The size of the Oracle Services Market is anticipated to grow at an unexpected CAGR of 14.4% from 2022 to 2029. The size of the global market for Oracle services is projected to increase from US$ 13.8 billion in 2022 to US$ 35.4 billion by 2029. The market for Oracle services is expanding as a result of the significant increase in usage of Oracle consulting, financial, and cloud services across a variety of industries.
According to FMI, the growth of 50 units is reflected in the change in BPS values seen in the Oracle Services Market in H1, 2022 – outlook over H1, 2022 anticipated. According to estimates, the market for Oracle services will be worth US$ 5.2 billion worldwide in 2014. The historical period from 2014 to 2021 had a spectacular CAGR of 12.2% in the demand for Oracle services.
Over the past few years, the market for Oracle services has seen tremendous expansion in Western Europe and North America. The increase in demand for professional IT services is to blame for the market’s expansion throughout the present projection period. The market share expected to grow the most is for cloud services. 52.4% of the total market share for Oracle services worldwide in
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About 2.0% of the worldwide IT services market is accounted for by the Oracle services market. The rapid adoption of Oracle cloud services, Oracle consulting services, and Oracle finance services across numerous industries can be attributed to the expansion of Oracle services. In addition, it is expected that the market will expand by 110 points in H1-2022 compared to H1-2021.
Small, medium-sized, and large businesses are increasingly utilizing cloud services across a range of sectors, including BFSI, retail, high-tech, and others. This broad use is linked to a number of benefits of Oracle cloud services, such as a lower total cost of ownership and increased operational effectiveness, which have further increased demand for Oracle services.
Key Takeaways
- Oracle cloud services are known to be the key catalysts for the market’s expansion across the forecast period. Enterprises are these days focusing upon advanced computing models in order to integrate and broaden applications in the cloud, which has intrigued their interest in oracle cloud services.
- High demand for advanced consulting services has been witnessed due to which Oracle vendors are offering a wide range of custom-made services for specific business needs. This has also resulted in a surge in investments and massive funding for Oracle cloud services, thereby supporting the global oracle services market’s expansion.
- In addition to that, Oracle also provides services and solutions through cloud computing which can be easily accessed over the internet and further used by a large number of customers simultaneously at a low cost.
- The range of services offered through cloud computing comprises SaaS applications (Enterprise Resource Planning, Supply Chain Management, Enterprise Performance Management, Human Capital Management,) and Platform as a service (Business Analytics, Application Development, Data Management). Therefore, benefits offered by Oracle cloud services such as reduction in the cost of ownership and enhanced operational efficiency have also propelled its demand during the forecast period.
- Owing to the rising adoption of cloud services including infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) in verticals such as BFSI, retail, and high tech, is estimated to further boost the demand for the oracle services globally.
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Competitive Landscape
The global oracle services market offers a reasonably consolidated competition landscape, where a majority of the key players focus on strategic development, joint enterprises, & partnerships, and target a stronger global footprint. With advanced technological solutions, vendors also try to accelerate their business transformation and growth objectives by increasing their partner base.
More Insights into the Oracle Services Market
At present, the U.S. is anticipated to dominate the global landscape by being the largest consumer of oracle services in the North American region. The U.S. accounted for about 87% of the market share in 2021 and is expected to reach 2.1X by 2029.
India is yet another country that is set to register exponential growth of Oracle services with a CAGR of nearly 24% during 2022-29. Indian market is anticipated to create an absolute dollar opportunity of US$ 1.8 Bn between 2022 & 2029.
Oracle Services Market Survey by Category
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 :
- BFSI
- High Tech
- Communication & Media
- Retail & CPG
- Energy & Utilities
- Healthcare & Life sciences
- Public Sector
- Others
Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East and Africa
Table of Content
1. Executive Summary | Oracle Services Market
1.1. Market Overview
1.2. Market Analysis
1.3. Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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