With 24.78% CAGR, Cloud Migration Services Market Growth to Surpass US$ 638.0 Billion Till 2028

IMARC Group, a leading market research company, has recently releases report titled "Cloud Migration Services Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Report Highlights

How big is the Cloud Migration Services Market?

The global cloud migration services market size reached US$ 169.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 638.0 Billion by 2028, exhibiting a growth rate (CAGR) of 24.78% during 2023-2028.

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What is Cloud Migration Services?

Cloud migration services enable organizations to deploy digital assets, services, IT resources and applications to the cloud. It is a set of processes that help end-users move their business operation, processes, and applications on cloud infrastructure or cloud computing environment. It also consists of detailed process descriptions and continuous integration and deployment pipeline designs for quick development. Cloud migration services combine various research and innovation with the complete lifecycle of cloud-ready solutions as a way of providing accelerated time-to-market (TTM), enhancing operational processes, accelerating the digital transformation process, and reducing IT operating costs.

What are the growth prospects and trends in the cloud migration services industry?

The market is primarily driven by the rising penetration of cloud computing across various organizations. Cloud migration services enable end-users to gain operational and economic benefits of cloud computing through multiple automation tools such as automated backup and recovery, auto-scaling, and auto-provisioning. Nowadays, various industries, such as BFSI, healthcare and education, are employing private or hybrid cloud migration solutions to provide a high-end security framework.

It also upgrades the entire business operation and promotes growth and agility. Besides this, the market is propelled by the real-time experience, business elements, and accessibility to on-premise data that aid in setting up several business units in minimal time. Furthermore, the recent outbreak of the coronavirus disease (COVID-19) pandemic has resulted in the digitization of key business processes using the cloud, which is fueling the market growth. 

Who are the key players operating in the industry?

The report covers the major market players including: 

Amazon Web Services Inc. (Amazon.com Inc)
Cisco Systems Inc.
DXC Technology Company
Flexera, Google LLC (Alphabet Inc.)
International Business Machines Corporation
Microsoft Corporation
Nippon Telegraph and Telephone Corporation
Oracle Corporation
Rackspace Technology Inc. 
VMware Inc. (Dell Technologies Inc.).

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Service Type:

Managed Services
Professional Services 

Breakup by Enterprise Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Deployment Mode:

Public Cloud
Private Cloud
Hybrid Cloud 

Breakup by Application:

Project Management
Infrastructure Management
Security and Compliance Management
Others

Breakup by Industry Vertical:

BFSI
Manufacturing
Healthcare and Life Sciences
IT and Telecommunications
Consumer Goods and Retail
Government and Public Sector
Media and Entertainment
Others

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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This release was published on openPR.