Rising Digital Transformation Initiatives Boost Growth in the Oracle Services Market; FMI Analysts Predict Market Valuation to Surpass USD 65,873.74 million by 2034
The Oracle services market is anticipated to surpass USD 17,414.36 million in 2024 and is likely to attain a valuation of US$ 65,873.74 million by 2034. The Oracle services market size is projected to expand at a CAGR of 14.2% from 2024 to 2034.
Efforts to modernize old systems, processes, and customer experiences drive organizations to pursue digital transformation efforts to achieve operational excellence and market relevance. These revolutionary initiatives are sparked by Oracle services’ extensive range of integrated apps and cloud services, which help businesses improve agility, expedite time-to-market, and simplify operations.
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Utilizing state-of-the-art technology Oracle services allows companies to improve customer interaction, open up new income sources, and future-proof their operations in the face of changing market conditions.
The shift toward digital ethics and governance emphasizes the importance of complying with regulations and thinking ethically in the digital age. Transparent AI algorithms, data ethics, and privacy compliance are prioritized in Oracle services that address this trend. Businesses using Oracle services can steer clear of legal and reputational concerns, negotiate the changing regulatory landscape, and ultimately promote ethical and sustainable digital activities by integrating ethical principles into their technology.
Key Takeaways from the Oracle Services Market Report
- The global Oracle services market size expanded at an 11.3% CAGR from 2019 to 2023.
- The Oracle cloud services segment holds 35.4% of market shares in 2024.
- The large enterprises segment captured 62.4% of market shares in 2024.
- The market size in the United States is projected to rise at an 11.1% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 2.7% CAGR through 2034.
- The market size in Japan is estimated to surge at a 3.0% CAGR through 2034.
- The market size in Australia & New Zealand is expected to increase at a 17.8% CAGR through 2034.
Competitive Landscape
The competitive environment of the Oracle services market is characterized by a strategic interplay between key competitors vying for leadership in corporate solutions and cloud services. Oracle Corporation, a prominent rival, underpins this environment by using its vast range of services, which includes databases, apps, and cloud infrastructure. Oracle’s ability to deliver end-to-end solutions coincides with the needs of organizations undertaking digital transformation, distinguishing it as a comprehensive service provider in a highly competitive market.
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Key Players in the Oracle Services Market
- Oracle Corporation
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Salesforce.com Inc.
- Amazon Web Services (AWS)
- Google LLC
- Cisco Systems, Inc.
- Dell Technologies Inc.
- Hewlett Packard Enterprise (HPE)
- VMware, Inc.
- Accenture plc
- Capgemini SE
- Infosys Limited
Recent Developments
- In February 2024, Oracle launched the OCI Generative AI service in Australia and New Zealand. The fully managed service allows organizations to integrate Cohere and Meta Llama 2 large language models (LLMs) into their applications via an API.
- In September 2023, Oracle and Microsoft reinforced their collaboration by releasing Oracle Database@Azure. Oracle Database@Azure provides customers direct access to Oracle database services running on Oracle Cloud Infrastructure (OCI) and hosted in Microsoft Azure data centers.
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Oracle Services Market Segmentation
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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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