In terms of revenue, the Global Cloud Migration Services Market is expected to reach USD 340.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 24.3% from 2022 to 2028.
Cloud migrations involve moving data, applications, and other business elements to a cloud computing environment. As discussed in our report, the need for Cloud Migration Services is rising rapidly due to the increasing need of preserving scalability, flexibility, online collaboration, automation of processes, increased mobility, and robust data protection.
The proliferation of Internet-enabled gadgets has also contributed to a meteoric increase in data volume. For this reason, Cloud Migration Services are predicted to grow in popularity as the need for cheap data storage grows. Moreover, the Cloud Migration Services combine the knowledge of research and innovation along with the entire lifecycle of cloud-ready solutions to provide accelerated Time-to-Market (TTM) and improved operational processes.
Key Highlights from Report:
- Among the Service Type, Automation & Integration segment is anticipated to have the largest market size in the coming years. This is because of the extensive adoption of Cloud Migration Services across the globe. Automation allows enterprises to streamline their cloud migration activities, and reduce costs, time, and manual intervention, along with the risk of failure.
- The Security & Compliance Management segment, from the Application segment, accounted for the largest market share. It is likely to increase owing to the implementation of the security and compliance application protecting data from misuse, accessing control, delivering robust data encryption, meeting compliance requirements, and improving integration.
- North America Cloud Migration Services Market is anticipated to observe significant market growth with the highest CAGR (Compound Annual Growth Rate) in the coming years. The region’s market growth can be attributable to its developed IT and telecommunications infrastructure. Moreover, the powerful foothold on cloud migration vendors is driving market growth in this region. Also, the benefits provided to the cloud by moving data and applications, among others, are driving numerous organizations to adopt Cloud Migration Services, thus contributing to the market development in North America.
The increasing popularity of cloud computing is one major element contributing to the expansion of the Global Cloud Migration Services Market. Additionally, this usage of cloud computing has expanded because of the increasing investments from SMEs. As a result, the Cloud Migration Services Market is likely to experience increased demand. The expansion of this market will also be fueled by the widespread adoption of AI and ML. In addition, the shift from a CAPEX to an OPEX paradigm and the widespread use of containers as a service will fuel market growth. Also, Cloud Migration Services facilitates market players to move applications and databases from a legacy, on-premise IT infrastructure to the public cloud, which includes operating cost optimization strategy, setting monitoring tools, and transferring knowledge to in-house teams.
North America held the Cloud Migration Services Market share and is expected to be the most lucrative market during the forecast period. This surge is because of the rise in adoption of Cloud Migration Services owing to the presence of large enterprises and enhanced technical expertise. In addition, implementing the newest technologies such as Big Data, cloud solutions, mobility, and social media by organizations in this region is driving the regional market growth. Besides, the surging investments in digital solutions like digital healthcare solutions, digital banking, advanced manufacturing systems, and connected solutions will fuel the market growth in North America.
The Global Cloud Migration Services Market is Segmented as follows:
- Service Type
- Automation & Integration
- Disaster Recovery
- Application Hosting & Monitoring
- Training & Consulting
- Support & Maintenance
- Managed Services
- Project Management
- Infrastructure Management
- Security & Compliance Management
- Other Applications (Performance Management & Workforce Management)
- Organization Size
- Large Enterprises
- Small & Medium Sized Enterprises (SMEs)
- Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Healthcare & Life Sciences
- Telecommunications & ITES
- Government & Public Sector
- Consumer Goods & Retail
- Media & Entertainment
- Other Verticals (Travel, Hospitality & Education)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Cloud Migration Services Market is:
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)
The Global Cloud Migration Services Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|