Oracle Services Market 2022 Growth Opportunities, Top Players, Regions, Application, and Forecast to 2029

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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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.

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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.

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About FMI                     

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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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