Press release
Cloud Migration Services Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 | Key players - Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology, Google LLC, IBM Corporation, Microsoft Corporation, NTT DATA Corporation, Racks
Rise in cloud-first initiatives and increase in focus toward cloud strategy road map among organizations across the globe are major factors that drive the growth of the global market. Moreover, North America exhibited high revenue growth in 2019; however, the Asia-Pacific market is anticipated to register the highest CAGR during the forecast period.
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The global cloud migration services market generated $88.46 billion in 2019, and is estimated to reach $515.83 billion by 2027, witnessing a CAGR of 24.8% from 2020 to 2027.
Some of the key market players profiled in the cloud migration services market analysis include Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology, Google LLC, IBM Corporation, Microsoft Corporation, NTT DATA Corporation, Rackspace Hosting Inc., RiverMeadow Software, Inc., and Vmware Inc. Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply–demand gap. With increase in cloud storage initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based products.
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Based on region, Europe, followed by North America, contributed to the largest share based on revenue, accounting for nearly two-fifths of the global cloud migration services market share in 2019, and will continue its lead throughout the forecast period. This is due to high adoption of public IaaS, private IaaS, and hybrid IaaS. However, Asia-Pacific is expected to witness the highest CAGR of 28.2% from 2020 to 2027, owing to the trend of digitalization in businesses in some of the Asian nations.
Based on service type, the managed services segment held nearly three-fifths of the total share of the global cloud migration services market in 2019, and is estimated to maintain its lead position in terms of revenue during the forecast period. This is due to adoption by many industries with the presence of software multitenancy. However, the professional services segment is expected to witness the largest CAGR of 25.9% from 2020 to 2027, owing to integration of innovative software platforms that provide more efficiency and eliminate technological limitations of the existing platforms.
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Based on application, the infrastructure management segment accounted for the highest market share, accounting for nearly two-fifths of the total share of the global cloud migration services market in 2019, and is projected to maintain its dominant share during the forecast period. This is attributed to increase in digitization initiatives in developing countries. However, the security & compliance management segment is expected to maintain the highest CAGR of 29.3% from 2020 to 2027. This is due to its assistance to companies in adhering to the latest government regulations.
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