Cloud Migration Services Market Business Opportunities, Latest Innovations, Top Players and Forecast by 2030
Market Scenario:
The
global Cloud Migration Services
Market will
touch USD 8 billion at a 22% CAGR in the forecast period 2017- 2023, as per the
new Market Research Future (MRFR) analysis. The cloud migration service is a
movement of applications, business processes, and infrastructure to the
cloud.
Various
factors are fuelling the global cloud migration services market growth. As per
the recent MRFR market estimates, such factors include the growing need for
cloud services among IT and telecommunication industries, increasing
penetration of machine learning and artificial intelligence, increasing use
during COVID-19 pandemic, security, agility, flexibility, and lower costs,
growing need for automation and business agility, and growing demand for cloud
migration in business continuity. The additional factors adding market growth
include ease in deployment of applications with pay-as-you-go model, need for
lower OPEX and CAPEX, and increase in cloud expenditure.
In
a nutshell, COVID-19 impact on managed services has been fruitful, with the
market growth enhanced than before. Given the prevalent lockdown situation,
managed services vendors are now investing heavily in remote-centric worker
solutions, which can make the market highly resilient in the coming years, even
as the world is currently rushing to achieve a COVID-19 breakthrough.
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Segmentation:
The
MRFR report throws light on an inclusive segmental analysis of the global cloud
migration services market based on industries, applications, organization size,
deployment, and services.
By
services, the cloud migration services market is segmented into professional
service & managed services. The professional services is again bifurcated
into training and consulting, disaster recovery, support and maintenance,
automation and integration, and others. Of these, automation and integration
will lead the market over the forecast period.
By
deployment, the cloud migration services market is segmented into hybrid,
private, and public.
By
organization size, the global cloud migration services market is segmented into
large enterprises and SMEs.
By
applications, the global cloud migration services market is segmented into
project management, workforce management, security and compliance management,
infrastructure management, and others. Of these, security and compliance will
dominate the market over the forecast period.
By
industries, the global cloud migration services market is segmented into
manufacturing, IT and telecommunication, government, and others.
Competitive Outlook:
The
notable players profiled in the cloud migration services market report include
Amazon Web Services Inc. (U.S.), Vmware, Inc. (U.S.), NTT DATA, Inc. (Japan),
Wipro Ltd. (India), Accenture PLC (Republic of Ireland), HCL Technologies
(India), IBM Corporation (U.S.), Dell (U.S.), Tech Mahindra (India), and
Microsoft Corporation (U.S.), among others.
The
global cloud migration services market is highly fragmented and competitive in
nature with the presence of several well-established domestic and international
players. These industry players have used several strategies to stay ahead such
as mergers and acquisitions, partnerships, collaborations, geographic
expansions, and others. Further, they are also investing in research and
development activities to cater to the burgeoning needs of the customers.
Regional Analysis:
By
region, the cloud migration services market covers the recent trends and growth
opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of
the World (RoW). Of these, North America will dominate the market over the
forecast period. Increasing adoption of AI, huge demand and penetration for
cloud services including hybrid cloud, private, and public, reduction in
operation costs, enhanced security to data when stored in the cloud, and
increasing dependence on the cloud are adding to the global cloud migration
services market growth in the region.
In
Europe the global cloud migration services market is predicted to hold the second-largest
share over the forecast period. Technological upgrades in cloud computing,
advent of fifth-generation wireless technology, and high adoption of hybrid
laaS, private laaS, and public laaS are adding to the global cloud migration
services market growth in the region.
In
the APAC region, the global cloud migration services market is predicted to
grow at a fast pace over the forecast period. Increasing penetration of IT
services, increased demand for cloud computing among SMEs, growing penetration
of the internet, and rapid adoption of advanced technologies such as ML and AI
are adding to the global cloud migration services market growth in the
region.
In
RoW, the global cloud migration services market is predicted to have sound
growth over the forecast period.
Industry Updates
March
2021- Microsoft has launched programs for Azure for simplifying cloud migration
in India.
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