Cloud Professional Services Market by Public, Private, Hybrid & Community Expected to Reach $34.41 Billion by 2019 - New Report by MarketsandMarkets
(PRWEB) October 22, 2014 -- According to new market research report "Cloud Professional Services Market by Service Type (Consulting, Integration, Deployment & Support), by Service Model (SaaS, PaaS, IaaS), and by Deployment Model (Public, Private, Others (Hybrid & Community)) - Global Forecast to 2019", published by MarketsandMarkets, defines and segments the Cloud Professional Services Market into various sub-segments with an in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with the insights on trends, opportunities, and challenges.
Browse 89 market data tables with 45 figures spread through 154 pages and in-depth TOC on "Cloud Professional Services Market - Global Forecast to 2019"
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In today’s digital world, the amount of data generated and utilized by SMBs and large enterprises across a broad spectrum of industries is increasing. Such a growth rate of data being generated and handled in numerous organizations automatically creates the requirement for secure, reliable and cost-effective cloud based data storage infrastructure. Also, the cloud computing solutions are currently becoming a necessity to be integrated into the IT infrastructure of the organizations where data in such volume and velocity is handled, which requires superior quality cloud based advisory, implementation and integration services. To cater to these data storage and computing related issues of such organizations, a number of cloud solution vendors as well as cloud based professional service providers are delivering high end offerings in the market space. The portfolio of services offered by such vendors basically includes cloud assessment and advisory services, cloud application design and development services, cloud migration, expansion and bridging services, data backup and recovery services and data security services.
In terms of type of service, the integration services segment accounts for high market shares in the overall cloud professional services market in 2014 which will continue till 2019. Deployment and support services are another emerging cloud based professional services segment in the overall cloud professional services market.
On the basis of verticals, the Banking, Financial Services and Insurance (BFSI) vertical has the largest market share in the entire cloud professional services market for the year 2014. Healthcare and life sciences vertical accounted for the highest Compound Annual Growth Rate (CAGR) compared to other expanding verticals which are media and entertainment, telecommunications, consumer goods and retail, research and education, manufacturing, energy, government and others. For instance, in BFSI sector, a significant amount of high priority data is handled. This creates an increasing requirement for cost-effective, reliable and well protected data storage and migration solutions and services ease of secured access through multiple lines within an organization or within multiple organizations. This attributes to the rising global adoption trends of the cloud based solutions and services.
The prominent players in the cloud professional services market are solidifying their presence through aggressive strategy of mergers and acquisitions (M&A) of the start-ups and new product developments. A few M&A are: Cisco Systems, Inc. acquired Tail-f Systems and SolveDirect, Oracle Corporation acquired Micros Systems and TOA Technologies, SAP AG acquired Fieldglass and SeeWhy, HP acquired Eucalyptus, Atos SE completed the acquisition of Bull and Fujitsu Ltd. acquired RunMyProcess.
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The Cloud Professional Services Market is estimated to grow from $10.33 billion in 2014 to $34.41 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 27.2% from 2014 to 2019. Geographically, North America is expected to be the biggest market in terms of revenue contribution while Middle East and Africa (MEA), Latin America (LA) and Asia-Pacific (APAC) are expected to emerge rapidly in this market with high CAGRs.
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