Market Size of Professional Cloud Services Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
