Cloud Migration Services Market 2019 Estimated to Rise Profitably with CAGR 10.54% BY 2023 | Global Key Players (Cognizant Technology Solutions, Tech Mahindra, Accenture, Amazon Web Services, Microsoft, Google, Wsm International)

The global cloud migration service market was valued at USD 3.10 billion in 2017 and is expected to reach a value of USD 9.98 billion by 2023 at a CAGR of 21.50% over the forecast period of 2018u20132023. Reducing operational costs, while increasing IT effectiveness, increasing dependence on cloud, and a growing number of initiatives for BYOD by multiple organizations, is set to boost the growth of the global cloud migration services market.

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A large number of enterprises from various industries have started appreciating and adopting advanced technologies. One of the most popular trends amongst these are industries migrating to cloud. Cloud computing encourages enterprises to serve their clients via the internet while offering a flexible and cost-friendly alternative. However, before migrating to cloud, enterprises need to thoroughly analyze and understand the different aspects of cloud migration, such as financial, security, and technical aspects.

Key Developments in the Market
• November 2017: IBM acquired Vivant Digital Business to address the growing needs of clients seeking transformation through digital reinvention.
• November 2017: Cisco and INTERPOL agreed to share threat intelligence as a first step in fighting cyber crimes jointly. This alliance is expected to witness two organizations develop a coordinated and focused approach towards sharing data.

The major players include –
COGNIZANT TECHNOLOGY SOLUTIONS CORP., TECH MAHINDRA, ACCENTURE PLC, AMAZON WEB SERVICES, MICROSOFT CORPORATION, GOOGLE, INC., CISCO SYSTEMS, INC., WSM INTERNATIONAL LLC, COMPUTER SCIENCES CORPORATION, RACKSPACE HOSTING, INC., RIGHTSCALE, INC., NTT DATA CORPORATION, VMWARE, INC., IBM CORPORATION, NINTEC SYSTEMS LTD, and EVOLVE IP, amongst others.

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Growing Number of Initiatives for BYOD
BYOD is having a significant impact on the enterprises as they realize the advantages in terms of cost saving, productivity, and flexibility. A survey by Cisco reported that 69% of the IT decision makers favor BYOD as an optimistic addition to workplace policy as it saves workers time. Mobile workers account for nearly 90% of the workforce in the United States alone. It offers improved productivity and collaboration by tying geographically distributed offices together, integrates and streamlines communications. With the increasingly creative approaches of businesses towards improving workplace satisfaction and productivity, BYOD helps the employees feel balanced while embracing the technology. According to IBM, more than 80% of the employee’s feel smart-phones will become an integral part of the workplace in the future. This inclination of employees and companies towards BYOD is leading to the growth of the market as it requires cloud migration services.

Professional Services Leads The Market
Migration consulting service providers distinguish between workloads eligible for migration onto a cloud environment, indirectly, saving on resources and expenses before migrating the complete workload. Training services strive to offer various educational programs to mitigate knowledge gaps. The support, training, and maintenance services segment provide customer support abilities to industry verticals in the case of security threats and privacy breaches. As the demand for data security increases, the dependence on cloud also increases, indirectly boosting the growth of the global cloud migration services market.

Asia-Pacific to be the Major Contributor
Cloud migrations services market in the Asia-Pacific is expected to witness rapid growth, owing to the increasing number of SMEs in these region and growing penetration of advanced technologies. The technological development and increasing adoption rate in countries, such as India, China, and South Korea help in the growth of the cloud migration services market in Asia-Pacific. China and India are expected to play a prominent role in the technology, while Japan is expected to see improving penetration over the forecast period.

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