Cloud Migration Services Market

Premium Insights:

Global Cloud Migration Services Market is valued at USD 92.4 Billion in 2021 and is projected to reach a value of USD 340.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 24.3% over the forecast period.

The coronavirus disease (COVID-19) pandemic has prompted businesses worldwide to use the cloud to transform important business activities digitally. This is one of the major elements impacting the demand for Cloud Migration Services services in a way that would increase the efficiency, effectiveness, and security of cloud adoption and transformation. Additionally, educational institutions are turning to cloud computing to deliver distance education.

Furthermore, hospitals and other healthcare facilities are adopting cloud computing in order to meet the stringent privacy, security, and compliance standards that govern the industry. A combination of this trend and the ever-increasing volume of medical data brought about by the spread of illnesses bodes well for the market's future prospects. In addition, Cloud Migration Services services are being used more frequently in the banking, financial services, and insurance (BFSI) industry to migrate hardware data and deliver technologically supported services securely.

Additionally, manufacturing companies are included in these services to satisfy Industry 4.0 criteria and update and automate industrial processes. Other factors contributing to the expansion of the applications of Cloud Migration Services services in the e-commerce and real estate industries globally include the growing number of construction activities and the burgeoning trend of online shopping.

However, the market's ability to grow will be constrained by the lack of technological know-how in underdeveloped and developing economies and the escalating security and privacy concerns. Furthermore, the numerous regional authorities' strict data laws and regulations would slow the market's expansion. The weak infrastructure in developing economies will also pose a hurdle to the market's expansion rate.

Top Market Trends

· Factors contributing to the expansion of the applications of Cloud Migration Services services in the e-commerce and real estate industries globally include the growing number of construction activities and the burgeoning trend of online shopping.

· In 2021, the automation and integration of the segment were expected to hold the market's largest share of 54%.

· In 2021, the BFSI sector was estimated to grow with the highest rate of 45%.

· The significant players have significant market shares and are concentrating on growing their clientele internationally. These companies engage in tactical joint ventures to increase their market shares and profitability.

Market Segmentation:

The Cloud Migration Services Market is segmented based on Service Type, Application, Organization Size, Deployment Model, Vertical, and Region. Based on the Service Type, the market is further segmented into Automation & Integration, Disaster Recovery, Application Hosting & Monitoring, DevOps, Training & Consulting, Support & Maintenance, and Managed Services. Furthermore, based on the Applications, the market is further divided into Project Management, Infrastructure Management, Security & Compliance Management, and Other Applications (Performance Management & Workforce Management). In addition, based on the Organization Size, the market is bifurcated into Large Enterprises and Small & Medium Sized Enterprises (SMEs). Additionally, based on the Deployment Model, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Likewise, based on the Verticals market is further segmented into BFSI, Healthcare & Life Sciences, Telecommunications & ITES, Government & Public Sector, Manufacturing, Consumer Goods & Retail, Media & Entertainment, and Other Verticals (Travel, Hospitality & Education).

Based on Application:

Automation & Integration Category Dominated the Market in 2021

The Automation & Integration segment is expected to hold the largest share in the market because Cloud Migration Services services are being widely used everywhere. With Automation, businesses may efficiently streamline their Cloud Migration Services operations. Automation reduces expenses, physical labor, processing time, and failure risk. For quick uptime recovery, it promotes enhanced business agility and workload transfer.

One of the main factors driving the market's growth is the expanding use of the Internet of Things (IoT), rising advancements in cloud technologies, and rising investment in distributed information systems like real-time process control and communications networks. There will be a variety of prospects for market expansion due to the growing use of the Internet of Things in industrial automation. Due to the vast majority of organizations and the preexisting connection between system integration and operations in the market, automation systems integrations are a tremendous possibility.

Based on End Users:

BFSI Category Dominated the Market in 2021

The BFSI segment dominated the market growth. Businesses in the banking and financial industries are moving more quickly toward cloud solutions due to their benefits, including flexibility, agility, and integration with cutting-edge technology and the FinTech ecosystems. Cloud techniques allow companies cut costs by substantially cutting infrastructure expenditures. Due to the IaaS and PaaS solutions provided by numerous suppliers, managing, maintaining, updating, and growing service operations aimed at the BFSI sectors is no longer essential. More than a billion customers use online banking services worldwide, fuelling the segment's growth in recent years thanks to the emergence of mobile commerce. As a result, massive data sets have been produced, which banks and other financial services companies can use to track and predict trends and opportunities. Banks must move to the cloud if they want to implement advanced customer intelligence solutions that enhance their interactions with customers. A surge in demand for security and risk management is the primary factor driving the BFSI sector's adoption of Cloud Migration Services.

Based on Regional Analysis:

North America had the Largest Share in 2021

North America accounted for the largest share in 2021. North America uses Cloud Migration Services services the most due to significant organizations, modern technical knowledge, and the adoption of cutting-edge software. This area has demonstrated a readiness to implement this technology across all economic sectors. The IT industry has already employed this strategy. In North America, the expanding healthcare industry represents a lucrative market for cloud computing services. After discovering the benefits of cloud computing, SMEs in these regions are shifting their solutions to the cloud to increase productivity and foster commercial success. The need for Cloud Migration Services services in North America is also rising because of investments in digital solutions like connected solutions, sophisticated manufacturing systems, digital banking, healthcare, and connected solutions. The advantages of moving data and applications to the cloud, among other things, are encouraging many businesses in the area to use Cloud Migration Services services. This is helping the market grow positively. Businesses in the North American region are also forming strategic alliances and expanding their businesses to speed up Cloud Migration Services. Businesses may streamline their Cloud Migration Services with automation.

Recent Developments:

· In August 2022, Toronto-based Automated Cloud Migration Services business Next Pathway Inc. recently announced a partnership with Microsoft to hasten the transition from old data lakes and warehouses to Microsoft Azure. To examine the code types and objects included in source legacy application workloads, Shift Analyzer offers a thorough evaluation.

· In May 2022, To hasten the digitalization of European universities and research institutions and the adoption of cloud technologies, Altos worked with Sparkle on the Open Clouds for Research Environments (OCRE) initiative. Sparkle is the official cloud framework provider and Google Cloud integrator in 27 European nations for OCRE.

· In February 2022, IBM Corporation and SAP partnered with clients with technology and consulting services to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud in regulated and unregulated industries.

· In December 2021, Nasdaq announced a partnership with Amazon Web Services for the transfer of its North American capital market.

Competitive Landscape:

The key players in the Global Cloud Migration Services market include- AWS (US), IBM (US), Microsoft (US), Google (US), Cisco (US), NTT Data (Japan), DXC (US), VMware (US), Rackspace (US), Informatica (US), WSM (US), Zerto (US), Virtustream (US), RiverMeadow (US), OpenStack (US) and others.

Segmentation of the Global Cloud Migration Services Market: