with 97% of IT directors reporting such investments in 2020, and a continued commitment expected in 2021. Additionally, the shift to remote work, accelerated by the pandemic, has further emphasized the reliance on technology. The resultant demand for cloud professional services is fueled by the need for data management and storage in a secure cloud environment, optimizing business outcomes, and facilitating effective remote work.

The escalating adoption of cloud computing is positioned to be a driving force behind the growth of the cloud professional services market. Cloud computing, characterized by the delivery of computing services over the internet, serves as the foundational technology for cloud professional services. It provides the necessary infrastructure and platforms for efficient service delivery, management, and scalability, thereby enhancing operational efficiency and flexibility. Recent statistics from Eurostat reveal a notable increase in cloud computing adoption, with 41% of EU enterprises utilizing cloud services in 2021. This surge is particularly evident among large enterprises, where 72% reported using cloud computing, indicating a growing reliance on cloud infrastructure across diverse business scales.

Technological innovations emerge as a prominent trend shaping the landscape of the cloud professional services market. Major industry players are actively introducing new technologies to fortify their market position. An illustrative example is Sygitech Cloud Solutions, which launched SygiOps and SygiCloudSync in July 2022. These technologies aim to automate routine tasks, reducing human errors, and enhancing the efficiency of IT staff. The adoption of such cloud-based automation technologies signifies a strategic move toward minimizing manual intervention and optimizing operational workflows.

In a bid to gain a competitive edge, major companies in the cloud professional services market are intensifying their focus on introducing innovative cloud solutions. Accenture PLC, a global information company, unveiled its Sovereign Cloud Practice in August 2021. This specialized service assists governments in developing secure, compliant, and data-residency-focused cloud solutions to support critical operations. Accenture's Sovereign Cloud Practice includes dedicated sovereign cloud centers strategically located in Kronberg, Germany, Trondheim, Norway, Paris, and Rome. These centers bring together industry, security, and technology specialists to accelerate the digitization of business processes and explore new opportunities for data collaboration.

In July 2021, Accenture PLC, a leading Ireland-based professional services company specializing in information technology services, completed the acquisition of Linkbynet for a substantial deal amount of $3 billion. This strategic move is part of Accenture's broader objective to enhance its capabilities in cloud optimization, managed services, cloud transformation, and cloud security. The acquisition is anticipated to play a pivotal role in extending Accenture's service reach across Europe and the Asia-Pacific region. Linkbynet, a prominent France-based cloud technology service company, has established itself as a provider of diverse solutions, including business outsourcing, cloud services, web electronic business, information systems, and cloud security. The integration of Linkbynet's expertise into Accenture's portfolio is expected to bolster the company's position in delivering comprehensive and innovative services to various industries.

Major companies operating in the cloud professional services market report are Accenture PLC, HCL Technologies Ltd., Cognizant Technology Solutions India Pvt Ltd., Capgemini SE, Cisco Systems Inc., DXC Technology Company, Hitachi Vantara Corporation, Infosys Limited, NTT Data Corporation, Amazon.com Inc., Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Fujitsu Limited, Wipro Limited, PricewaterhouseCoopers International Limited, Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Hewlett Packard Enterprise Company, International Business Machines Corporation, T-Systems International GmbH, Rackspace Technology Inc., SAP SE, StackOverdrive.io LLC, Renova Cloud Company Limited, Advascale SIA, Gorilla Logic LLC, BlueSoft Sp. Z.o.o, Turing Enterprises Inc., Cubex Systems Pty Ltd., Debuide Technologies (OPC) Pvt. Ltd., Exodata LLC, Tata Consultancy Services Ltd., Coastal Cloud LLC, OpenText Corp., CompuData Inc., Spaulding Ridge Enterprises London Llimited, Navisite LLC, Assured Technology Pvt. Ltd., Tech Mahindra Ltd., Atos Information Technology Incorporated, and Cloudreach Europe Ltd.

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

The main categories of services within cloud professional services include consulting, application development and modernization, implementation and migration, integration, and optimization. Consulting focuses on upgrading existing enterprise infrastructure, assessing the current system, and performing quality validation and verification. It provides recommendations for the right architecture that aligns with clients' business needs. Deployment models encompass public cloud and private cloud, while organization sizes range from small and medium-sized enterprises (SMEs) to large enterprises. The services cater to various industry verticals, including BFSI, manufacturing, healthcare and life sciences, IT and ITES, government, telecommunications, retail and consumer goods, energy and utilities, among others.

This report provides cloud professional services market statistics, including cloud professional services industry global market size, regional shares, competitors with an cloud professional services market share, detailed cloud professional services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud professional services industry. This cloud professional 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 cloud professional services market includes revenues earned by entities by providing cloud migration services, cloud native application development services, cloud migration, deployment, customization, private and public cloud integration. 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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