Professional Cloud Services Market Size (2024 - 2029)

The professional cloud services market is anticipated to experience significant growth, driven by the increasing adoption of artificial intelligence and a focus on digital transformation projects. The expansion of the service-oriented economy, facilitated by cost-effective cloud computing solutions, is a key factor contributing to the market's growth. In the healthcare sector, the demand for 24/7 data management and sharing among providers is enhancing the need for cloud services, supported by AI and machine learning technologies. Despite these growth drivers, challenges such as a shortage of skilled professionals and rising cyberattacks pose obstacles to market expansion. The shift to remote work due to the COVID-19 pandemic has also heightened the demand for cloud-based services across various organizations.

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Market Size of Professional Cloud Services Industry

Professional Cloud Services Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 17.76 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Professional Cloud Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

Professional Cloud Services Market Analysis

The professional cloud services market is expected to register a CAGR of 17.76% during the forecast period. The cloud services market is expected to grow because more people are using artificial intelligence (AI) and more attention is being paid to digital transformation projects.

  • Moreover, the increase in the service-oriented economy is one of the major factors driving the growth of the professional cloud services market. This was made possible by cloud computing, which helps manage databases for less money and lets people access the data from anywhere.
  • Furthermore, in healthcare, the need is 24*7, and this industry provides lots of data that needs to be handled for the benefit of the patients. With cloud services, data can be easily shared among medical service providers, providing healthcare solutions to patients. AI and machine learning, which come with cloud services, support this because they shorten the time it takes a healthcare professional to analyze the data and provide patients with the best solution.
  • For instance, in March last year, Microsoft Corp. declared advancements in cloud technologies for life sciences and healthcare with the general availability of Azure Health Data Services and updates to Microsoft Cloud, especially for healthcare. With the recent closing of its purchase of Nuance Communications, Microsoft is in a unique position to make it easier for organizations to help people by using trusted AI to solve the biggest problems and change the future of healthcare for everyone.
  • However, the need for more skilled professionals and an increase in the number of cyberattacks year after year are acting as hurdles to the growth of the cloud market.
  • Due to worries about public health safety during the COVID-19 pandemic, numerous countries worldwide shifted to work-from-home policies, necessitating the development of remote working infrastructure. Because of this, after COVID-19, organizations at all levels, including government agencies, expected a number of possible effects, such as a rise in demand for virtual services, which would lead to the need for a number of cloud-based services.

Professional Cloud Services Industry Segmentation

Professional cloud services enable customers to deploy various types of cloud services. The cloud acts as a catalyst for IT transformation, providing the flexibility to combine the preferred clouds and existing on-premises infrastructure in the ratio best suited for the workload. Moreover, cloud professional services adapt easily to the changing landscape and meet new requirements. This allows the client organizations to focus on their core competencies, which in turn, results in their overall growth. Furthermore, the rising focus on cost optimization and business agility has led to the rise of cloud data centers.

The market is segmented by Type of Deployment (Public, Private, Hybrid), Type of Service Model (Platform as a Service (PaaS), Software as a Service (SaaS), Infrastructure as a Service (IaaS)), End User (Government and Public Sector, Healthcare, Banking, Finance, Services, and Insurance (BFSI), Retail, IT and Telecommunications, Media and Entertainment), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type of Deployment
Public
Private
Hybrid
By Type of Service Model
Platform as a Service (PaaS)
Software as a Service (SaaS)
Infrastructure as a Service (IaaS)
By End-User Industry
Government and Public Sector
Healthcare
Banking, Finance, Services, and Insurance (BFSI)
Retail
IT and Telecommunications
Media and Entertainment
Other End-User Industries
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Professional Cloud Services Market Size Summary

The professional cloud services market is poised for significant growth, driven by the increasing adoption of artificial intelligence and the emphasis on digital transformation projects. The shift towards a service-oriented economy, facilitated by cloud computing, is a key factor propelling this market forward. Cloud services offer cost-effective database management and remote data access, which are crucial for industries like healthcare, where data sharing and analysis are vital for patient care. Companies such as Microsoft are enhancing their cloud offerings to support sectors like life sciences and healthcare, leveraging AI and machine learning to improve data analysis and healthcare solutions. However, challenges such as the need for skilled professionals and rising cyberattacks pose hurdles to market expansion. The COVID-19 pandemic has further accelerated the demand for cloud-based services, as organizations worldwide adopted remote working infrastructures, increasing the need for virtual services.

The hybrid cloud model, combining public and private cloud services, is gaining traction as businesses transition from traditional to digital operations. This model offers flexibility, security, and cost efficiency, making it an attractive option for organizations of all sizes. Companies like Ridge and Google Cloud are introducing comprehensive cloud solutions to enhance business continuity and disaster recovery. North America holds a significant share of the market, with major players like Cisco Systems, Microsoft, and Oracle driving innovation through strategic partnerships and product launches. The region's focus on cloud-first strategies, particularly in Canada, is expected to create lucrative opportunities for market growth. The competitive landscape is marked by intense rivalry among key players, who are investing in research and development, partnerships, and acquisitions to maintain their market positions.

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Professional Cloud Services Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type of Deployment

      1. 2.1.1 Public

      2. 2.1.2 Private

      3. 2.1.3 Hybrid

    2. 2.2 By Type of Service Model

      1. 2.2.1 Platform as a Service (PaaS)

      2. 2.2.2 Software as a Service (SaaS)

      3. 2.2.3 Infrastructure as a Service (IaaS)

    3. 2.3 By End-User Industry

      1. 2.3.1 Government and Public Sector

      2. 2.3.2 Healthcare

      3. 2.3.3 Banking, Finance, Services, and Insurance (BFSI)

      4. 2.3.4 Retail

      5. 2.3.5 IT and Telecommunications

      6. 2.3.6 Media and Entertainment

      7. 2.3.7 Other End-User Industries

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 Latin America

      5. 2.4.5 Middle East & Africa

Professional Cloud Services Market Size FAQs

The Professional Cloud Services Market is projected to register a CAGR of 17.76% during the forecast period (2024-2029)

Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Fujitsu Limited and Accenture PLC are the major companies operating in the Professional Cloud Services Market.

Professional Cloud Services Report Snapshots

Professional Cloud Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)