Cloud Migration Services: A Comprehensive Market Report on Strategies, Growth, and Key Players 2027

According to a recent report published by Allied Market Research, the cloud migration services market size was valued at $88.46 billion in 2019, and is projected to reach $515.83 billion by 2027, growing at a CAGR of 24.8% from 2020 to 2027.

Cloud migration encompasses a series of procedures designed to assist end users in transferring their business operations, processes, and applications to cloud infrastructure or a cloud computing environment. Primarily, migration involves the transition from traditional IT infrastructure to the public cloud. Certain industries, such as BFSI and healthcare, often opt for private or hybrid cloud migration solutions due to the enhanced security features they offer.

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Outdated and unreliable legacy infrastructure can contribute to storage issues, prompting many businesses to adopt cloud migration services for improved growth and agility. As a result, the market for cloud migration services is anticipated to experience significant growth in the coming years. Key players in the cloud migration services domain include AWS (Amazon Web Services) and Microsoft Azure, which dominate the market.

Rise in cloud-first initiatives and increase in focus toward cloud strategy road map among organizations across the globe are major factors that drive the growth of the global market. Moreover, North America exhibited high revenue growth in 2019; however, the Asia-Pacific market is anticipated to register the highest CAGR during the forecast period.

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Depending on deployment mode, the cloud migration services market is bifurcated into public cloud, private cloud, and hybrid cloud. The public cloud segment dominated the market in 2019, in terms of revenue share, as it is the most accepted deployment mode due to ease of access and low costs. The private cloud is expected to grow at the highest CAGR, as private organizations are deploying cloud services for asset building.

Cloud migration services are provided based on managed and professional. Among these, managed services such as infrastructure-as-a-service (IaaS), software-as-a-service (SaaS), and platform-as-a-service (PaaS) have gained high adoption in the global market. These services have increased the application availability with third-party cloud tools for hassle-free migration processes. Various components can be migrated to cloud, for example, software to be migrated to cloud uses SaaS services, whereas, applications, packages, or platforms use PaaS services. Major advantages of cloud migration services include acquisition and diversities of services they offer. The aforementioned are factors expected to drive the growth of global cloud migration services market during the forecast period.

The Asia-Pacific region has witnessed significant growth in the recent years. This is attributed to factors such as proliferation of cloud technology and increase in number of data centers in this region. Countries such as China and India contribute significantly in growth of cloud migration services market, due to favorable government initiates such as the Government of India has embarked upon an ambitious initiative, "GI Cloud," which has been named as "MeghRaj."

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Though COVID-19 crisis continues to disrupt many industries, it has opened opportunities for high adoption of digital transformation approaches among which cloud-based services have gained high importance and adoption. When state and country-wide lockdowns initiated at the beginning of 2020, both employee and customer engagement & experience became major factor to drive the global cloud migration services market. Many businesses encouraged and adopted 'work from home' policy for employee safety that further increased the demand for cloud technology as it offered cloud-based application, data, storage, and flexible computing power capabilities which in turn also supported the market growth in 2020.

Some of the key market players profiled in the cloud migration services market analysis include Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology, Google LLC, IBM Corporation, Microsoft Corporation, NTT DATA Corporation, Rackspace Hosting Inc., RiverMeadow Software, Inc., and Vmware Inc. Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply-demand gap. With increase in cloud storage initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based products.

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