The oracle services market size is expected to grow from US$ 13.8 Bn in 2022 to US$ 35.4 Bn by 2029. The oracle services market is anticipated to grow at a CAGR of 14.4% during 2022-29.
The research study opines that demand for cloud services among enterprises continues to see a significant uptick, with some of the key reasons being complex workloads, increased server functionality, and high component costs. This, in turn, is estimated to bring in new opportunities for the key service vendors to level up their sales performance in the global market space.
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With implementation of thousands of Oracle solutions across enterprises of varying sizes, the Oracle services providers aim at helping their end users get the maximum ROI in Oracle solutions. Opportunities are imminent for the service providers active in this market, with the growing focus of enterprises on agile and adaptable operating models, across both developed and developing economies.
Oracle Cloud Services- The New Catalyst for Enterprise Growth
As Oracle solutions continue to embrace take the ‘customer-first’ approach, Oracle service providers are focusing on offering a comprehensive suite of services that would drive competitive advantages for their end users. According to the report, Oracle cloud services remains the most ‘in-demand’ service of all other available services, with global value estimated to reach US$ 4.3 Bn in 2022.
The upswing in investments in Oracle cloud services is a result of the sweeping transition of businesses toward cloud computing models in order to build, deploy, integrate, and extend applications in the cloud. Oracle cloud services are being extensively relied upon by enterprises to build their operational efficiency and reduce total cost of ownership, thereby making it a focal point for the market players to target in 2022 and beyond.
Oracle consulting services are, and will continue to be in high demand, for the fact that businesses seek top-notch consulting services to address complex integrated Oracle application portfolios and associated maintenance costs.
Sensing the aforementioned needs coming from enterprises, key providers active in the Oracle services market are offering a wide spectrum of services tailored exclusively to business needs, some of them being functional Services, implementation and upgrade, customization and integration, maintenance and support, and resale of Oracle products.
Though North America and Western Europe will continue being forces to reckon with in the Oracle services market, Asia Pacific excluding Japan (APEJ) is likely to reverse the game for the service providers by the end of 2029.
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As majority of economies in APEJ have started reflecting positive economic growth rates in the recent years, a new heap of opportunities is likely to emerge for the Oracle service providers to take advantage of. BFSI will continue to sustain high demand for Oracle services, followed by Retail & CPG, as the former and the latter are undertaking strategic customer service transformations and investing in advanced services to achieve the same.
According to the report, the Oracle service providers are shifting their focus toward opportunities springing up in the space of SMEs, as small and medium enterprises make up a significant percentage of the total number of businesses operating worldwide. The market players are also focusing on mergers and acquisitions to diversify their portfolio and grow with the ‘combined-expertise’ advantage.
Newer service offerings with umpteen benefits continue to be the kernel of the market players’ business strategies, unveils the FMI analysis. For instance, in February 2022, Wipro announced official launch of the ‘Quick Migration to Cloud (QuMiC)’, a platform that allows enterprises in smooth migration to Oracle Cloud.
By Services :
- Oracle Consulting Services
- Oracle Financial Services
- Oracle Cloud Services
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By Enterprise Size :
- Small & Medium Enterprise
- Large Enterprise
By Vertical :
- High Tech
- Communication & Media
- Retail & CPG
- Energy & Utilities
- Healthcare & Life sciences
- Public Sector
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa
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Key Questions Answered in the Report
- How much is the global oracle services market valued at?
- What is driving the demand for oracle services?
- At what CAGR did demand for oracle services increase over the past 5 years?
- What will be the demand outlook for oracle services through 2029?
- Which are the top 5 countries driving most of the demand for oracle services?