Cloud Migration Services Market Revenue to Touch USD 515.83 Billion at 24.8% CAGR | Major Companies, Strategies and New Trends

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, surge in cloud expenditure and requirement for lower CAPEX and OPEX create new opportunities in the coming years.

According to the report, 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.

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Agility in development projects in the major factor expected to drive the growth of the global cloud migration services market, as it provides a platform to merge all business processes and application on a single cloud platform. Rise in cloud computing trend among various industry verticals is further expected to drive the market growth. Smart & user-friendly interfaces, ease of access, time-saving features, enhanced security, and qualitative outputs have compelled traditional organizations to shift focus toward migrating to cloud services.

Where cloud adoption is simplifying an existing infrastructure, migration services are elevating business performance due to various benefits such as agile deployment, secure & storage management, low total cost ownership, utility-based sharing models, and high-level computing. Cloud migration service providers require expertise who will help their clients to deliver superior customer experience and data analytics applications, which, in turn, is driving the growth of the cloud migration services market.

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Cloud migration services are provided on the basis of managed and professional. Among these, managed services such as infrastructure-as-a-service (IaaS), software-as-a-service (SaaS), platform-as-a-service (PaaS) have gained high adoption in the global market.

Covid-19 Scenario

➢ The Covid-19 pandemic presented an urgent need to adopt 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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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 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.

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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.

Leading Market Players:

➢ 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.
➢ VMware Inc.

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