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.
Rise in need for business agility & automation, ease in deployment of applications with 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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The managed services segment to maintain its lead position during the forecast period
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.
The infrastructure management segment to maintain its dominant share by 2027
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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Europe, followed by North America, to continue its lead in terms of revenue by 2027
Based on region, Europe, followed by North America, contributed to the largest share based on revenue, accounting for nearly two-fifths of the global cloud migration services market share in 2019, and will continue its lead throughout the forecast period. This is due to high adoption of public IaaS, private IaaS, and hybrid IaaS. However, Asia-Pacific is expected to witness the highest CAGR of 28.2% from 2020 to 2027, owing to the trend of digitalization in businesses in some of the Asian nations.
Key players in the industry –
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- DXC Technology
- Google LLC
- International Business Machines Corporation (IBM)
- Microsoft Corporation
- NTT DATA Corporation
- Rackspace Hosting Inc.
- RiverMeadow Software, Inc.
- VMware Inc.
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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 application, the infrastructure management segment led the market in 2019. However, the security & compliance management segment is expected to grow significantly in the near future.
- On the basis of 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 a considerable cloud migration services market growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant CAGR in the coming years.
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