Cloud Migration Services Market worth $29.2 billion by 2028, growing at a CAGR of 23.3%: Report by MarketsandMarketsâ„¢
Chicago, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The global Cloud Migration Services Market size is anticipated to grow at a CAGR of 23.3% during the forecast period, from USD 10.2 billion in 2023 to USD 29.2 billion by 2028, according to a new report by MarketsandMarkets™. Due to various business drivers, the Cloud Migration Services Market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to the increasing demand for better agility and automation, the rise in the necessity for swifter and seamless deployment options, and the seamless integration and compatibility of enterprise applications with the evolving landscape of cloud technology.
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Cloud Migration Services Market Dynamics:
Drivers:
Increasing demand for better agility and automation
Requirement for swifter and seamless deployment
Growing need for lesser CAPEX and OPEX
Seamless integration and compatibility of enterprise applications with evolving landscape of cloud technology
Restraints:
Complexity associated with migrating legacy systems and applications to cloud
Fear of vendor lock-in
Opportunities:
Increasing demand for MSPs in transitioning to and managing cloud environments
High adoption rate of cloud migration services across healthcare vertical
List of Key Companies in Cloud Migration Services Market:
- IBM (US)
- AWS (US)
- Google (US)
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- VMWare (US)
- Cisco (US)
- NTT Data (Japan)
- Accenture (Ireland)
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Cloud migration service providers increasingly invest in enhancing security measures and obtaining certifications to comply with data protection regulations. Cloud migration services provide the expertise and tools necessary to streamline the deployment process, enabling organizations to harness the benefits of cloud technology rapidly.
Based on the service type, the Cloud Migration Services Market is segmented into . The segment is expected to garner a higher revenue during the forecast period. The solutions landscape in the Cloud Migration Services Market is rapidly evolving, driven by the increasing need for scalable, decentralized data architectures. Initially, the focus was on acknowledging the limitations of traditional centralized data models and advocating for domain-oriented, self-serve data capabilities. There's a growing emphasis on comprehensive platforms that offer end-to-end support for cloud migration services implementation. These solutions now not only enable domain-specific data access but also encompass robust integration, governance, quality assurance, and security measures.
Based on deployment mode, the cloud migration services segment has been bifurcated in public, private, and hybrid cloud. The public cloud segment is expected to garner a higher revenue during the forecast period. Public Cloud deployment provides organizations with the scalability needed to accommodate varying workloads and business demands. Cloud migration services leverage this feature to ensure that organizations can easily scale their IT infrastructure up or down based on requirements. Public Cloud providers offer a vast array of pre-configured services and resources, facilitating rapid deployment of applications and workloads. Cloud migration services expedite the migration process, ensuring quick adoption of cloud services without protracted setup times.
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Based on application, the segment has been bifurcated into supply chain management, project management, content management, data warehouse management, business intelligence & analytics, and other applications. Supply Chain Management (SCM) application play a critical role in the Cloud Migration Services Market by facilitating more efficient and responsive supply chain operations. Cloud migration facilitates seamless collaboration and connectivity across the supply chain. SCM applications in the cloud enable suppliers, manufacturers, distributors, and retailers to share information in real time, fostering better communication and coordination.
The Cloud Migration Services Market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while the Asia Pacific region is expected to grow at the highest rate. Cloud service providers in North America continually enhance their security measures, offering robust solutions to address data protection and privacy concerns. Advanced security features are crucial for businesses considering cloud migration. Europe follows suit, with countries like the UK, Germany, and Spain witnessing accelerated adoption due to a focus on data privacy and governance. Additionally, the presence of major tech giants, such as IBM, Oracle, and Informatica, further fuels innovation and investment in the Cloud Migration Services Market.
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