The Worldwide Professional Services Industry is Expected to Reach $37 Billion by 2026 at a CAGR of 17.2% from 2020 – ResearchAndMarkets.com | Financial Buzz

The Worldwide Professional Services Industry is Expected to Reach $37 Billion by 2026 at a CAGR of 17.2% from 2020 – ResearchAndMarkets.com

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.

Market Dynamics

Drivers

  • Paradigm Shift to the Cloud
  • Increasing Offerings from Cloud Providers
  • Growing Need for Digitalization
  • Adopting the Complex Cloud Environment

Restraints

  • Regulatory Compliance Issues
  • Concerns Over Data Security and Confidentiality

Opportunities

  • Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations
  • Surge in Cloud Adoption During the COVID-19 Pandemic
  • Increasing Awareness Levels

Challenges

  • Difficulty in Implementing Cloud Services
  • Selecting the Right Mix of Services

Companies Mentioned

  • 2Nd Watch
  • Accenture
  • Alibaba Cloud
  • Allcloud
  • ATOS
  • Aws
  • Capgemini
  • Cisco
  • Cognizant
  • Deloitte
  • DXC Technology
  • EY
  • Fujitsu
  • Google
  • HCL
  • Hitachi Vantara
  • HPE
  • IBM
  • Infosys
  • Inventive Works
  • LTI
  • Microsoft
  • Mission
  • Nordcloud
  • NTT Data
  • Opsworks Co.
  • PWC
  • Rackspace
  • T-Systems
  • tackoverdrive.Io
  • TCS
  • Techmatrix
  • The Provato Group
  • Wipro

For more information about this report visit https://www.researchandmarkets.com/r/uoih56

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