Report Highlights: Cloud Migration Services Market Set to Reach New Heights in 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.

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.

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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 recent years. This is attributed to factors such as the proliferation of cloud technology and the increase in some data centers in this region. Countries such as China and India contribute significantly in the 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.

Rise in need for business agility & automation, ease in deployment of applications with a 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.

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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.

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 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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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.

Key Findings of the Study:

• By service type, the managed services segment dominated the cloud migration services market size in 2019. However, the professional services segment is expected to exhibit significant growth during the forecast period in the cloud services industry.

• Depending on the application, the infrastructure management segment led the market in 2019. However, the security & compliance management segment is expected to grow significantly shortly.

• based on organization size, large enterprises segment was dominant in 2019 in terms of cloud migration services market share. However, the small & medium enterprises segment is expected to depict significant growth.

• As per deployment mode, in 2019, public cloud was the leading segment. However, the hybrid cloud segment is expected to display significant growth during the forecast period.

• According to industry vertical, the BFSI sector generated the highest revenue in 2019. However, the healthcare sector is expected to witness considerable cloud migration services market growth shortly.

• Region-wise, Asia-Pacific is expected to witness significant CAGR in the coming years.

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