The global SAP cloud platform services market that is currently representing just about 0.08% of total cloud market is predicted to be worth $ 450 Million in 2023, however, the market expected to grow at a very strong CAGR of 35% during the forecast period of 2023 to 2030. Customers have been experiencing difficulties in managing applications, integrating, workload, and several other aspects of cloud computing as a result of the proliferation of cloud platforms. These difficulties have been caused by the expansion in the number of cloud platforms. As a result of this, in order to resolve issues that are associated with the cloud, vendors such as SAP SE have developed advanced cloud platform services. These services offer functions such as streamlined process control and improved workload management by making use of services that are included in the portfolio of SAP cloud platform services.
According to the findings of the research report, the value of migration services as a service category is expected to expand at a compound annual growth rate (CAGR) of 32% throughout the forecast period of 2023 and 2030. While the strategy and consulting services accounts for the lion's share of the market, analysts expect that it will rise at a compound annual growth rate of 31% during the projection period. With a share of 17 % of the total market revenue in 2021, the BFSI end user sector is the one that contributed most to the market revenues.
High Costs Continue to Burden the Growth of SAP Cloud Platform Services Market
Throughout the entirety of utilising the SAP cloud platform services, a corporation will demand a variety of different services. For instance, the strategy and consulting services, which may be rather pricey, are necessary in order to establish which software and information are essential to the operation of the business, demand high availability, and ought to be moved to the cloud. Also, data migration costs hype the overall costing required to adopt SAP cloud platform.
Small & Medium Enterprises Segment to Lead the Growth During the Forecast Period
As per segmentation by the size of the business. Small and medium enterprises have the largest potential and are growing at the highest CAGR of 32% during the forecast period of 2023 to 2030. Organizations all over the world are rapidly adopting SAP cloud platform as their application tools in order to improve their business efficiency processes and to enhance their application development by providing agile and integrated application. These goals can be accomplished by utilising SAP cloud platform. Cloud computing is becoming increasingly popular among small and medium-sized firms, who are transforming and innovating their operations through the use of integrated enterprise application development. In addition, small scale firms are quicker to use cloud platform when compared to large corporations. This is due to the fact that SAP cloud platform provides numerous benefits, such as ease of migration, scalability, efficiency, and flexibility, etc. They are able to make more productive and efficient use of SAP cloud platforms with the assistance of these services.
North America Remains as the Market Leader
North America has acquired 35% of the market share in 2021. It is anticipated that it would maintain its pre-eminence during the forecast period by producing an incremental market opportunity. In addition, it is anticipated that the European market for SAP cloud platform services would grow at a CAGR of 32% to attain a share of 26.5% of the global market for cloud platform services by the end of forecast period 2030.
Innovation is the Key Value to Enhance Market Presence Among Competitors
Key players in this market include SAP SE, Accenture Plc., Wipro Limited, Infosys Limited, Capgemini SE, Atos SE, DXC Technology, HCL Technologies, Cognizant Technology Solutions Corp, and Tata Consultancy Services Limited and others. The tier 1 companies are focusing on new product development and innovation to eliminate the drawbacks of conventional technologies and enhance their market presence.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of SAP Cloud Platform Services market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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End Use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
