Cloud Migration Services Market Size, Share & Industry Analysis, By Service Type (Application Hosting and Monitoring, Automation and Integration, DevOps, Professional Service), By Application ( Project Management, Infrastructure Management), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Enterprise Size (Large Enterprises, (SMEs)) By Industry and regional Forecast, 2024-2032

The cloud migration services market is highly fragmented. The activities of market players are more focused on building unified platforms, that offer a potential portfolio of multi-cloud capabilities to drive more faster and effective cloud adoption. For instance, in June 2019 RiverMeadow Software Inc., launched new modular capabilities to facilitate partner and customer migrations within a single unified platform. The new modules include project management module, IT asset discovery, migrate module, and optimize module. Increasing demand for enhanced and unique capabilities of the integrated platforms leads to intense competition among the market players.

The cloud migration services including automation and integration, application and hosting, and DevOps among others enable the enterprises to optimize the cost, time, and risk associated with the migration of virtual, physical, and cloud-based workloads to public and private clouds. The cloud migration services enabled with advanced platform capabilities such as infrastructure-as-a-service (IaaS), software-as-a-service (SaaS), and platform-as-a-service (PaaS) is likely to provide high-cost savings, and potential migration paths based on the level of complexity, and estimated cost for migration.

According to the 2019 state of cloud report by Right Scale, a software service provider headquartered in California 91% of the organizations used public cloud and 72% used a private one for business operations. This shows that public cloud adoption is likely to show a higher growth trajectory in the coming years.

Key Market Driver -

Increasing requirement for cost-effective data storage solutions to drive market growth.

Key Market Restraint -

Inability to maintain compliance with laws and regulations on data privacy and security to retard the market growth.

Growing demand for maintaining scalability, flexibility, remote collaboration, automation of tasks, enhanced mobility, and robust data security to surge the demand for cloud migration services. Also, the widening network of connected devices has led to enormous data growth. Hence, the increasing requirement for a cost-effective data storage solution is expected to drive the adoption of cloud migration services.

The outbreak of the COVID-19 pandemic is likely to accelerate cloud adoption. Cloud technology proves to be a potential technology to address the critical application demands, and scalability of the infrastructure emerging from the end-users. In June 2020, the world bank published a digital development blog for COVID-19 which includes five takeaways including, deploying adequate digital infrastructure, developing national-level digital services and content, re-skilling, and skilling up the workforce, realigning digital economy strategies, and growth opportunities in digital services. Such initiatives are likely to drive the market growth in the coming years.

Key Players Covered:

The major companies in the global cloud migration services market report include Amazon.com, Inc.,  Cisco Systems, Inc.,   Microsoft Corporation, IBM Corporation, Alphabet Inc., DXC Technology Company, NTT DATA Corporation,  Vmware Inc.,  Rackspace Hosting Inc., RiverMeadow Software, Inc., Informatica LLC, and others.

Regional Analysis:

North America is expected to dominate the global cloud migration services market. The major share of the region can be attributed to the growing penetration of the internet and the rapid adoption of advanced technologies such as artificial intelligence and machine learning throughout the region. Europe is  anticipated to hold a significant market share followed by North America during forecast period. The advent of fifth-generation wireless technology is expected to support market growth in the region.

Asia Pacific is anticipated to exhibit a remarkable growth rate during the forecast period. India and China have made substantial progress in driving the adoption of cloud-driven technologies. In July 2020, Google announced an investment of USD 10 billion as a digitization fund to accelerate India's digital economy. This illustrates that the region is likely to demonstrate new business opportunities for cloud migration service providers.

The Middle East and Africa is likely to poses unprecedented market opportunities. The spread of novel coronavirus has forced the organizations in the region to adopt smart automated strategies to mitigate the risk of the spread of the virus. For example, in June 2020 United Nations Economic Commission for Africa (UNECA) launched the Africa communication and information platform for health and economic action (ACIP). ACIP is a mobile-based digital public communication platform that provides real-time health advice to the citizens. Such digital applications are likely to drive the cloud migration services market growth across the region.

To gain extensive insights into the market, Request for Customization

Segmentation

Cloud Migration Services Industry Developments

• In February 2020,  Smartfren, a telecom operator based in Indonesia partnered with Cisco System Inc. to create a multi-cloud architecture. The project will drive the implementation of digital services data center architecture integrated with managed services, cloud computing, and other cloud services.


• In November 2018, IBMCorporation released new automation tools to empower the businesses to accelerate the complex method of migrating upgrading applications to cloud and adopt a multi, hybrid cloud strategy to drive the business transformation.