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.
Oracle’s market share is anticipated to increase from US$ 13.8 billion in 2022 to US$ 35.4 billion by 2029. The Oracle Services Market is estimated to expand between 2022 and 2029 at a CAGR of 14.4%.
| 2022 Market Value | US$ 13.8 Bn |
| 2029 Market Value | US$ 35.4 Bn |
| CAGR% (2022-2029) | 14.4% |
| Share of Top 5 Market Players | ~46% |
In its latest research study, Future Market Insights (FMI) provides a sharp analysis of the Oracle services market and reveals very useful information about the market’s growth prospects from 2022 to 2029. The report estimates that the market for Oracle services will be worth US$ 13.8 billion in 2022 and will expand by 13.6 percent year over year.
According to the research study, complicated workloads, greater server capabilities, and high component costs are some of the major factors driving the continued large increase in demand for cloud services among businesses. The primary service providers are expected to benefit from new prospects to improve their sales performance in the worldwide market.
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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.
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 2022, Wipro announced official launch of the ‘Quick Migration to Cloud (QuMiC)’, a platform that allows enterprises in smooth migration to Oracle Cloud.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Aug 11, 2022
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