Published Date: 12-May-2021
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According to a new report Global Cloud Professional Services Market, published by KBV research, 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.
On the basis of service type, the consulting segment would procure the highest share during the forecast period. Users who have a low amount of awareness regarding the improvement of existing enterprise infrastructure can get consulting services from the cloud professional service vendors. Users who are willing to update its infrastructure can leverage the skills of cloud professional service vendors specialized in the installation of cloud-based systems across industry–specific use cases, which assists in installing an ideal mix of services.
BFSI industry would show a prominent growth rate throughout the forecast period. The need to cut down costs regarding IT is the primary reason for the increase in adoption of cloud professional services across the BFSI industry. Numerous banks are shifting their work burden on the cloud due to the massive pressure on banks and other financial bodies because of the dull performance and low returns on quality. Banks or financial institutions, having existence at various locations, can adopt cloud professional services that enable any program to run on all machines anytime for simple accessibility, hence providing ultra-modern services to their clients while reducing massive capital costs of running and maintaining complicated on-premise IT framework.
North America dominated the market in 2020. The Asia Pacific is one of the regions which are growing at a higher rate regarding technology adoption. Different supportive initiatives undertaken by various governments and large enterprises in the region are boosting the demand for digitization. The leading adopters of the technology in the region are China, India, Japan, Singapore, Australia, and Indonesia which also includes adopting modern technologies like analytics, AI, edge, IoT, and cloud. The adoption of cloud professional services among regional enterprises is boosted by the increasing adoption of cloud technologies. Along with this, the adoption of cloud technologies among enterprises is further driven by the affordability and easy installation of cloud services.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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