Cloud Migration Market Expanding Worldwide with Top Players Future Business Scope and Investment Analysis Report to 2026

Global Cloud Migration Market report provides an in-depth analysis of the COVID-19 impact, key player’s strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. The Market report focus to provide extensive information on industry with market overview, key trends and business plans for Cloud Migration market.

The Global Cloud Migration Market was valued at USD 119.13 billion in 2020 and is expected to reach USD 448.34 billion by 2026, at a CAGR of 28.89% over the forecast period 2021 - 2026.

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The Top Key Players in the Global Cloud Migration Market are like AWS, Openstack, IBM, DXC, Zerto, Virtustream, Google, Informatica, NTT Data, Microsoft, WSM, Cisco, Rackspace, Rivermeadow, Vmware and Others.

Industry News:

- February 2020 - Amazon Web Services, Inc. announced that 3M Company is shifting its enterprise IT infrastructure to AWS. As part of its IT transformation initiative, 3M is migrating its enterprise resource planning (ERP) system, including accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce business-critical enterprise IT applications, to the world's leading cloud. 3M will upgrade its infrastructure and drive operational efficiencies across its global operations using AWS's proven global infrastructure and breadth and depth of services.

- April 2020 - As businesses increasingly embrace a hybrid and multi-cloud strategy to gain agility, scalability, and flexibility, Cisco is integrating its SD-WAN Cloud Hub with Google Cloud to give enterprises full WAN application integration with cloud workloads. The partners claim their platform will enable businesses to optimize application stacks by distributing application components to their best locations.

Key Market Trends:

BFSI is Expected to Witness Significant Growth

- Banking and Financial organizations are also accelerating the migration toward cloud solutions owing to the benefits such as flexibility, agility, and integration of emerging technologies and the FinTech ecosystems. Cloud solutions are helping banks to cut down expenses by slashing infrastructure costs significantly. Owing to this, many vendors are providing IaaS and PaaS applications to eliminate the need to manage to host, maintaining, updating, and scaling service operations targeted towards the BFSI sectors. Banks are widely recognizing that a cloud infrastructure can help them pursue sweeping modernization initiatives, including operational and customer-facing programs supported by AI, block chain, and software containers.

- Bank of America commented on how Microsoft was going to be the part of its strategy, to migrate 80% of its technology workloads to virtual platforms, furthering its push to be a digital leader in financial services. BoA announced to allocate more of its USD 3 billion annual computing infrastructure budget to the public cloud, following a rapid improvement in security technology. This is expected to impact the market's growth significantly over the forecast period. Furthermore, HSBC noted their close partnership with Google to secure a safe route to the cloud that would ensure future seamless migrations. HSBC is aiming for the cloud-first approach to data analytics and machine learning (MI).

- Banks that are tending to outperform their peers, in both revenue and operational efficiency, are 88 percent more likely to have incorporated hybrid cloud into their overall business strategy, according to a survey from the IBM Institute of Business Value (IBV). Banks are also finding hybrid clouds key to remaining competitive in the face of digitally-driven financial upstarts. In a separate IBV study, more than 60 percent of global banking executives surveyed see competition coming from new and unexpected places, and nearly 60 percent of them said the boundaries between traditional banks and new financial service providers are blurring.

- In January 2020, Broadridge Financial Solutions announced an agreement with IBM to bring new cloud-based solutions to Broadridge's clients in the financial services industry. Banco Sabadell, a large Spanish private banking group, also announced a 10-year services agreement that includes the strategic evolution of its business model with IBM public cloud capabilities. In parallel with that announcement, TSB, the British affiliate of Banco Sabadell said it would work with IBM to adopt a private and hybrid cloud strategy.

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Top Line Market Forecast:

Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2016 to 2020 historically and from 2021 to 2026 forecast, it also includes the impact of Post-Covid-19 both on the short- and long-term prospects of the industry.

North America is Expected to Hold Major Share

- In terms of adoption for cloud migration, North America is among the leading innovators and pioneers and holds the largest share in the market. The region also has a strong foothold of cloud migration vendors, which adds to its growth. Some companies include IBM Corporation, Microsoft Corporation, Amazon Web Services Inc., Cisco Systems Inc., Cognizant Technology Solutions Corporation, and Google Inc., among others.

- According to the survey by IBM in 2019, 95% of the businesses in North America have migrated their critical applications and IT infrastructure to the cloud over the past year. Additionally, over 80% of firms in the region have mentioned seeking cloud migration for some of their applications next year. The advanced industrial landscape in the North America region has led to the widespread incorporation of AI on numerous operational levels, leading to a growing need for cloud migration. Additionally, BYOD has a substantial impact on the enterprises, as they realize the advantages of cost-saving, productivity, and flexibility.

This Cloud Migration Market report addresses:

The Market size from 2016-2020
Expected market growth until 2026
Forecast of how market drivers, restraints, and future opportunities will affect
Segment and regions that will drive or lead market growth and why
Comprehensive mapping of the competitive landscape
In-depth analysis of key sustainability strategies adopted by market place

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- Post Covid-19 Analysis

All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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