Global Oracle Services Market to be Worth US$ 35.4 Billion by 2029: Future Market Insights, Inc.

The oracle services market size is predicted to augment at a surprising CAGR of 14.4% during the forecast period from 2022 to 2029. The global oracle services market size is anticipated to grow from US$ 13.8 Billion in 2022 to US$ 35.4 Billion by 2029. Oracle consulting, financial, and cloud services are drastically becoming more widely used across diverse industries, which is resulting in propelling the growth of the oracle services market.

As per FMI, the change in BPS values observed in the oracle services market in H1, 2022 – outlook over H1, 2022 projected reflects the growth of 50-unit. The global oracle services market was predicted to be valued at US$ 5.2 Billion in 2014. The demand for oracle services surged with a phenomenal CAGR of 12.2% during the historic period from 2014 to 2021.

Western Europe and North America have been witnessing significant growth over the past few years in the oracle services market. The growth in the market in the current projection period is attributed to the rising demand for IT professional services. The cloud service segment is set to register the highest market share 52.4% of the total global oracle services market share in 2022.

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The oracle services market is accountable for about 2.0% market share of the global IT services market. The growth of oracle services is accountable for the surging adoption of oracle cloud services, oracle consulting services, and oracle financial services across various industries. In addition to that, when compared to H1-2021, the market is anticipated to grow by 110 points in H1-2022.

The adoption of cloud services by small, medium, and large enterprises are on the rise across various industries including BFSI, retail, high-tech, and others. This widespread adoption is attributed to the several oracle cloud service advantages including lower total cost of ownership and improved operational efficiency have further boosted demand for the oracle services market.     

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 reasonable consolidated competition landscape, where a majority of the key players focus on strategic development, joint enterprises, & partnerships, and target a stronger global footprint. With the utilization of 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.