Increased Remote Working Adoption Provides Growth Prospects to Global Electric Cloud Migration Services Market

According to the estimations put forth by Inkwood Research, the Global Cloud Migration Services Market is anticipated to register a CAGR of 26.12% in terms of revenue during the forecasting period of 2021-2028.

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Cloud migration is characterized as the process of deploying the digital assets, services, resources, or applications of an organization in the cloud. The transferred assets cannot be accessed outside of the cloud's firewall. While the types of cloud migrations conducted by an organization are numerous, transferring data and applications from an on-premises data center to the public cloud is a typical model. In addition, a cloud migration can also include moving data and applications from one cloud provider or platform to another, termed cloud-to-cloud migration.

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Increased Adoption of Remote Working to Augment Market Growth

Cloud-based solutions enable businesses to permit employees to work from home securely as well as productively. Employees can also access any on-premise and cloud environments through a single web interface, owing to the amalgamation of platforms, software, and infrastructure as a service, typically called Everything-as-a-Service (XaaS). Moreover, Cloud computing is utilized by 87% of businesses in the energy sector and 79% of organizations across the telecoms industry. The key benefit of cloud computing for remote working is that it eradicates geographical limitations that would otherwise be prevalent. Cloud collaboration platforms and solutions have further facilitated this adoption, rendering the conventional working model outdated.

Small & Medium Enterprises is the Fastest-Growing Organization Size

Small and medium-sized businesses (SMBs) or small and medium-sized enterprises (SMEs) are businesses that employ under 250 employees, recording a yearly sales turnover of not more than $100 million. Small and medium enterprises (SMEs) adopt cloud migration services since they deliver numerous advantages such as robust data security, resource optimization, and flexible storage solutions, in addition to zero downtime. SMEs are also increasingly turning to cloud migration services, driven by factors like greater efficiency, cost-effectiveness, mobility, organized and simplified cooperation, and the requirement for high connection.

Asia-Pacific to Lead the Global Market by 2028

The Asia-Pacific is anticipated to grow with the highest CAGR during the forecasted years. The market growth of the region is predominantly accredited to the migration of banks, airlines, professional service firms, and manufacturers to public cloud providers. Furthermore, governments across the Asia-Pacific have also increased their investments over the years, concentrating on the modernization of information technology (IT) infrastructure.

Companies with undifferentiated cloud services and more comprehensive product portfolios lead to robust competition within the global cloud migration services market. Such firms spend a substantial amount on augmenting their services portfolio. Furthermore, key players are also introducing new cloud services for capitalizing on new markets. Hence, the industrial rivalry is anticipated to be intense over the estimated years.

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