Pune, March 31, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Cloud Migration Services Market had a worth of USD 11.54 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 25.5% between 2023 and 2030, eventually reaching a valuation of USD 71.05 billion.
Market Overview
Cloud migration services refer to the specialized set of services that help businesses move their applications, data, and other IT assets from on-premises infrastructure to the cloud. These services are essential for companies that want to harness the benefits of cloud computing, including greater scalability, flexibility, and cost savings. Cloud migration services also help businesses achieve greater agility, enabling them to respond more quickly to changing market conditions and customer demands. By moving their IT infrastructure to the cloud, companies can scale up or down their resources as needed, without the need for significant capital investments.
Market Analysis
The rise of hybrid cloud solutions has brought significant changes in the way businesses approach their IT infrastructure. As more and more companies seek to harness the benefits of both public and private clouds, the demand for the cloud migration services market
has surged. This is because cloud migration is a complex process that requires a specialized set of skills and expertise. In addition to the adoption of hybrid cloud solutions, the need for business agility has become more crucial than ever. By migrating their IT infrastructure to the cloud, businesses can achieve greater flexibility and scalability, enabling them to adapt to changes in the marketplace more effectively.
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Key Company Profiles Listed in this Report Are:
The key players include Amazon Web Services (AWS) Inc., International Business Machines (IBM) Corporation, Microsoft Corporation, Google LLC, Cisco Systems Inc, NTT Data corporation, DXC Technology Company, VMware inc., Rackspace Hosting Inc., Informatica Inc., WSM international, Zerto Ltd., Virtustream Inc., RiverMeadow Software Inc., OpenStack Inc.and others.
Impact of Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has had a negative impact on the cloud migration services market. The instability and uncertainty in the region have led to delays and disruptions in service delivery, while the increase in the cost of cloud services has made cloud migration less attractive to companies. The imposition of sanctions has further reduced the options available to companies that were planning to migrate their data to the cloud.
Cloud Migration Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 11.54 Bn |
| Market Size by 2030 | US$ 71.05 Bn |
| CAGR | CAGR of 25.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Cloud Migration Services Market: Key Segmentation | • By Service Type (Managed Services and Professional Services) • By Applications (Project Management, Infrastructure Management, Security & Compliance Management, and Others) • By Organization Size (Large Enterprises and Small & Medium Enterprises) • By Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud) • By Industry Verticals (BFSI, Manufacturing, Healthcare & Life Sciences, IT & Telecommunications, Consumer Goods & Retail, Government & Public Sector, Media & Entertainment, and Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Regional Developments
North America is the leading region in the cloud migration services market and is expected to maintain its dominance throughout the forecast period. The growth of the market in this region is due to the high adoption rate of cloud migration services by businesses and organizations. This trend is driven by various factors, including the availability of advanced technological resources, innovative IT infrastructure, and a mature IT industry. The North American market is well-established and mature, owing to the region's strong technological and economic foundations.
Key Takeaway from Cloud Migration Services Market Study
- The large-size enterprise segment has become the primary adopter of cloud migration services, accounting for the largest revenue share in the market. Cloud-based solutions provide these enterprises with a significant competitive edge by enabling them to leverage the latest technologies such as AI, machine learning, and IoT, to drive business growth and innovation.
- The healthcare segment is undergoing a rapid transformation, and cloud migration services are playing a critical role in this process. As healthcare providers continue to adopt digital technologies and embrace data-driven decision-making, the demand for cloud migration services is expected to grow at an unprecedented rate.
Recent Developments Related to Cloud Migration Services Market
- Kyndryl, a leading provider of innovative digital solutions, has successfully completed a cloud migration project for Korean Re, a major player in the insurance industry. The successful completion of this project marks a significant milestone in Korea's financial sector, paving the way for digital transformation and innovation.
- Valuebound, a leading global technology consulting and services company, has achieved AWS Advanced Consulting Partner status, demonstrating its commitment to helping organizations leverage the power of the cloud for their digital transformation journey.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Cloud Migration Services Market, By Service Type
9. Cloud Migration Services Market, By Applications
10. Cloud Migration Services Market, By Organization Size
11. Cloud Migration Services Market, By Deployment Mode
12. Cloud Migration Services Market, By Industry Verticals
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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