New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- Market Research Future Insights
According to a comprehensive research report by Market Research Future (MRFR), “Cloud Migration Services Market By Services, By Deployment, By Organization Size, By Applications, By Industries - Forecast Till 2030”, valuation is poised to grow at 17.79% CAGR throughout the forecast period (2022-2030).
The need for cloud migration services is increasing globally as hybrid cloud solutions become more widely used. Throughout the course of the forecast period, rising need for corporate agility and rising usage of automation solutions are anticipated to fuel market expansion for cloud migration services globally. Increased acceptance of cloud-based migration in corporate operations along with rising demand for quicker and easier application deployment utilizing a pay-as-you-go model are anticipated to boost market expansion.
Global fintech and payment company Fiserv improved operations by upgrading its payment processing technologies, which had advantages like cost savings and risk reduction. The Bank of Angola was also the first bank in Angola to implement modernization by moving to the cloud in order to improve and innovate infrastructure and procedures.
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Cloud Migration Services Market Key Players
- Accenture PLC
- IBM Corporation
- Amazon Web Services Inc.
- Cisco Systems Inc.
- Microsoft Corporation
Cloud Migration Services Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 1,912.2 Billion |
| CAGR during 2022-2030 | 17.79% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | North America is dominating region as it has a huge demand for cloud services due to the increasing adoption of artificial intelligence, which is boosting the market growth to a large extent. |
| Key Market Drivers | The factors driving the growth of cloud migration services include the increasing penetration of artificial intelligence and machine learning. |
Robotic Process Automation (RPA) platform migration solution was introduced in January 2021 by Blueprint, a provider of process automation solutions. In comparison to other RPA platforms or bot migration, the solutions allow enterprises to migrate from one RPA tool to another swiftly and seamlessly, saving them 75% in costs and enabling a 3x faster migration.
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Throughout the projection period, the service segment is expected to grow at the highest CAGR of 27.0%. Professional services and managed services are the two divisions of the service segment. Cloud migration initiatives are made possible by cloud migration services, which can improve service delivery and simplify IT operations. It comprises advice as well as services like deployment and integration. As a result of these services' portability and scalability, businesses can modify code for one cloud while keeping it compatible with other cloud alternatives.
Covid 19 Impact
Since more people were utilizing the cloud, COVID-19 had a good effect on cloud computing as a means of data storage and other cloud services. To comply with social distancing regulations and governmental work-from-home requirements, many businesses have switched to a remote workplace setting. A research on the effects of COVID-19 on small enterprises by the National Association of Business Economics found that 45% of large and small businesses now had part-time remote workers. Inventory control, system integration, and contactless delivery are in high demand because the epidemic completely disrupted logistics and supply chains.
Industry Trends
Because cloud solutions provide advantages like flexibility, agility, and integration of cutting-edge technologies and the FinTech ecosystems, banking and financial businesses are increasingly quickening their migration towards them. Banks are reducing costs by using cloud solutions since they drastically reduce infrastructure expenditures. To remove the requirement to manage, host, maintain, update, and grow service operations focused towards the BFSI sectors, many vendors offer IaaS and PaaS technologies. Many banks are aware of how cloud infrastructure can support their broad modernization initiatives, such as customer-facing and operational programmes powered by AI, blockchain, and software containers.
By strategic alliances with cloud service providers, banks are also implementing cloud migration technology. For instance, IBM launched a new IBM Cloud Multi Zone Area (MZR) in Spain in September 2021 to service clients throughout the region as they deploy hybrid cloud strategies. Caixa Bank is one of Europe's leading banks. By modernizing its essential applications and boosting efficiency through increased availability and resilience, Caixa Bank will be able to reaffirm its innovative strategy.
Moreover, Jefferies Financial Group Inc. will collaborate with Amazon starting in May 2022 to shift its information-technology services to the cloud. This is a financial company's most recent move towards expanding into cloud-based software and data analytics. In a four-year agreement, Jefferies is moving its crucial business operations, internal and client-facing applications, IT resources, and data to Amazon Web Services.
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Market Segmentation
The Cloud Migration Market is divided into four categories: Enterprise Size (SMEs and Big Companies), Type of Service (PaaS, IaaS, and SaaS), and End-User Vertical (BFSI, Healthcare, Retail, Government, IT and Telecommunication, Manufacturing and Other End-User Vertical),
Regional Analysis
North America is a market leader and one of the most innovative regions when it comes to cloud migration. The area's growth is aided by the fact that cloud migration vendors have a strong presence there. A few examples are Google Inc., Amazon Web Services Inc., Cisco Systems Inc., IBM Corporation, Microsoft Corporation, and Amazon Web Services Inc.
The advantages of moving data and applications to the cloud, among other things, are encouraging many businesses in the area to use cloud migration services. This is helping the market grow positively. Businesses in the North American region are also forming strategic alliances and expanding their businesses to speed up cloud migration.
Nasdaq established a collaboration with Amazon Web Services in December 2021 to move its North American capital market there. In order to support high-frequency trading, Nasdaq would be able to access its on-premises systems with low latency through this hybrid architecture, and its customers would have access to cloud-based features including virtual connection services, market analytics, and machine learning.
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Moreover, in August 2022, Next Pathway Inc., a Toronto-based provider of automated cloud migration services, announced a partnership with Microsoft to hasten the transition from old data warehouses and data lakes to Microsoft Azure. To examine the code types and objects included in source legacy application workloads, Shift Analyzer offers a thorough evaluation.
The translation, testing, and migration of complex workloads including SQL, Stored Procedures, ETL pipelines and workflows, as well as other types of code, are all expedited by Shift Translator. Also, the technology from Next Pathway makes it simple and quick to move workloads from other cloud platforms and cloud data warehouses to Azure.
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