over the projected period, to reach $ 37.0 billion by 2026 from $ 14.2 billion in 2020. Most organizations are increasingly adopting cloud-based models by distributing their computing resources across several environments.
New York, April 8, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Cloud Services Market by Type of Service, Organization Size, Application Model, Vertical and Region – Global Forecast to 2026” – https: // www .reportlinker.com / p06058053 /? utm_source = GNW
Cloud adoption is gaining popularity because it provides flexibility, scalability, and affordable benefits. It also helps organizations centrally analyze data generated at different locations and collect data from a variety of resources, making data collection and analysis easier. Due to the transition to the cloud, cloud vendors are aggressively adding new products and services to their portfolio to have a competitive advantage.
The consulting segment has the largest market size during the forecast period.
Consulting is the practice of professional enterprise infrastructure services that includes advising customers to manage an organization’s IT infrastructure and improve infrastructure performance, including security and workflow processes. Professional cloud service vendors offer consulting services to users who have limited awareness regarding upgrading their current enterprise infrastructure.
Users who want to upgrade their infrastructure can take advantage of the expertise of cloud service providers, who specialize in deploying cloud-based systems, in all specific uses, helping to implement the right combination of services. Implementing cloud-based systems can be an expensive process for some companies; therefore, it is of the utmost importance that end-user companies are aware of the exact business requirements.
The banking, financial services and insurance verticals are expected to have the largest market share in 2020.
Cloud helps customers to easily connect, store and enable transactions anytime and anywhere, resulting in reduced effort and time for customers to complete the process. Cloud Professional Services help BFSI vendors focus more on the customer-focused model by creating a multi-channel relationship with customers at every step of the service they offer.
BFSI Vertical adopts fast-digitizing initiatives to meet growing customer expectations; therefore, adopt professional cloud services for the right combination of solutions. These services allow BFSI to reduce its CAPEX and operating cost (OPEX) by choosing the right combination of services.
There is always risk associated with data in the BFSI sector, and choosing the right services is always an integral part of the business process. Professional cloud service providers allow BFSI Vertical to choose solutions that offer high standards of data security.
It also allows BFSI companies to comply with cloud-related regulations.
North America has the largest market size, and the Asia-Pacific region (APAC) is growing faster during the forecast period
APAC is one of the fastest growing regions in terms of technology adoption, and the demand for digitalization is driven by various initiatives implemented by different governments and large companies in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology that includes the adoption of new age technologies such as AI, edge, IoT, analytics, and the cloud.
There are a large number of companies in the region related to manufacturing, energy and utilities, transportation and logistics, chemicals and aviation, which will further drive the demand for professional cloud services. Rapid advances in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.
In the process of determining and verifying the market size for several segments and sub-segments collected by secondary research, extensive primary interviews were conducted with key people.
Breakdown of the profile of primary participants as follows:
• By company type: Level I: 37%, Level II: 25% and Level III: 38%
• By appointment: level C: 22%, level D: 33% and others: 45%
• By Region: North America: 42%, Europe: 25%, APAC: 18% and RoW: 15%
The report profiles the following key suppliers:
1. Accenture (Ireland)
2. IBM (USA)
3. Deloitte (UK)
4. EY (UK)
5. PwC (UK)
6. HPE (USA)
7. Wipro (India)
8. HCL (India)
9. TCS (India)
10. Capgemini (France)
11. Athos (France)
12. Cisco (USA)
13. Cognizant (India)
14. DXC (USA)
15. Hitachi Vantara (USA)
16. Infosys (India)
17. LTI (India)
18. NTT data (Japan)
19. Rackspace (USA)
20. T-Systems (Germany)
21. AWS (USA)
22. Google (USA)
23. Microsoft (USA)
24. Fujitsu (Japan)
25. Alibaba Cloud (China)
The report segments the global professional cloud services market by type of service, consulting, application development and modernization, implementation and migration, and integration and optimization. With the implementation model, the professional cloud services market is segmented into public cloud and private cloud.
Based on the size of the organization, the market is classified into small and medium enterprises (SMEs) and large enterprises. Vertically, the professional cloud services market is classified in the BFSI; Production; Health and Life Sciences; IT and ITES; Government; Telecommunications; Retail and consumer goods; Energy and utilities and more.
• By region, the market is segmented into North America, Europe, APAC, MEA and Latin America.
Key benefits of buying a report
The report will help market leaders / new entrants to the cloud professional services market with information on the closest approximation of revenue numbers for the overall cloud professional services market and subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to better position their business and plan appropriate market entry strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, constraints, challenges and opportunities.
Read the full report: https://www.reportlinker.com/p06058053/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest data from the industry, so you get all the necessary market research – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001