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.
The Global Migration Services Market Definition:
The migration services (in reference- cloud migration services) refers to the process of moving company’s valuable assets such as data, IT resources, applications and workloads to the cloud that is moving the assets from on-premises to the cloud or from one cloud services to the other. Businesses migrate to cloud owing to varied benefits associated with cloud computing, one such major reason is access to limitless virtual computer services provided by cloud computing.
The Global Migration Services Market Dynamics:
The global migration services market is accounted to hold the largest market size in the year 2020 and is expected to continue the growth during the forecast period. The growing adoption of cloud computing has been driven by increased investment by small and medium-sized enterprises (SMEs) over the past decade. Many organizations worldwide are already moving to cloud platforms to take benefits of its features. Recent cloud adoption is an important consideration in IT cost reduction strategies. According to a report released by telecommunications company CenturyLink, cloud computing technology is expected to generate USD 411 billion in revenue by 2020.
Hosting applications and data in an effective IT environment that depends upon factors such as performance, security, and cost is a common advantage or goal of the cloud migration process. Companies have to identify the right cloud scenario among the four, a public cloud, which provides access to compute resources through dedicated connections or the internet; a private cloud, which uses a proprietary architecture and keeps data within the data center. Hybrid cloud combines a private cloud model and a public cloud model to transfer data between the two or multi-cloud enterprises use Infrastructure-as-a-service (IaaS) options from multiple public cloud providers. Deploying applications to the cloud is often seen as the most logical measure for growth, as it eventually frees corporate IT teams from the uptime management load.
The Global Migration Services Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the migration services market are:
The unique insight provided by this report also includes the following:
Based on end user industry, the BFSI segment is expanding at a significant growth rate during the period 2021-2027 owing to increased demand from BFSI to shift to cloud
The banking, financial services, and insurance sector based on end user applications is expected to dominate the global migration services market cloud solutions help banks cut costs by significantly reducing infrastructure costs. As a result, several vendors offer IaaS and PaaS applications to avoid the necessity for management of host maintenance, upgrades, and scaling of service operations targeting the BFSI sector. For instance, in January 2020, Broadridge Financial Solutions signed a contract with IBM to provide Broadridge customers in the financial services industry with new cloud-based solutions. Banco Sabadell, IBM, a privately held large-sized banking group in Spain, has announced a 10-year service agreement that includes strategic development of its business model in the capabilities of the public cloud.
Based on regions, the migration services market in North America accounted for the largest share in 2020 owing to extensive presence of major players coupled with well-developed technological infrastructure, followed by Asia Pacific and Europe
North America is expected to dominate the cloud migration services market with the highest market share during the forecast period. In North America, large companies are most likely to adopt cloud migration services by implementing better technical expertise and the latest technology.
According to a 2019 IBM study, over 95% of North American businesses have migrated their critical applications and IT infrastructure to the cloud in the preceding year. Additionally, more than 80% of businesses in the region said they are looking to transition some applications to the cloud in the next year. North America's high-end industrial landscape is driving the need for cloud transformation to include AI widely at various operational levels. BYOD also has a significant impact on businesses to realize the benefits of cost savings, productivity, and flexibility.
Europe is slowly evolving towards moving workloads to cloud environments to process data faster and gain faster business insights. APAC, MEA, and Latin America record significant growth with cloud migration services as many large companies are expected to take advantage of significant growth opportunities to expand migration services market in the region. SMEs in the region are also realizing the benefits of cloud computing and leading business outcomes, migrating solutions to improve efficiency and productivity to the cloud.
The report also provides an in-depth analysis of migration services market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the Migration Services Market Analysis
The impact of COVID-19 has greatly affected the migration services market. The on-going outbreak of COVID-19 across the world is causing major restrictions on businesses with in-house IT systems running. Several CXOs are being forced to accelerate the digital tools and technologies owing to which cloud migration is witnessing significant growth. As a result, most of these organizations choose to move quickly to the cloud. According to Microsoft, post-pandemic the company is expected to witness over a 775% increase in demand for cloud services. In 2018, Bunnyshell raised USD 1 million in funding, announced a free cloud transition for start-ups’ suffering from the COVID-19 pandemic. This is one of the strong marketing strategies being adopted by emerging companies in the migration services market to take advantage of the telecommuting mode that many companies around the world continue to practice.
The report also provides in-depth analysis of key trends in migration services market
|1||Increasing demand for cloud migration for business continuity from large-sized and medium-sized enterprises is propelling the migration services market growth||Positive|
|2||In various organizations around the world, low CAPEX and OPEX preferences are expected to drive migration services market growth||Positive|
|3||The impact of covid-19 outbreak on businesses operating with on-premise IT systems and thus shifting to cloud services is driving the global migration services market growth||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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