Cloud Migration Services Market is Expected to Reach USD 515.83 Billion by 2027 | Top Players Such as - Rackspace Hosting, RiverMeadow and Vmware

According to the report published by Allied Market Research, The Cloud Migration Services Market is Expected to Reach USD 515.83 Billion by 2027 | Top Players Such as - Rackspace Hosting, RiverMeadow and Vmware. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rise in need for business agility & automation, ease in deployment of applications with pay-as-you-go model, and surge in demand for cloud migration in business continuity drive the growth of the global cloud migration services market. However, vendor lock-in and enterprise application's cloud compatibility & cloud interoperability restrain the market growth. On the other hand, the surge in cloud expenditure and requirement for lower CAPEX and OPEX create new opportunities in the coming years.

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The cloud migration services market size was valued at USD 88.46 billion in 2019, and is projected to reach USD 515.83 billion by 2027, growing at a CAGR of 24.8% from 2020 to 2027.

The global cloud migration services market is segmented into service type, application, organization size, deployment mode, industry vertical, and region. Depending on the service type, the market is bifurcated into managed services and professional services. The applications covered in the study include project management, infrastructure management, security & compliance management, and others. By organization size, the market is segregated into large enterprises and small- & medium-sized enterprises (SMEs). The deployment model segment is fragmented into public cloud, private cloud, and hybrid cloud. On the basis of industry vertical, the market is differentiated into BFSI, manufacturing, healthcare & life sciences, IT & telecommunications, consumer goods & retail, government & public sector, media & entertainment, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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 an 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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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.

The players operating in the cloud migration services market analysis include Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology, Google LLC, International Business Machines Corporation (IBM), Microsoft Corporation, NTT DATA Corporation, Rackspace Hosting Inc., RiverMeadow Software, Inc., and VMware Inc. These major players have adopted various key development strategies such as business expansion and new product launch, which help drive the growth of the global cloud migration services market.

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Covid-19 Scenario

● The Covid-19 pandemic presented an urgent need to adopt an agile business continuity plan amid lockdown, and cloud adoption has become "a new normal" for enterprises for seamless execution of "work from home" strategy.

● Realizing the benefits including reduced cost, improved efficiency, and convenience, organizations from healthcare and IT & telecommunications sectors have adopted a tactical approach rather than a strategic one.

● For organizations that migrated to the cloud amid the lockdown imposed to curb the spread of coronavirus, disruptions in the hardware supply chain presented challenges in new installation and maintenance activities.

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