The migration services market is forecasted to grow at a high rate owing to the rising awareness regarding business continuity coupled with the need for faster and easier deployment
The Global Migration Services Market was valued at USD 104.1 Bn in 2020 and is expected to reach USD 518.1 Bn by 2027, with a growing CAGR of 25.8% during the forecast period.
Cloud migration refers to the process of transferring data from an on-premises platform to a cloud platform or a cloud-to-cloud platform migration. The global migration services market held the largest market share in the year 2020 and is anticipated to dominate the market during the forecast period. The advantages of moving data and applications, etc. to the cloud are driving the adoption of cloud migration services by many organizations mainly in developed and developing countries, which are positively affecting the growth of the market. For instance, according to Credit Suisse, the US hyperscale data center had a 47% share and Canada had a 4% share in the year 2020.
Moreover, SaaS (Software as a Service) has become popular with the maturing mobile application and other software such as CAD and ERP, and some of the ready-to-use applications on SaaS include Netflix, Microsoft 360, and Zoom. These platforms are witnessing a significant increase in recent years. According to Ormax Media report 2021, the OTT platform users are increasing in developing nations. For instance, according to IBEF, India's OTT sector, the number of paying subscribers increased by 30% between March-July 2020, from 22.2 million to 29 million. SaaS and PaaS (Platform as a Service) providers play a significant role in the value chain of the cloud computing services market, due to the increase in demand for both services. Thus, the aforementioned factors are expected to drive the demand for the cloud migration services market during the forecast period.
Global Migration services Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the North America region is accounted to hold the largest market share in the year 2020. The growth is anticipated to continue throughout the forecast period owing to increasing awareness regarding benefits offered by cloud services. Several companies are shifting their business to cloud platform owing to their advantages such as security, cost savings, mobility, quality control, flexibility, disaster recovery, loss prevention among several others. For instance, US men's clothing maker Brooks Brothers has witnessed a 50% increase in productivity owing to cloud-based migration. Moreover, Clark Construction, a US construction company, also is interested to move applications and data to the cloud. Using Cloud-Endure Migration, the company shifted current workloads to AWS.
The Global Migration Services Market Segmentation:
Global Migration Services Market by Deployment Outlook (Revenue, USD Million, 2021-2027)
Global Migration Services Market by Service Type Outlook (Revenue, USD Million, 2021-2027)
Global Migration Services Market by Organization Size Outlook (Revenue, USD Million, 2021-2027)
Global Migration Services Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Migration Services Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the migration services market are: