Oracle Services Market Size, Share, Growth, and Industry Analysis, By Type (Cloud Service, Consulting Service and Financial Service), By Application (BFSI, Retail & CPG, Telecom & IT, Life Sciences & Healthcare, Public Sector and Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Oracle Services Market REPORT OVERVIEW

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The global oracle services market size was USD 12000.0 million in 2021. As per our research, the market is expected to reach USD 27500.0 million by 2027, exhibiting a CAGR of 14.82% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with oracle services experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Oracle Services refer to the various products and offerings provided by Oracle Corporation, a multinational technology company. Oracle offers a wide range of software, hardware, cloud-based solutions, and consulting services primarily focused on helping businesses manage and optimize their data, applications, and technology infrastructure. Oracle is best known for its flagship product, the Oracle Database. Oracle provides services related to the development, implementation, management, and support of its database management system. These services include database design, administration, backup and recovery, and performance tuning.

Oracle Cloud offers a comprehensive suite of cloud computing services, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). These services cover cloud infrastructure, database services, application development, and various cloud-based applications. It develops a wide range of enterprise software applications, including Oracle ERP (Enterprise Resource Planning), Oracle CRM (Customer Relationship Management), Oracle HCM (Human Capital Management), and more. Oracle Services providers offer implementation, customization, integration, and support for these applications.

COVID-19 IMPACT: Shift to Remote Working to Boost Demand Significantly

COVID-19 had a life changing impact globally. The oracle services market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for oracle services experienced an increased demand.

The economic uncertainty caused by the pandemic led many organizations to reassess their IT budgets and spending. While some companies reduced IT investments, others sought cost-effective solutions. Oracle Services providers may have adapted their offerings to address cost optimization and value delivery. As businesses grappled with the challenges of the pandemic, their priorities shifted. Some projects and IT initiatives were delayed or reprioritized, impacting the demand for Oracle consulting and implementation services.

The pandemic accelerated the need for remote work and digital transformation across industries. Many organizations turned to cloud-based solutions and remote services to ensure business continuity. Oracle Cloud Services, including Infrastructure as a Service (IaaS) and Platform as a Service (PaaS), became increasingly important for organizations seeking to enable remote work and scale their digital infrastructure. With the pandemic highlighting the importance of agility and scalability, more businesses began migrating their IT operations to the cloud. Oracle's cloud offerings gained traction as organizations looked for cloud-based solutions to support remote collaboration, data management, and application hosting. The market is anticipated to boost the oracle services market share following the pandemic.

LATEST TRENDS

"Innovative Cloud Solutions to Broaden Market Growth"

The shift to cloud computing continued to be a dominant trend. Organizations were increasingly adopting Oracle Cloud Services and shifting their workloads to the cloud to gain scalability, agility, and cost-efficiency. With the rise of cloud-native application development, Oracle Services providers were assisting organizations in building and modernizing applications using Oracle Cloud's PaaS offerings, including Oracle Cloud Infrastructure (OCI) and Kubernetes.

Many businesses were exploring hybrid cloud solutions, which combine on-premises and cloud environments. Oracle provided solutions that enabled organizations to manage their hybrid cloud deployments seamlessly. These latest developments are anticipated to boost the oracle services market share.

Oracle Services Market SEGMENTATION

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• By Type

Based on type, the market is divided into Cloud Service, Consulting Service and Financial Service.

• By Application

Based on application, the market is bifurcated into BFSI, Retail & CPG, Telecom & IT, Life Sciences & Healthcare, Public Sector and Others.

DRIVING FACTORS

"Digital Transformation to Boost Market Share"

Organizations across industries are undergoing digital transformation to remain competitive and responsive to changing customer expectations. Oracle Services are in demand as businesses seek to modernize their IT infrastructure, migrate to the cloud, and adopt digital technologies to optimize operations and improve customer experiences. The shift to cloud computing continues to be a major driver. Many businesses are moving their workloads to the cloud to gain scalability, agility, and cost-efficiency. Oracle provides solutions for enhancing customer experiences through omnichannel engagement, personalized marketing, and customer relationship management. Businesses invest in Oracle Services to improve customer loyalty and drive revenue growth.

"Emerging Technologies to Boost Market Size"

The adoption of emerging technologies like blockchain, IoT, and edge computing is increasing. Oracle Services providers offer expertise in implementing and managing these technologies to help organizations harness their potential. AI and ML technologies are being integrated into Oracle's product offerings. These technologies are used for predictive analytics, chatbots, automation, and enhancing the intelligence of applications, making them more attractive to businesses seeking innovation. These factors are anticipated to drive the oracle services market share.

RESTRAINING FACTORS

"Licensing Costs to Hamper Market Share"

Oracle's licensing model can be perceived as expensive and complex by some organizations. Licensing costs may deter potential customers from adopting Oracle products and services. Economic downturns or uncertainties can lead organizations to cut IT budgets and delay investments in Oracle Services. This can impact the growth of the market as businesses prioritize cost reduction and financial stability. The factors are anticipated to hinder the oracle services market growth.

Oracle Services Market REGIONAL INSIGHTS

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"North America Dominates the Oracle Services Market "

The major share of the market is held by North America, particularly the United States. The United States has one of the largest and most technologically advanced economies in the world. The sheer size of the U.S. market, with its numerous enterprises, government agencies, and organizations, creates substantial demand for Oracle Services. North America and the U.S. in particular, has been a significant adopter of cloud computing technologies. Oracle Cloud has seen substantial growth in the region, serving organizations of all sizes.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Infosys [India]
• GNC Consulting [U.S.]
• TCS (Tata Consultancy Services) [India]
• Fujitsu [Japan]
• Oracle [U.S.]
• Yash Technologies [U.S.]
• DXC Technology [U.S.]
• Accenture [Ireland]
• Wipro [India]
• Deloitte [U.S.]
• Capgemini [France]
• Cognizant [U.S.]
• NTT Data Services [U.S.]
• HCL Technologies [India]
• Tech Mahindra [India]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.