Press release
Seamless Transition: Cloud Migration Services Market Navigating Businesses to the Cloud
Cloud Migration Services Global Market Report 2024
The Business Research Company offers in-depth market insights through Cloud Migration Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cloud migration services market size has grown rapidly in recent years. It will grow from $197.08 billion in 2023 to $233.94 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to cost savings and operational efficiency, scalability and flexibility demands, legacy system modernization needs, security concerns and compliance, adoption of cloud-first strategies.
The cloud migration services market size is expected to see exponential growth in the next few years. It will grow to $505.85 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to accelerated digital transformation initiatives, increased focus on hybrid and multi-cloud environments, growth in edge computing, integration with devops and agile development, emphasis on data migration and management. Major trends in the forecast period include serverless computing and microservices architecture, containerization for application portability, zero trust security models for cloud environments, ai-driven automation in cloud migration, shift towards cloud-native development and architecture.
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Market Segmentation:
The cloud migration services market covered in this report is segmented -
1) By Service Type: Application Hosting And Monitoring, Automation And Integration, DevOps, Professional Service, Managed Service, Other Service Types
2) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises (SMEs)
3) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
4) By Application: Project Management, Infrastructure Management, Security And Compliance Management, Other Applications
5) By Industry: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunications, Healthcare, Manufacturing, Retail, Government, Media And Entertainment, Other Industries
Major Driver - Empowering Cloud Migration Services Through Automation Solutions
The rise in the adoption of automation solutions is expected to propel the cloud migration services market. Automation solutions are industrial solutions to replace slow, obsolete manual procedures with technology, programs, robotics, or processes for enhanced efficiency and accuracy. Cloud migration services provide enterprises with the essential tooling, automation, and competence to complete a secure cloud migration. For instance, in May 2023, according to Formstack, a US-based software company, 76% of organizations use automation to automate their daily workflows, automating data and reporting for planning purposes is used by 58%, and compliance with regulations is used by 36% of firms. Therefore, the rise in the adoption of automation solutions is driving the growth of the cloud migration services market.
Competitive Landscape:
Major companies operating in the cloud migration services market report are Amazon Web Services Inc, Vmware Inc., Cisco Systems Inc., DXC Technology, Google LLC., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Alibaba Group Holding Limited, Dell Technologies Inc., Hewlett Packard Enterprise Company, Nutanix Inc., Rackspace Technology Inc., Wipro Limited, Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, Cognizant Technology Solutions Corporation, Deloitte Touche Tohmatsu Limited, Atos SE, Virtustream Inc., NetApp Inc., Teradata Corporation, Red Hat Inc., Hitachi Vantara LLC, ServiceNow Inc., Turbonomic Inc., Micro Focus International plc, RiverMeadow Software Inc.
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Top Trend - Riding The Product Innovation Wave In Cloud Migration Services Market
Product innovation is the key trend gaining popularity in the cloud migration services market. Major companies operating in the cloud migration services market are focused on developing new product innovations to strengthen their position. For instance, in July 2021, DXC Technology, a US-based company operating in cloud migration services, introduced a 'pay-per-use' cloud consumption service model that has been part of its hybrid cloud and multi-cloud offerings, expanding upon its partnerships with VMware and Amazon Web Services Inc. (AWS). The first of its kind in the Asia-Pacific region, this integrated, scalable, and secure platform provides customers with a bridge from their on-premises environments to the cloud with no minimum term or volume commitments. DXC's customers from Australia and New Zealand would be able to migrate and extend their existing VMware environments to AWS while keeping their mission-critical infrastructure on-premises.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud Migration Services Market Characteristics
3. Cloud Migration Services Market Trends And Strategies
4. Cloud Migration Services Market - Macro Economic Scenario
5. Cloud Migration Services Market Size And Growth
…..
27. Cloud Migration Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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