According to a statement by P&S Intelligence, the cloud professional services market generated a value of USD 20.4 billion in 2022, and it will propel at a 17.3% compound annual growth rate, to touch USD 73.3 billion, by 2030.
The increasing popularity of cloud computing, particularly with the growing adoption of remote working models during the COVID-19 pandemic, is boosting the requirement for cloud-based services. Therefore, numerous businesses offer cloud-based services for all sizes of organizations, to aid them in managing their infrastructure of cloud cost-effectively.
Moreover, these services are offered through numerous frameworks, practices, and tools, which allow businesses to lessen overall production expenses, decrease human errors in manufacturing, and streamline their operations. Over 90% of businesses are choosing cloud services all around the world, and numerous businesses have also increased their expenses on them to approximately 33%.
In 2022, the public cloud category, based on the deployment model, held the larger revenue share in the industry, and it will remain dominant throughout this decade.
Based on the service model, the IaaS category will advance at a 17.9% compound annual growth rate in the years to come. Infrastructure as a Service (IaaS) offers cloud-based servers, networking, storage, memory, and related hardware and software, enabling companies to replace their traditional on-site servers.
Moreover, this model grants end users the flexibility to utilize tailor-made applications or standard software, while also providing a secure storage repository for their data. Customers access these services through the internet, following a pay-as-per-use payment structure.
Additionally, the PaaS category will propel at a steady rate in the years to come. The requirement for PaaS is growing among organizations for enhancing security, productivity, efficiency, and speed, which are all important markers of performance.
APAC will advance at an 18.2% compound annual growth rate in the years to come. This is credited to the fact that with the help of cloud services, businesses can improve their IT infrastructure, enhance their operations, and lessen their operating costs. Moreover, the rising requirement for mobility and the prevalent trends of cloud in India, China, and Japan are also boosting industry growth.
Furthermore, the robust economies, high spending on IT, and the existence of several digital hubs with advanced ICT infrastructure are boosting the implementation of cloud professional services in the region. Additionally, various government rules have been employed in regional nations to increase the adoption of the cloud.
It is because of the reduced operational costs, as well as the rapid implementation of cloud computing for improved business agility, the cloud professional services industry will grow significantly in the years to come.
