Pune, India., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Numerous healthcare facilities and hospitals are implementing cloud computing to meet the industry's demanding security, privacy, and compliance criteria. The combination of this tendency and the growing volume of medical data generated by the spread of diseases bodes well for the cloud migration services market's prospects. Furthermore, cloud migration services are becoming increasingly popular in the banking industry. Financial services and insurance (BFSI) industries migrate hardware data and provide secure, technologically backed services. Manufacturers are also included in these services to meet Industry 4.0 criteria and to modernize and automate industrial processes. Other factors influencing the expansion of cloud migration services applications in the e-commerce and real estate industries globally include the expanding burgeoning trend of online shopping and the number of construction activities.
Cloud Migration Services Market in terms of revenue was estimated to be worth $11.23 billion in 2022 and is poised to reach $58.24 billion by 2030, growing at a CAGR of 22.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the cloud migration services market is driven by the rise in adopting hybrid cloud solutions and the increasing adoption of cloud migration services among larger & medium-sized enterprises to expand operational and economic benefits.
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Browse Comprehensive TOC on "Cloud Migration Services Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– by Service Type (Automation and Integration, Disaster Recovery, Managed Services, Training and Consulting, Support and Maintenance, Others); Deployment (Public Cloud, Private Cloud, Hybrid Cloud); End-user (BFSI, IT and Telecom, Government, Retail, Manufacturing, Healthcare, Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)"
Global Cloud Migration Services Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 11.23 Billion in 2022 |
| Market Size Value by | USD 58.24 Billion by 2030 |
| Growth rate | CAGR of 22.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Service Type, Deployment, End User, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The hybrid cloud allows organizations to distribute their workloads across various platforms to utilize the best of each. In January 2021, Blueprint, a process automation solution provider, unveiled the launch of the Robotic Process Automation (RPA) platform migration solution. The solutions allow organizations to switch faster and effortlessly from one RPA tool to a different one, enabling them to save 75% cost by providing three times more rapid migration than other RPA platforms or migrating bots. Therefore, the innovations are also fueling the cloud migration services market.
Resulting in assistance such as risk mitigation and cost benefits, Fiserv, a global fintech and payment company, improved its payment processing systems to improve processes. In addition, by migrating to the cloud to enhance and innovate infrastructure and processes, the Bank of Angola is the first bank in Angola to approve modernization.
Global Cloud Migration Services Market: Segmental Overview
The global cloud migration services market is divided into three segments based on deployment: public, private, and hybrid. Over the predicted period, the public segment had the highest revenue share in 2022. Organizations frequently choose the public cloud because of the cost savings and flexible pricing options, such as pay-as-you-go or subscription-based programs. Moving to the public cloud has numerous advantages, including scalability, reliability, security, greater analytics, and disaster recovery. Several organizations provide private cloud to public cloud migration services for industries such as retail, automotive, and BSFI. The hybrid cloud segment, on the other hand, is expected to grow at the fastest rate of 27.0% throughout the projection period. Compared to other cloud services, migration to the hybrid cloud has seen tremendous growth in recent years.
Based on the end-use industry, the global cloud migration services market is segmented into BFSI, healthcare, IT & telecommunications, manufacturing government & public sector, automotive, media & entertainment, retail & consumer goods, and others. The IT & telecommunications is expected to see significant growth. Telecom companies use cloud computing to enable possible applications, develop innovative business models (B2B), and innovate their products and services. IDEMIA, for example, announced a collaboration with SK Telecom to migrate its consumer eSlM management platform to the Microsoft Azure public cloud. IDEMIA collaborated closely with SK Telecom to migrate their eSlM management platform to the public cloud. SK Telecom will be able to use carrier-grade services to achieve adaptability, affordability, ability, and security for their eSlM connectivity operations.
Considering the platform, the cloud migration services market is segmented into services and solutions. The services and solution segment is further segmented into platform, infrastructure, database, storage, and application migration. The solution segment is predictable. Platform migration is important for ensuring cloud migration in various industries. It may include selecting a new platform based on growing business needs or upgrading from older applications to the latest software platforms. Companies are adopting platform migration to lower the IT cost of ownership by consolidating the number of platforms in their firms.
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Global Cloud Migration Services Market: Competitive Landscape
Hewlett Packard Enterprise Development LP, IBM Corporation, SAP SE, Google LLC, Capgemini, Amazon Web Services, Inc., Microsoft, Accenture, VMware, Inc., and NTT DATA Americas, Inc. are a few of the key companies operating in the cloud migration services market. The cloud migration services market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
The cloud migration services market features in various global and regional market players. Leading industry players are undertaking strategies such as collaborations, partnerships, and product launches to expand their business footprints and survive the highly competitive environment. For instance, in November 2022, Hackensack Meridian Health stated in November 2022 that it would transition its Epic workloads to Google Cloud to improve technological efficiency and security. The Google Cloud and Epic agreement would give healthcare providers more options for a virtualized environment. Healthcare organizations have accelerated business transformation by utilizing cloud-based technology such as artificial intelligence and analytics to improve health outcomes.
Global Cloud Migration Services Market - Key Industry Dynamics:
Drivers:
- Surge in investment in migration infrastructure, to increase the business process agility and automation.
- Increasing digitalization, growing automation, and rising need to reduce capital expenditure is triggering the growth of the cloud migration service market.
Restraints:
- Legacy application compatibility issues may restraint the growth of the market.
Opportunities:
- Rise in demand of cloud migration for business continuity.
Future Trends:
- Rise in global cloud expenditure is driving the market growth.
Recent Developments:
- In August 2022: Toronto-based Automated Cloud Migration Services business Next Pathway Inc. partnered with Microsoft to hasten the transition from old data lakes and warehouses to Microsoft Azure. To examine the code types and objects included in source legacy application workloads, Shift Analyzer offers a thorough evaluation.
- In February 2022: IBM Corporation and SAP partnered with clients with technology and consulting services to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud in regulated and unregulated industries.
Go through further research published by The Insight Partners:
Cloud Migration Market - Global Analysis and Forecast to 2030
Cloud Office Migration Tool Market - Global Analysis and Forecast to 2027
Cloud Integration Market - Global Analysis and Forecast to 2030
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