Cloud Migration Services Market is forecasted to grow at high rate due to increasing awareness about business continuity, rising penetration of cloud computing & technological advancements, adopting improved security, flexibility, and reducing operational costs
The global cloud migration services market was valued at USD 8.4 billion in 2020, and it is expected to grow till USD 25.4 billion by 2027, with a CAGR of 24.3%, during the forecast period.
Cloud migration is the way toward conveying an association's computerized resources, services, IT assets or applications to the cloud. Cloud services providers offer instruments and organizations to help migrate jobs and applications. Many businesses like BFSI and hospital care or private care provides high line security system to the organization. The market size of cloud migration is relied upon many critical rates in upcoming years. Cloud migration provides sets of advantages to the organization which includes cost reduction i.e., according to the research, about 30%-60% of IT cost would drop after using Cloud technology, another advantage is providing flexibility and freedom in the business. It also helps to scale up the business and provides security in the business which ultimately helps in the growth and development of the organization. An increase in automation technology and the need for business agility provides ease in deployment with the pay-as-you model. This also gives rise to the demand for cloud migration services in business and helps to fuel the growth of cloud migration services market.
During the situation of covid-19 pandemic, many businesses were trying to cope up with many operational challenges and COX’s which drive various digital techniques among which cloud migration is expected reach heights in terms of global cloud migration services market growth.
Various factors security, agility, cost-effectiveness, and flexibility are the factors that propel the growth of cloud migration services market. This helps to elevate the business in terms of productivity, data security and provides economic & operational benefits to the business.
Cloud Migration Services Market is broadly segmented into application, deployment, industry vertical and region. Based on application, infrastructure management segment to be contributed maximum in the total market revenues in 2020 and is expected to rule the market during the forecast period. This is due to increase in adoption of high security and compliance in data protection. Based on industry vertical, IT and manufacturing industries dominated the market in 2020 and expected to maintain same dominance during forecast period. This is due to increase in demand for cloud migration tools in IT sector for computing and mining data. Based on deployment segment, public mode and hybrid mode is expected to drive the market during forecast period. Geographically, North America held the highest market share in 2020 and expected to increase more during forecast period due to increase in IT infrastructure and services in this region.
Global Cloud Migration Services Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America accounted for the highest market share in 2020 and expected to increase more during forecast period. This is due to increase in IT sector and technical infrastructure in this region. Moreover, North America is also expected to show significant market growth during forecast period. North America being matured market in adoption of technology due to high IT infrastructure, large enterprises and technical and personnel expertise, is expected to adapt cloud migration services very fast.
The Global Cloud Migration Services Segmentation:
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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