Cloud Migration Services Market Opportunities, Growth Potential, Demand, Future Estimations and Statistics
Market Scenario:
The global Cloud Migration Services Market will touch USD 8 billion at a 22% CAGR in the forecast period 2017- 2023, as per the new Market Research Future (MRFR) analysis. The cloud migration service is a movement of applications, business processes, and infrastructure to the cloud.
Various factors are fuelling the global cloud migration services market growth. As per the recent MRFR market estimates, such factors include the growing need for cloud services among IT and telecommunication industries, increasing penetration of machine learning and artificial intelligence, increasing use during COVID-19 pandemic, security, agility, flexibility, and lower costs, growing need for automation and business agility, and growing demand for cloud migration in business continuity. The additional factors adding market growth include ease in deployment of applications with pay-as-you-go model, need for lower OPEX and CAPEX, and increase in cloud expenditure.
In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.
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Segmentation:
The MRFR report throws light on an inclusive segmental analysis of the global cloud migration services market based on industries, applications, organization size, deployment, and services.
By services, the cloud migration services market is segmented into professional service & managed services. The professional services is again bifurcated into training and consulting, disaster recovery, support and maintenance, automation and integration, and others. Of these, automation and integration will lead the market over the forecast period.
By deployment, the cloud migration services market is segmented into hybrid, private, and public.
By organization size, the global cloud migration services market is segmented into large enterprises and SMEs.
By applications, the global cloud migration services market is segmented into project management, workforce management, security and compliance management, infrastructure management, and others. Of these, security and compliance will dominate the market over the forecast period.
By industries, the global cloud migration services market is segmented into manufacturing, IT and telecommunication, government, and others.
Competitive Outlook:
The notable players profiled in the cloud migration services market report include Amazon Web Services Inc. (U.S.), Vmware, Inc. (U.S.), NTT DATA, Inc. (Japan), Wipro Ltd. (India), Accenture PLC (Republic of Ireland), HCL Technologies (India), IBM Corporation (U.S.), Dell (U.S.), Tech Mahindra (India), and Microsoft Corporation (U.S.), among others.
The global cloud migration services market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities to cater to the burgeoning needs of the customers.
Regional Analysis:
By region, the cloud migration services market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Increasing adoption of AI, huge demand and penetration for cloud services including hybrid cloud, private, and public, reduction in operation costs, enhanced security to data when stored in the cloud, and increasing dependence on the cloud are adding to the global cloud migration services market growth in the region.
In Europe the global cloud migration services market is predicted to hold the second-largest share over the forecast period. Technological upgrades in cloud computing, advent of fifth-generation wireless technology, and high adoption of hybrid laaS, private laaS, and public laaS are adding to the global cloud migration services market growth in the region.
In the APAC region, the global cloud migration services market is predicted to grow at a fast pace over the forecast period. Increasing penetration of IT services, increased demand for cloud computing among SMEs, growing penetration of the internet, and rapid adoption of advanced technologies such as ML and AI are adding to the global cloud migration services market growth in the region.
In RoW, the global cloud migration services market is predicted to have sound growth over the forecast period.
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Industry Updates:
March 2021- Microsoft has launched programs for Azure for simplifying cloud migration in India.
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