Pune, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Cloud Migration Services Market Size Analysis:
“According to SNS Insider research, the Cloud Migration Services Market size was valued at USD 12.9 billion in 2023 and is projected to reach USD 72.6 billion by 2032, growing at a remarkable CAGR of 21.2% over the forecast period from 2024 to 2032.”
Market Analysis
As businesses globally continue to embrace digital transformation, the demand for cloud migration services has surged. Companies of all sizes are migrating their data, applications, and IT processes to the cloud to increase efficiency, reduce operational costs, and improve flexibility. This transition allows organizations to scale their operations more easily, respond to changing market conditions, and improve their overall productivity. Cloud migration offers a host of advantages, such as better collaboration, enhanced data security, and reduced maintenance costs. By transitioning to cloud-based infrastructures, enterprises are gaining the ability to access and manage their resources from anywhere, allowing for more agile business operations.
A significant driver of this market is the growing shift towards hybrid and multi-cloud environments. Many organizations are opting for these models to avoid vendor lock-in and gain access to the best cloud services suited to specific business needs. Cloud migration services have become essential to ensuring smooth transitions, reducing downtime, and providing secure data transfers. With the growing volume of data that businesses handle, robust migration services are essential to maintaining data integrity and minimizing operational disruptions. Moreover, cloud migration services are highly scalable, enabling businesses to grow without the need for extensive additional investments in IT infrastructure. In industries like IT and telecommunications, finance, healthcare, and e-commerce, cloud migration has proven to enhance operational efficiencies and improve customer service through better data accessibility, faster application deployment, and real-time collaboration.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) (AWS Migration Hub, AWS Database Migration Service)
- Microsoft Corporation (Azure Migrate, Azure Site Recovery)
- Google Cloud (Google Cloud Anthos, Google Cloud Migrate for Compute Engine)
- IBM Corporation (IBM Cloud Paks, IBM Cloud Migration Services)
- Accenture PLC (Accenture Cloud Migration Factory, myNav)
- VMware, Inc. (VMware Cloud on AWS, VMware HCX)
- Rackspace Technology (Rackspace Cloud Migration Services, Rackspace Elastic Engineering)
- Cognizant Technology Solutions (Cognizant Cloud Steps, Cognizant Migration Accelerator)
- Tata Consultancy Services (TCS) (TCS Cloud Migration Factory, TCS BaNCS Cloud)
- HCL Technologies (HCL CloudSmart, HCL Cloudification Framework)
Cloud Migration Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 12.9 billion |
| Market Size by 2032 | USD 72.6 billion |
| CAGR | CAGR of 21.2 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Businesses are adopting cloud migration to scale operations efficiently without heavy capital investment. Pay-as-you-go models reduce operational costs, making it a financially viable solution for enterprises. •Cloud infrastructure enables companies to rapidly deploy digital tools and services to meet new business demands. •Cloud services provide enhanced security features, helping businesses meet regulatory compliance requirements. |
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Segment Analysis
By Platform
The solution segment dominated the cloud migration services market in 2023, accounting for a significant share of 68%. This segment’s growth can be attributed to the rising demand for automated and secure migration solutions that minimize risks and operational disruptions. Cloud migration solutions facilitate the seamless transfer of applications, databases, and workloads while ensuring that the migrated assets function efficiently in their new environment.
The adoption of cloud migration solutions is expected to continue growing as companies increasingly seek tools that enable a faster, more streamlined migration process. As businesses expand their digital footprints, the demand for comprehensive and customizable migration solutions that can cater to specific organizational needs is expected to rise.
By End-Use Industry
The IT & telecommunications segment held the largest revenue share of 19% in 2023. The sector has experienced significant growth as organizations are constantly seeking to modernize their infrastructure and offer better services to customers. Cloud migration has become critical for these industries to stay competitive by improving service delivery and reducing costs.
The shift to cloud infrastructure in the IT & telecommunications sector also provides a competitive advantage, allowing companies to offer more innovative services such as enhanced data management, superior customer support, and faster application development. Other industries, such as healthcare, retail, and banking, are also expected to see substantial growth in cloud migration adoption, driven by increasing regulatory demands for data security and rising consumer expectations for personalized digital experiences.
Cloud Migration Services Market Segmentation:
By Platform
- Solution
- Infrastructure Migration
- Platform Migration
- Database Migration
- Application Migration
- Storage Migration
- Service
- Professional Services
- Managed Services
By Enterprise Size
- Large Size Enterprises
- Small and Medium Sized Enterprises (SMEs)
By Deployment
- Public
- Private
- Hybrid
By End-use Industry
- IT & Telecommunications
- BFSI
- Healthcare
- Government & Public Sector
- Manufacturing
- Automotive
- Retail & Consumer Goods
- Media & Entertainment
- Others
Regional Analysis
North America held the leading share in the cloud migration services market in 2023, accounting for more than 35% of the total market share. The region’s dominance can be attributed to its strong technological infrastructure, high levels of cloud adoption, and the presence of major cloud service providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud. The U.S. and Canada are at the forefront of cloud technology advancements, with companies across various industries increasingly leveraging cloud migration services to gain a competitive edge. In addition, the region has a large base of skilled IT professionals and businesses that are investing heavily in modernizing their IT infrastructures. This has driven up demand for cloud migration services as businesses seek to enhance their agility, scalability, and innovation capabilities.
The Asia-Pacific region is expected to witness the highest growth rate in the cloud migration services market over the forecast period. Countries like China, India, and Japan are leading the charge in cloud adoption due to the rapid digital transformation taking place across various sectors, including manufacturing, healthcare, and retail. The region’s high population density and diverse mix of users make it a fertile ground for businesses to adopt cloud-based solutions that allow for efficient scaling and cost savings. Moreover, the increasing investments by governments in promoting digital infrastructure and cloud technologies are expected to further propel market growth. For example, India’s Digital India initiative and China’s focus on smart city development are driving up demand for cloud migration services in the region.
Europe is another significant market for cloud migration services, with countries like Germany, the U.K., and France leading the adoption of cloud technologies. The region's stringent regulatory environment, including GDPR, has heightened the need for secure and compliant cloud migration services.
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Recent Developments
- In May 2023, Microsoft launched a new suite of advanced cloud migration tools under its Azure platform, aimed at simplifying the migration process for businesses of all sizes. This service enhances automation in cloud migration, helping organizations efficiently transfer workloads while ensuring security and compliance.
- In April 2023, IBM announced a strategic partnership with several leading cloud service providers to offer comprehensive cloud migration solutions tailored to hybrid cloud environments. The collaboration aims to accelerate digital transformation for businesses through secure and scalable migration services.
- In March 2023, AWS introduced new features to its cloud migration service platform, including enhanced support for legacy systems, ensuring that older enterprise applications can seamlessly integrate into modern cloud ecosystems.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cloud Migration Services Market Segmentation, By Platform
8. Cloud Migration Services Market Segmentation, By Enterprise Size
9. Cloud Migration Services Market Segmentation, By Deployment
10. Cloud Migration Services Market Segmentation, By End-user Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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