Cloud Professional Services Market To Generate $73.3 Billion Revenue by 2030

The global cloud professional services market size is expected to advance at a CAGR of 17.3% during 2022–2030, to reach USD 73.3 billion by 2030.

The growth is mainly ascribed to the increase in the demand for remote working models during the COVID-19 pandemic. Moreover, the cloud helps companies manage their IT infrastructure cost-efficiently. Additionally, companies across industries are adopting cloud-based services to enhance their agility and secure their valuable data.

Further, the wide adoption of robotics in the manufacturing industry is augmenting the demand for cloud-based services to support robotic applications. For instance, almost 60% of the companies across the globe choose the cloud to store their data, and more than 85% have a hybrid cloud strategy. Further, more than 80% of the small and medium enterprises have witnessed a reduction in their operational costs since migrating to the cloud.

In addition, cloud service providers are integrating their platforms with artificial intelligence, analytics, machine learning, and other technologies to support a hybrid cloud environment.

Software as a Service (SaaS) Is Expected To Grow at Significant Rate

The SaaS category is expected to grow at a significant rate during the forecast period. The growth is mainly attributed to the increasing usage of public and hybrid cloud-based solutions and centralized data-driven analytics. Since the pandemic, companies have been more focused on implementing SaaS-driven digital changes, to allow employees to quickly adapt to the changing market conditions. More than 69% of the companies are using software as a service solutions.

Additionally, in February 2022, Nokia unveiled its new SaaS in security, analytics, and monetization for telcos and companies, offering them a more-flexible and cost-effective way to tend to their clients.

Consulting Category Is Expected To Grow at Highest Rate

The consulting category is expected to grow at a CAGR of 17.6% over the next few years. The growth is mainly ascribed to the rising demand for consultation among customers to know how they can manage their enterprise’s IT infrastructure and enhance its performance and security. Cloud-related consultation is also aimed at intimating clients with ways to expand their presence in other regions and the best way to do so.

Healthcare & Life Sciences Sector Expected To Grow at Significant Rate

The healthcare & life sciences category is expected to grow at a significant rate during the forecast period. Cloud services help both patients and physicians by enhancing privacy, giving space for data storage, and allowing for better patient care via collaborations among medical centers and professionals. The pandemic has driven the usage of eHealth, EHR, telemedicine, e-prescribing, and other healthcare IT services, which is responsible for the growth of the market.

Some of the major players operating in the cloud professional services market are Accenture, International Business Machines (IBM) Corporation, Deloitte, EY, PwC, Hewlett Packard Enterprise (HPE), HCL Technologies Limited, Wipro Limited, Tata Consultancy Services (TCS) Limited, and Capgemini SE.