Global Cloud Migration Services Market Is Expected To Grow At CAGR Of 24.6% In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 24.6 %
Cloud migration services are growing in popularity as the banking, financial services, and insurance (BFSI) industry undergoes rapid digital change. As the financial sector's demand for transparency and remote access grows, big corporations are turning to cloud migration services to modernise their business models and customer experiences, moving the industry forward.
Furthermore, the cost-effectiveness of cloud migration is raising the demand for more innovation and collaboration in the sector, which is boosting industrial growth even more.
The development of modern cloud storage with better security and optimal architecture is spurring the adoption of cloud migration services, propelling the industry forward. Furthermore, the emergence of fintech, which heavily relies on technology, is driving up demand for cloud migration services, boosting market growth.
This trend was intensified by the COVID-19 crisis, which resulted in an increase in cloud services as a result of extended lockdowns, stay-at-home orders, and the growing digitisation of numerous financial institutions. This is predicted to increase further as the adoption of digital tools and online banking grows, boosting the cloud migration services industry's growth over the projection period.
Cloud migration services are the services that businesses use to digitally modernise their operations. They offer tools and resources to help with the transfer of databases to cloud computing. They improve cost-effectiveness, flexibility, and productivity in the long run for a variety of organisations, which is why they are becoming more widely employed.
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Based on services, the market covers:
• Managed Services
• Professional Services
Based on deployment mode, the market is segmented into:
• Public Cloud
• Private Cloud
• Hybrid Cloud
Based on application segments, the market is divided into:
• Project Management
• Infrastructure Management
• Security and Compliance Management
Based on organisation size, the market is classified into:
• Large Enterprises
• Small and Medium Enterprises
Based on industry verticals, the market is burificated into:
• Banking, Financial Services and Insurance (BFSI)
• Healthcare and Life Sciences
• IT and Telecommunications
• Consumer Goods and Retail
• Government and Public Sector
• Media and Entertainment
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
The market is being boosted by the introduction of numerous government efforts to promote cloud computing in order to improve database transparency and accessibility. The growing demand for Cloud First policies, which are being implemented by many governments, such as the Indian Ministry of Electronics and Information Technology, to build new capabilities for effective transition, is fueling the expansion of the cloud migration services business.
Furthermore, government and public organisations are increasingly opting for multi-cloud offers to avoid the risk of data loss due to cloud technical problems, driving up demand for cloud migration services.
The growing use of sustainable ways in various businesses is driving up demand for cloud storage, as it minimises energy waste and carbon footprint, resulting in a surge in cloud migration services usage. Various firms are progressively adopting cloud computing as remote work becomes the new norm. As a result, the demand for cloud migration services is expanding, propelling the market forward.
The widespread adoption of cloud computing by businesses is likely to raise the demand for third-party vendors to address cloud-related issues and manage cloud infrastructure. This is expected to increase the need for cloud migration services, boosting the industry's growth.
Key Market Players
The major players in the market are Amazon Web Services Inc, Cisco Systems Inc, DXC Technology Co, Google LLC, International Business Machines Corporation, among others.
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