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Cloud Migration Services Market worth $29.2 billion by 2028 - Exclusive Report by MarketsandMarkets(TM)
Friday, February 23, 2024
CHICAGO, Feb. 15, 2024 /PRNewswire/ -- Trends including edge computing migration, AI-driven solutions, containerisation, and the use of hybrid and multi-cloud infrastructure will shape the cloud migration services market in the future. The evolution of services is driven by issues like regulatory compliance and the complexity of data migration; cost optimisation, DevOps integration, and ecosystem collaboration are key components of effective, safe, and compliant cloud migrations.
The Cloud Migration Services Market is projected to grow from USD 10.2 billion in 2023 to USD 29.2 billion by 2028, at a compound annual growth rate (CAGR) of 23.3% during the forecast period, according to a new report by MarketsandMarkets(TM). The Cloud Migration Services Market is expected to grow significantly during the forecast period, owing to numerous business drivers such as rising demand for better agility and automation, and seamless integration and compatibility of enterprises with the evolving landscape of cloud technology.
Browse in-depth TOC on "Cloud Migration Services Market"
219 - Tables
52 - Figures
287 - Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2028
Base year considered 2022
Forecast period
2023-2028
Forecast units
USD (Billion)
Segments Covered
Service Type, Deployment Mode, Migration Type Application, Vertical, and Region
Geographies covered
North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
Companies covered IBM (US), AWS (US), Google (US), Microsoft (US), Oracle (US), SAP (Germany), VMWare (US), Cisco (US), NTT Data (Japan),
Accenture (Ireland), Infosys (India), DXC (US), HPE (US), Veritis (US), RiverMeadow (US), Rackspace (US), Informatica
(US), WSM (US), and so on.
By service type, assessment & planning services segment to register for the largest market size during the forecast period.
By service type, assessment & planning services segment is expected to register the largest market size during the forecast period. These services align the cloud migration strategy with the business objectives of the organization. By understanding the specific goals and requirements, assessment services ensure that the migration plan is tailored to meet the unique needs of the business. Assessment and Planning Services form the foundational phase of cloud migration, providing organizations with a comprehensive understanding of their current state, aligning migration strategies with business objectives, identifying and mitigating risks, and developing a detailed roadmap for a successful transition to the cloud.
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By deployment mode, hybrid cloud to register for the highest CAGR during the forecast period.
The hybrid cloud segment of the Cloud Migration Services Market is growing rapidly. Hybrid Cloud deployment, supported by cloud migration services, provides organizations with a balanced and adaptable approach to cloud adoption. It offers the advantages of cloud scalability and innovation while allowing organizations to retain control over certain workloads and maintain compliance with specific requirements. Cloud migration services are instrumental in designing, implementing, and optimizing Hybrid Cloud solutions tailored to the unique needs of each organization.
By region, Asia Pacific accounted for highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in Cloud Migration Services Market. Companies in the region are recognizing the cost benefits associated with cloud migration. Cloud services offer a pay-as-you-go model, eliminating the need for significant upfront investments in hardware and infrastructure. Several governments across the Asia Pacific region have been promoting cloud adoption through various initiatives and policies. These efforts aim to foster innovation, improve public services, and drive economic growth.
Top Key Companies in Cloud Migration Services Market:
Some major players in the Cloud Migration Services Market include IBM (US), AWS (US), Google (US), Microsoft (US), Oracle (US), SAP (Germany), VMWare (US), Cisco (US), NTT Data (Japan), Accenture (Ireland), Infosys (India), DXC (US), HPE (US), Veritis (US), RiverMeadow (US), Rackspace (US), Informatica (US), WSM (US), and so on.
Recent Developments:
-- In November 2023, Infosys entered into a three-year strategic
collaboration agreement with AWS to accelerate cloud transformation for
financial institutions across Europe, the middle east, and Africa
(EMEA). this collaboration, under Infosys cobalt, combines AWS's
cloud-native innovation with info sys's domain knowledge, delivering
specialized cloud migration and modernization services. the aim is to
provide transformative cloud solutions, leveraging generative AI and
data analytics, industry-specific use cases, and shared toolsets for
accelerated adoption and compliance.
-- In September 2023, Oracle and Microsoft announced Oracle Database at
Azure, which gives customers direct access to Oracle database services
running on Oracle Cloud Infrastructure (OCI) and deployed in Microsoft
Azure datacenters.
-- In September 2023, Red Hat, and Oracle announced the expansion of their
alliance to offer customers a greater choice in deploying applications
on Oracle Cloud Infrastructure (OCI). As part of the expanded
collaboration, Red Hat OpenShift, the industry's leading hybrid cloud
application platform powered by Kubernetes for architecting, building,
and deploying cloud-native applications, will be supported and certified
to run on OCI.
-- In August 2023, Cisco and Nutanix partnership streamlined cloud
migration with a pre-integrated solution, leveraging SaaS-managed
infrastructure through Cisco's Intersight. This collaboration supports
flexible deployment options, ensuring compatibility with diverse server
environments and cloud choices. Nutanix Cloud Platform capabilities
provide a consistent operating model, simplified application management,
and scalability for migrated workloads. The partnership's benefits
include faster migration, reduced costs, improved management, enhanced
security, and increased scalability and agility.
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Cloud Migration Services Market Advantages:
-- Organisations can save a lot of money by moving to the cloud since they
can pay only for the resources they use, cut maintenance costs, and
minimise capital expenditures on hardware and infrastructure.
-- With the ability to adjust to shifting market conditions and business
requirements, cloud migration services enable enterprises to swiftly
roll out new services and apps and meet changing client requests.
-- Because cloud migration offers centralised access to data and apps, it
makes it easier for geographically distributed teams to collaborate and
increase productivity.
-- By providing built-in high availability and disaster recovery features,
cloud migration services minimise downtime and data loss in the case of
disruptions or disasters, ensuring company continuity.
-- By shifting infrastructure management and maintenance to cloud service
providers, cloud migration streamlines IT management and frees up
internal resources for strategic projects and core company operations.
-- Through optimised energy usage and resource utilisation in cloud
environments, cloud migration reduces the carbon footprint associated
with on-premises data centres, hence contributing to environmental
sustainability.
Report Objectives
-- To define, describe, and predict the Cloud Migration Services Market by
offering (service type, and deployment mode), migration type,
application, vertical and region
-- To provide detailed information related to major factors (drivers,
restraints, opportunities, and industry-specific challenges) influencing
the market growth
-- To analyze the micro markets with respect to individual growth trends,
prospects, and their contribution to the total market
-- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the Cloud Migration Services
Market
-- To analyze opportunities in the market and provide details of the
competitive landscape for stakeholders and market leaders
-- To forecast the market size of segments for five main regions: North
America, Europe, Asia Pacific, Middle East & Africa, and Latin America
-- To profile key players and comprehensively analyze their market rankings
and core competencies
-- To analyze competitive developments, such as partnerships, new product
launches, and mergers and acquisitions, in the Cloud Migration Services
Market
-- To analyze the impact of recession across all the regions across the
Cloud Migration Services Market
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SOURCE MarketsandMarkets
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