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Future Market Insights (FMI), in its new research study, offers an incisive analysis of the Oracle services market and lays bare actionable insights into growth prospects of the market during 2019-2029. According to the study, the oracle services market reached a value of ~ US$ 7.5 Bn in 2018 and is estimated to grow by 13.6%, YOY, in 2019.
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.
With the 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 a global value estimated to reach US$ 4.3 Bn in 2019.
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 2019 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. 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 2019, Wipro announced official launch of the ‘Quick Migration to Cloud (QuMiC)’, a platform that allows enterprises in smooth migration to Oracle Cloud.