The Cloud Migration Services Market is becoming popular among SMEs as well as giant enterprises owing to verify that it recommends a commercial alternative and business dexterity.
The study found that several service providers are initiating new recompense schemes, such as the “pay-as-you-go” model, to encourage cloud migration services among SMEs. These characteristics are proposed to considerably motivate the development of the global Cloud Migration Services Market in the future.
The global Cloud Migration Services Market 2020 is poised to reach about $8 billion by 2023, according to the report by Market Research Future. The report also states that the market is set to grow at a rate of ~22% during the forecast period (2016-2023).
The Cloud Migration Services Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Cloud Migration Services Market highlights the future prediction and the growth alternatives that can be created.
Top market Players
The leading market players in the global Cloud Migration Services Market are listed as HCL Technologies (India), Tech Mahindra (India), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Dell (U.S.), Amazon Web Services Inc. (U.S.), Wipro Ltd. (India), Accenture PLC (Republic of Ireland), Vmware Inc. (U.S.), NTT DATA Inc. (Japan), and others.
Segmentation of Market
Services, deployment, organization size, applications, and industries are the main segments upon which the study of the Cloud Migration Services Market has been conducted.
The services segment has included managed services and professional service. Among these, the professional services are also sub-segmented into support & maintenance, automation & integration, training & consulting, disaster recovery, and others.
Based on the deployment segment, it has included private, public, and hybrid.
As per the organization size segment, the market has included SMEs and large enterprises.
The applications segment has included security and compliance management, infrastructure management, project management, workforce management, and others.
In the last, the industry segment has included IT & telecommunication, manufacturing, government, and others.
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Top Impacting Factors
Rise in investment in infrastructure migration to boost business process with automation, and rise in awareness about business continuity & ROI realization by cloud migration are some essential factors driving the growth of the global Cloud Migration Services Market. In fact, some businesses around the globe are observing positive revenue impact owing to digitization, which is known to propel the demand for cloud migration services in the future. Besides, the need for reduction of capital expenditure is also boosting the market growth.
Some of the giant companies such as International Business Machines Corporation, Tech Mahindra, Microsoft Corporation, HCL Technologies, Dell, are some of the leading providers of cloud migration services solutions in the global market. IT-as-a-service solution is attaining popularity, which is boosting the market growth to a large extent. In an IT-as-a-service solution, the private and hybrid cloud is extensively used among organizations.
In spite of these factors, legacy application compatibility issues and vendor lock-in are some of the significant barriers to Cloud Migration Services Market and its growth. Also, several enterprises are averse to transfer to the cloud as they relate cloud migration services with growth in expenses relating to access data centers. These are also some crucial factors that could hold back growth prospectus for the global Covid-19 Impact on Cloud Migration Services Market in the forecast period.
The global Cloud Migration Services Market is spanned across regions of Asia Pacific, Europe, North America, and the Rest of the World.
Among these regions, North America is the leading region as it has a massive demand for cloud services owing to the rising adoption of artificial intelligence. This is boosting the market augmentation to a great extent.
In Europe, the market expansion for cloud migration services is also expanding at a considerable speed with considerable growth owing to technological upgrades in cloud computing. This is propelling market growth.
Whereas, the region of Asia Pacific is also considered as one of the fastest emerging markets for cloud migration services, mainly in countries of Japan, China, and India. In these countries, the market is gaining the maximum momentum owing to the increasing penetration of IT services. Thus, the region will grow with the highest CAGR in the coming years.