Cloud Professional Services Market’s Worth Could Triple by 2019
Where is the cloud professional services market heading? A new study suggests channel partners leveraging these services have little to worry about — at least until after 2019.
Market research firm MarketsandMarkets recently predicted that the cloud professional services market’s worth will increase at a 27.2 percent compound annual growth rate (CAGR) from $10.33 billion in 2014 to $34.41 billion in 2019. But that doesn’t mean this space is fully in the clear. The firm said data security and data storage concerns could stifle this market’s growth.
“MarketsandMarkets believes that the data security concerns associated with consumers regarding their critical data storage in the cloud and technological constraints giving rise to network and application performance issues are the major constraints in the cloud professional services market,” MarketsandMarkets said in a prepared statement. “These challenges carry significant potential of hampering the adoption rate of cloud professional services and solutions by numerous small and medium-sized businesses (SMBs) across a wide range of verticals.”
The market research firm also said it expects North America to be the biggest cloud professional services market in terms of revenue.
Will the cloud professional services market landscape evolve?
A recent International Data Corp (IDC) analysis of worldwide cloud professional services vendors revealed numerous cloud services providers (CSPs) could separate themselves from the pack over the next few years.
Here’s a closer look at some of the cloud professional services vendors that soon could become leaders in the cloud professional services market:
- Accenture — IDC noted Accenture recently topped $1.5 billion in revenue and continues to invest heavily in the cloud, which could help it become a major player in the cloud professional services space.
- Capgemini — “Capgemini continues to be a pioneer in helping exploit cloud benefits for its customers and views cloud as a fundamental design principle that underpins the majority of its solutions,” IDC wrote in its analysis.
- Cisco Systems — Cisco Systems is helping customers “plan, build and manage” their professional cloud services, IDC said, and frequently provides its customers with technicial insights that they can use to leverage the cloud.
IDC noted vendor selection is key for cloud professional services buyers and understanding “the nuances of alternative pricing schemes for cloud professional services” could help these buyers find the right vendor to support their respective organizations.