The global cloud migration services market was valued at US$ 8.4 Bn in 2020 is expected to reach US$ 25.4 Bn by 2027, with a growing CAGR of 24.3 % during the forecast period (2021-2027).
Cloud migration is the process of moving data, product, applications, and other business-related documents from on-premise servers to a cloud computing environment. These services are used to relocate the applications and data to a more secured and effective environment. This facility is mostly implemented by IT professional groups and often integrate with entire classes of software. Moreover, this technology is used to execute scalability, agility and flexibility of the business and helps to find a way to grow. To develop and become more technologically rich, many companies are investing and collaborating with different IT sectors to stand in changing cloud migration services market trends. For example, numerous associations play out the relocation of on-premises applications and information from their nearby server center to public cloud foundation to exploit benefits, like more prominent versatility, self-services, excess and an adaptable, pay-per-use model.
The growth of global cloud migration services market is driven by various factors such as the increase in IT sector and technical infrastructure, rise in IT department, development in technological software, adoption of cloud services by various companies and increase in data security drives the growth of cloud migration services market.
Cloud Migration Services Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The unique insights provided by this report also includes the following:
Based on application, infrastructure and security are expected to dominate during the forecast period
The infrastructure management segment is expected to drive the maximum of the total market revenues in 2020. This also expects to maintain its dominance during the forecast period.
The security & compliance management segment holds the fastest growth during the forecast period. The reason behind adapting huge scale in security and compliance is the data protection, delivering robust data, able to meet the needs of compliance and enhancing integration of the organization.
Based on deployment, public cloud migration to dominate the market in forecast period
Public cloud migration services is expected to grow at the highest rate during the forecast period. Hybrid cloud is projected as one of the most significant segments. The global cloud migration services market is segmented into public, private, and hybrid. In 2020, public cloud deployment segment accounted for the largest market share in the global market.
Based on Industry vertical, IT and manufacturing industry are expected to grow during forecast period
IT sector compute about 30% of total budget to the cloud migration. Researchers also agreed that a multi-cloud architecture will help in application performance with 62%, meeting regulatory needs which contribute about 43%, and reducing costs with 40%. Over, $2 million and $3 million are spend by many government agencies every year.
In this pandemic situation, health industry has been one of the most fastest growing and shifting industry towards the cloud migration technology. This will increase its exposure to new vulnerabilities, especially if the migration is not done properly.
Based on geographical region, North America is expected to dominate the market during Forecast period.
North America stood to have highest share in 2020 with creating nearly about 30% of the global cloud migration services market. 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. However, Asia-pacific is expected to reach a higher CAGR than other regions during the forecast period.
The report also provides in-depth analysis of cloud migration services market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Cloud Migration Services Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Due to restrictions on movement and lockdown, many IT sectors and industry remained closed. This affected to services across all industries. This has affected businesses operating with IT-system and man power. Due to this many organizations have decided to move and adopt cloud migration services. Microsoft has mentioned that post-pandemic, after, there was 77% increase in demand for cloud migration services. Many industries adopted software tools and migrated to cloud in order to store and maintain their services and data. Covid-19 has positively impacted cloud migration services market.
The report also provides an in-depth analysis of key trends in the cloud migration services market
|1||Post-covid, many companies migrated to cloud services due to the increasing importance of data management and ease of technology working||Positive|
|2||Increase in development in innovative techniques and demand for cloud migration services drives the growth of cloud migration services market||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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