The Global Cloud Professional Services Market size is expected to reach $42. 1 billion by 2027, rising at a market growth of 16. 4% CAGR during the forecast period. Recently, the awareness about adopting cloud professional services has been consistently increasing among consumers.
New York, May 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cloud Professional Services Market By Organization Size, By Type, By Service Type, By Industry Vertical, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06073593/?utm_source=GNW
Many small-and-medium-sized (SMBs) and large enterprises across a broad range of verticals such as telecommunication & IT, healthcare, and public and others, are willing to adopt could services.
Precisely, the cloud professional services refer to the services that customers can avail according to their needs from the Internet. Generally, a third-party service supplier or a cloud computing dealer provides these services to consumers. Thus, gauged to the inheritance on assertion systems, cloud-based services involve the infrastructure and acquired costs indicated at the end of consumers because these services are completely organized by the cloud-based service providers.
Various services such as consulting services, training services, advisory services; system and network assimilation services, like application stack and presentation testing services and others; operation and support services like backup and revival services, storage safety measures services, and others fall under cloud-based professional services.
Many companies are compelled to modify their rules and regulations due to the need to keep the employees’ health intact during the COVID-19 pandemic. The primary reason for the business disruption is the incapacity to move the workforce and coordinate HR like previously. The compulsion to avoid cross-border travel and social distancing norms has compelled companies to modify their existing modes of functioning and redesign operational decisions. With an aim to minimize the transmission of the COVID-19 pandemic, governments are working in close partnership with cloud providers.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Large Enterprises market dominated the Global Cloud Professional Services Market by Organization Size 2020, growing at a CAGR of 15.4 % during the forecast period. The Small & Medium Enterprises market is expected to witness a CAGR of 19.2% during (2021 - 2027).
Based on Type, the market is segmented into Public Cloud, Private Cloud and Hybrid Cloud. The public cloud segment would garner the maximum revenue share during the forecast period. The services provided over the public deployment model are either free or provided with a subscription model. It enables companies to fulfill their demands for scalability, offers pay per usage pricing strategy, and ease of deployment.
Service Type Outlook
Based on Service Type, the market is segmented into Consulting, Application Development & Modernization, Implementation & Migration and Integration & Optimization. By using implementation services, clients can rapidly realize their business objectives for deploying cloud strategy by planning, carrying out quality validation & verification, accessing the existing system, and providing support. Implementation services facilitate the effective and safe deployment on any infrastructure, like private cloud, public cloud, or hybrid cloud. Scalability, enhanced productivity, flexibility for fluctuating workloads, agility, decreased costs, and improved application security are some of the major causes for the massive demand for cloud migration services.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing, and Others. The healthcare industry segment would exhibit promising CAGR during the forecast period. There is a spike in the utilization of cloud professional services across the healthcare industry as data can be easily shared among medical service vendors. Organizations are constantly striving to offer medical assistance with the help of devices in order to enhance medication adherence, decrease emergency room visits, and reduce hospital readmissions.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the cloud professional services owing to the existence of various end-users who have high awareness about the technology and early adopters of solutions that are integrated with new capabilities. The region obtained a major share in the cloud professional services market in 2020 and the demand for cloud professional services would increase manifold in the next few years.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Accenture PLC, Cisco Systems, Inc., and IBM Corporation are the forerunners in the Cloud Professional Services Market. Companies such as Cognizant Technology Solutions Corporation, Hewlett Packard Enterprise Company, Wipro Limited, and Hitachi, Ltd. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, HCL Technologies Ltd. (HCL Enterprises), Hewlett Packard Enterprise Company, IBM Corporation, DXC Technology Company, Cognizant Technology Solutions Corporation, Wipro Limited, Hitachi, Ltd., Cisco Systems, Inc., and Capgemini SE.
Recent strategies deployed in Cloud Professional Services Market
Partnerships, Collaborations, and Agreements
Mar-2021: IBM partnered with Cartesian Consulting, a global analytics services firm. Under this partnership, IBM expanded its ‘Cloud Pak for Data’, which is a multi-cloud data platform that assists data-heavy companies by unwrapping the value of data in various ways and by boosting their journey to artificial intelligence (AI).
Mar-2021: HCL Technologies extended its partnership with Google Cloud. This expansion aims to integrate HCL Software’s Digital Experience (DX) and Unica Marketing cloud-native platforms to Google Cloud. Through this partnership, both companies will provide substantial value for users who aspire to implement DX, Unica, and Commerce from Google Cloud
Mar-2021: HCL Technologies extended its partnership with Qualys, a pioneer and leading provider of cloud-based IT, security, and compliance solutions. This expansion aims to deploy Qualys VMDR into the HCL Technologies CyberSecurity Fusion Center (CSFC).
Feb-2021: Accenture extended its partnership with VMware, an American cloud computing and virtualization technology company. Together, the companies introduce a dedicated business group, which would assist companies to adopt a cloud-first strategy that accelerates the shifting to the cloud, creating modern apps more quickly, and utilizing the cloud as a foundation for innovation & latest business models, eventually realizing more value.
Feb-2021: DXC Technology extended its partnership with Temenos, the banking software company. This expansion aims to boost the digital transformation strategy for DXC’s big bank clients and bring together the comprehensive cloud hosting, implementation, and integration capabilities of DXC with the power of Temenos’s leading banking software.
Feb-2021: Capgemini entered into a partnership with OVHcloud, a French cloud computing company. The partnership integrated the power & innovation of OVHcloud’s next-generation cloud solutions with Capgemini’s experience in security, AI and data analytics, data protection, cloud managed services, applications, and cloud-native development. Together, both companies aim to help enterprises make safe cloud infrastructure with globally recognized levels of security.
Nov-2020: Hewlett Packard Enterprise (HPE) partnered with Wipro. Together, the companies aim to provide their offerings of hybrid cloud & infrastructure solutions as a service. Under this partnership, Wipro would use HPE GreenLake over its managed services portfolio to deliver a pay-per-use model, which is subscription-based, elastic, agile, and provides a smooth cloud experience.
Oct-2020: Wipro collaborated with SAP SE, a German multinational software corporation. Under this collaboration, Wipro would co-innovate with SAP SE on cloud-based solutions for the real estate sector. In addition, Wipro introduced the Tenant Acquisition Management (TAM) solution for the real estate sector, which enables quick deal transfer for tenant leasing by offering an effortless, real-time, and smooth experience for leasing agents to do ‘Lead to Lease’ activities.
Jun-2020: IBM extended its partnership with Tata Consultancy Services (TCS). This expansion aims to assist customers to boost their digital transformations to IBM public cloud utilizing IBM Cloud Paks. Under this expansion, TCS would set up an IBM Enterprise Cloud Architecture Unit that will include technical experts from both companies. Both the companies aim to develop solutions together to help customers migrate workloads over data estate, analytics, applications, and platforms.
Jun-2020: IBM joined hands with Wipro, an Indian multinational corporation that provides information technology, consulting, and business process services. Through this collaboration, Wipro India’s customers would get access to innovative cloud solutions developed collectively by Wipro and IBM. By utilizing IBM’s expertise, Wipro will make personalized hybrid cloud solutions for customers to assist at many stages of the cloud integration process, from migration to management or transformation.
Jun-2020: Wipro teamed up with IBM, an American multinational technology company. This collaboration focuses on helping Wipro clients embark on an effortless and safe hybrid cloud journey. Under this collaboration, Wipro would develop hybrid cloud offerings to assist companies to manage, migrate, and change mission-critical workloads & applications, with security over the public or private cloud & on-premises IT environments.
May-2020: HCL Technologies announced the extension of its partnership with technology firm, Broadcom. In this extended partnership, the majority of Broadcom’s Symantec enterprise consulting team would transfer to HCL, which includes expertise over endpoint security, cloud security, web security services, and data loss prevention.
Mar-2020: Wipro extended its partnership with Microsoft, an American multinational technology company. Under this expansion, Wipro introduced its Microsoft Business Unit, which aims at the development and evangelization of solutions using Microsoft’s enterprise cloud services. This expansion focuses on boosting cloud adoption and digital transformation for its users across the industries.
Mar-2020: Capgemini formed a joint venture with Audi, a German automobile manufacturer. This joint venture consists of the provision of digital technology & consulting services, especially in the fields of SAP S/4HANA and Cloud services.
Acquisition and Mergers:
Mar-2021: Accenture took over Cygni, a cloud-native development firm. This acquisition complements the Accenture Cloud First initiative and continues Accenture cloud-first expansion.
Mar-2021: Capgemini acquired RXP Services, an Information & Communications Technology (ICT) professional services company. Under this acquisition, the integrated strength and capabilities of both the companies in Australia would reinforce Capgemini’s capability to offer end-to-end digital solutions to customers around this region at scale. The acquisition also strengthened Capgemini’s strategic partnerships with ServiceNow, Microsoft, and Salesforce.
Feb-2021: Accenture completed the acquisition of Imaginea, a cloud-native product and platform engineering firm. The acquisition improved the global capabilities of Accenture Cloud First. Imaginea’s combination of cloud-native & product engineering skills helps customers to solve complicated problems by unleashing the power of the latest technologies.
Feb-2021: IBM completed the acquisition of Taos, a leading cloud professional, and managed services provider. This acquisition further advanced IBM’s cloud migration & transformation offerings, a crucial aspect of its hybrid cloud platform growth strategy.
Jan-2021: Cognizant signed an agreement to acquire Servian, an enterprise transformation consultancy. This acquisition will expand Cognizant’s digital transformation offerings in Australia and New Zealand (ANZ) to assist customers to shift to the cloud and make digital products & services by unwrapping value from data.
Jan-2021: Cisco took over Banzai Cloud, a solution-oriented application platform. Through this acquisition, Banzai Cloud expanded Cisco’s offerings and expertise through its demonstrated experience with a comprehensive end-to-end cloud-native application development, runtime, deployment, and security workflows.
Dec-2020: Accenture acquired Olikka, a Melbourne-based provider of cloud migration and related services. This acquisition improved Accenture’s Amazon Web Services (AWS) and Microsoft Azure capabilities, along with its wider cloud capabilities all over Australia and New Zealand.
Dec-2020: IBM signed an agreement to acquire Nordcloud, a European leader in cloud implementation, application transformation, and managed services. The acquisition will improve IBM’s cloud migration and transformation capabilities, which is a necessary aspect of the company’s hybrid cloud platform growth strategy.
Dec-2020: Cognizant took over Inawisdom, a UK-based, privately-held consultancy. Through this acquisition, Cognizant aimed to expand its capabilities for customers across the globe in the major focus areas of data and artificial intelligence, digital engineering, cloud, and Internet of Things.
Nov-2020: IBM entered into an agreement to acquire TruQua Enterprises, an IT services and consulting SAP development partner. Through this acquisition, IBM will improve its expertise in transforming financial platforms to SAP to assist companies to modernize their financial processes and lead the industry innovation.
Oct-2020: Accenture took over Enimbos, AWS consultant specialist. This acquisition brings more cloud-native skills & experience to Accenture’s expanding Cloud First organization.
Sep-2020: Cognizant signed an agreement to acquire 10th Magnitude, a leading cloud specialist aimed exclusively at the Microsoft Azure cloud computing platform. This acquisition will broaden the Microsoft Azure expertise in Cognizant’s latest Microsoft Business Group and add up the development & managed services hubs in big cities across the U.S.
Jul-2020: Cognizant came into an agreement to acquire New Signature, an IT service management company. The acquisition would expand Cognizant’s hyper-scale cloud advisory services and would offer the foundation for the latest, a dedicated group under Cognizant centered on Microsoft cloud solutions.
Jul-2020: Wipro entered into an agreement to acquire 4C, one of the largest Salesforce partners in Europe, the UK, and the Middle East. Through this acquisition, Wipro aims to strengthen its position as a leading provider of Salesforce solutions in all these regional markets.
Jun-2020: Cognizant acquired Collaborative Solutions, leading global finance, and HR transformation consultancy. This acquisition added the latest finance & HR advisory and implementation services to Cognizant’s cloud portfolio.
Apr-2020: Accenture announced the acquisition of Gekko, the French Amazon Web Services (AWS) cloud company. The acquisition expanded Accenture’s AWS resources in France to complement enterprise cloud migrations & development on cloud platforms.
Product Launches and Product Expansions:
Sep-2020: Hitachi Vantara introduced the latest advancements and capabilities to its hyper-converged infrastructure (HCI) portfolio with updates in Hitachi Unified Compute Platform (UCP) HC and Hitachi UCP RS. These new updates offer added advantages to users including quicker provisioning with the latest Hitachi UCP Advisor, the latest Intel Cascade Lake Xenon Refresh processors that enhance performance, certified support for SAP HANA workloads, and improved lifecycle management capabilities, which provide non-disruptive upgrades.
Jun-2020: Hewlett Packard Enterprise introduced a number of as-a-Service offerings and initiatives. These offerings & initiatives focus on assisting partners to maximize revenue opportunities, boost delivery and change user relationships with HPE’s advanced cloud services and software platform. These latest HPE GreenLake cloud services and software capabilities optimized for the data center, edge, and co-location facilities provide new levels of acceleration & innovation to clients.
Scope of the Study
Market Segments covered in the Report:
By Organization Size
• Large Enterprises
• Small & Medium Enterprises
• Public Cloud
• Private Cloud
• Hybrid Cloud
By Service Type
• Application Development & Modernization
• Implementation & Migration
• Integration & Optimization
By Industry Vertical
• IT & Telecom
• Retail & eCommerce
• Government & Defense
• Media & Entertainment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Accenture PLC
• HCL Technologies Ltd. (HCL Enterprises)
• Hewlett Packard Enterprise Company
• IBM Corporation
• DXC Technology Company
• Cognizant Technology Solutions Corporation
• Wipro Limited
• Hitachi, Ltd.
• Cisco Systems, Inc.
• Capgemini SE
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