The latest report by IMARC Group, titled “Cloud Migration Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global cloud migration services market size reached US$ 136 Billion in 2021. Cloud migration services enable organizations to deploy digital assets, services, IT resources and applications to the cloud. It is a set of processes that help end-users move their business operation, processes, and applications on cloud infrastructure or cloud computing environment. It also consists of detailed process descriptions and continuous integration and deployment pipeline designs for quick development. Cloud migration services combine various research and innovation with the complete lifecycle of cloud-ready solutions as a way of providing accelerated time-to-market (TTM), enhancing operational processes, accelerating the digital transformation process, and reducing IT operating costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cloud Migration Services Market Trends:
The market is primarily driven by the rising penetration of cloud computing across various organizations. Cloud migration services enable end-users to gain operational and economic benefits of cloud computing through multiple automation tools such as automated backup and recovery, auto-scaling, and auto-provisioning. Nowadays, various industries, such as BFSI, healthcare and education, are employing private or hybrid cloud migration solutions to provide a high-end security framework. It also upgrades the entire business operation and promotes growth and agility. Besides this, the market is propelled by the real-time experience, business elements, and accessibility to on-premise data that aid in setting up several business units in minimal time. Furthermore, the recent outbreak of the coronavirus disease (COVID-19) pandemic has resulted in the digitization of key business processes using the cloud, which is fueling the market growth. Looking forward, the market value is expected to grow at a CAGR of 25.02% during the forecast period (2022-2027).
- Based on the service type, the market has been bifurcated into managed and professional services.
- On the basis of the enterprise size, the market has been classified into small and medium-sized, and large enterprises.
- The market has been categorized based on the deployment mode into public, private, and hybrid cloud.
- On the basis of the application, the market has been segregated into project, infrastructure, security and compliance, and other management.
- Based on the industry vertical, the market has been segmented into BFSI, manufacturing, healthcare and life sciences, IT and telecommunications, consumer goods and retail, government and public sector, media and entertainment, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Accenture PLC, Amazon Web Services, Inc. (Amazon.com Inc), Cisco Systems Inc., DXC Technology Company, Flexera Software LLC, Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, Nippon Telegraph and Telephone Corporation, Oracle Corporation, Rackspace Technology Inc., and VMware Inc. (Dell Technologies Inc.).
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