Cloud Migration Services Market Share, Size, Trends, Industry Analysis Report, By Offering (Service Type & Deployment Mode); By Vertical (Media & Entertainment, BFSI); By Migration Type; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 116
- Format: PDF
- Report ID: PM4635
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
Global cloud migration services market size was valued at USD 10.91 billion in 2023. The market is anticipated to grow from USD 12.54 billion in 2024 to USD 69.73 billion by 2032, exhibiting the CAGR of 23.9% during the forecast period.
Cloud Migration Services Market Overview
Moving apps, data, or other business components to a cloud-hosted computer environment is referred to as cloud migration. A company uses different processes to migrate to the cloud. Applications and data can be moved via cloud repatriation, reverse cloud migration, or cloud departure from an on-premises or local data center to the public cloud or from one cloud platform or provider to another. The increased business agility and automation across companies is a major driving force behind the growth of the global cloud migration services market development for cloud migration services.
- For instance, in November 2023, Infosys and AWS entered into a strategic partnership for three years to speed up the cloud transformation regarding financial institutions in the Middle East, Europe, and Africa. Through this partnership, known as Infosys Cobalt, specific cloud migration and modernization services are provided by fusing AWS's cloud-native innovation with Infosys' domain expertise. With the use of shared toolkits, industry-specific use cases, generative AI, and data analytics, the goal is to deliver disruptive cloud solutions that will expedite adoption and compliance.
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The increasing need for remote collaboration, flexibility, scalability, task automation, improved mobility, and strong data security is driving up the demand for cloud migration services. Additionally, the expanding network of connected devices has resulted in a huge increase in data volume. As a result, there is a growing need for cost-effective data storage solutions, which is expected to fuel the adoption of such cloud migration services.
The COVID-19 pandemic's spread is probably going to hasten cloud adoption. It appears that cloud computing is a promising solution to meet the end-users requests for scalability and key application demands. The World Bank released a blog post on digital development for COVID-19 in June 2020. The post covered five key points: creating national-level digital services and content; retraining and reskilling workers; realigning strategies for the digital economy; and creating growth prospects for digital services. In the upcoming years, market development is probably going to be driven by these activities.
Cloud Migration Services Market Dynamics
Market Drivers
On-demand Scalability is boosting the market development.
The core pay-per-use model of cloud computing allows users to scale their application services and infrastructure easily. Companies can rent platforms or subscribe, systems, infrastructure, technologies, and data services through the cloud, adjusting their scale as needed. This flexibility will drive market growth in the coming years. Cloud migration services offer on-demand scalability, which is particularly beneficial during peak seasonal traffic, development, and testing, making them increasingly popular among small businesses. Cloud services that support a "build and deploy" environment are expected to boost cloud migration services market demand further.
By eliminating the need to set up servers and install the necessary operating systems, cloud migration services enable enterprises to start server and resource setup with a pay-as-you-go approach quickly. Cloud computing migration services and Virtualization also help reduce organizational space and maintenance costs, including cooling expenses, ultimately leading to a shift towards a single data center.
The seamless integration and compatibility of organizational apps with the evolving cloud technology ecosystem.
The compatibility of enterprise applications with cloud technology is a key driver for adopting cloud migration services. Businesses see the benefits of cloud solutions and want their existing applications to work seamlessly in cloud environments for optimal performance and efficiency. Cloud migration services help address the challenges of migrating diverse applications to the cloud by offering tailored solutions that ensure smooth integration and operation. This compatibility enables businesses to leverage the advantages of cloud-native features, adapt to changing demands, and remain competitive.
Market Restraints
Dependency on single vendor can impede the market growth.
When a business uses only one vendor for its services, it is said to be in vendor lock-in. When deciding on cloud computing, businesses need to think about the ramifications of subsequently changing vendors. A single proprietary provider and the technological infrastructure could constrain the cloud migration services market opportunities. Legal and financial duties accompany migration operations, and a vendor's bankruptcy could happen quickly.
In cloud computing, a cloud vendor offers infrastructure or software as a service via the Internet. Cloud-hosted servers give IaaS, whereas cloud-hosted apps offer SaaS. There is a strong dependence on the vendor when transferring databases in a cloud environment when data reformatting is necessary. The lack of standardization in multi-cloud and hybrid cloud installations has allowed many large organizations to overcome vendor lock-in, which could impede cloud migration services market growth.
Report Segmentation
The market is primarily segmented based on substrate, type, end-user, and region.
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By Offering |
By Vertical |
By Migration Type |
By Application |
By Region |
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Cloud Migration Services Market Segmental Analysis
By Offering Analysis
- The service segment is projected to grow at a high CAGR during the projected period. In accordance with the service segment, the data migration and its management category are expected to register significant growth. Data Migration and Management Services are vital components of the Cloud Migration Services market, as they deal with the intricate processes involved in transferring, organizing, and optimizing data during the shift to cloud environments. These services are crucial for ensuring a smooth and secure transfer of data from on-premises infrastructure to the cloud. They utilize various methodologies and tools to minimize downtime and disruptions, making the migration process seamless.
By Vertical Analysis
- The media and entertainment segment accounted for the largest market share in 2023 and is likely to retain its position throughout the cloud migration services market forecast period. Cloud migration services are becoming more and more popular in the media and entertainment vertical, changing how businesses in this industry distribute and handle material. Media and entertainment companies may dynamically scale their content delivery infrastructure with the help of cloud migration services. Media organizations can adjust to industry developments with the help of cloud migration services, like the move toward on-demand content consumption, virtual production methods, and the incorporation of augmented reality (AR) and virtual reality (VR) experiences.
By Application Analysis
- Based on application analysis, the market has been segmented on the basis of Business Intelligence & Analytics, Data Warehouse Management, Supply Chain Management, Project Management, Content Management, and Others. The business intelligence & data analytics segment held a significant market share in revenue share in 2023 due to the ability of Cloud migration services to help BI and Analytics applications utilize scalable cloud resources, ensuring top performance as data sets expand. This scalability enables organizations to manage growing data volumes effectively. These services also aid in integrating and consolidating diverse data sources. BI and Analytics applications can easily access different data repositories in the cloud, providing a holistic view of the organization's data for analytics.
Cloud Migration Services Market Regional Insights
The North America region dominated the global market with the largest market share in 2023
The North America region dominated the global market with the largest market share in 2023 and is expected to maintain its dominance over the anticipated period. Companies in North America are actively pursuing digital transformation strategies, with cloud migration being a key element. Their goal is to modernize IT infrastructure to maintain competitiveness and agility. Cloud service providers in the region are continuously improving their security measures, providing strong solutions to address data protection and privacy issues. Advanced security features are essential for businesses looking to migrate to the cloud.
The Asia Pacific region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to growing demand for public cloud application services as businesses push forward with their digital transformation efforts. Companies in the region are turning to cloud services for business intelligence, Big Data analytics, compliance and risk management, and enterprise asset management. The increasing adoption of software-as-a-service (SaaS) and platform-as-a-service (PaaS) across different industries is a key factor driving the migration of workloads and applications from on-premise infrastructure to cloud environments.
Competitive Landscape
The cloud migration services market outlook is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Accenture
- AWS
- Cisco
- DXC
- HPE
- IBM
- Infosys
- Microsoft
- NTT Data
- Oracle
- RiverMeadow
- SAP
- Veritis
- VMWare
Recent Developments
- In September 2023, Microsoft and Oracle declared Oracle Database at Azure. This service provides users with direct access to Oracle database functions housed on Microsoft Azure data centers and powered by Oracle Cloud Infrastructure (OCI).
Report Coverage
The cloud migration services market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, offering, vertical, migration type, application and their futuristic growth opportunities.
Cloud Migration Services Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 12.54 billion |
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Revenue Forecast in 2032 |
USD 69.73 billion |
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CAGR |
23.9% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Offering, By Vertical, By Migration Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Gain profound insights into the 2024 Cloud Migration Services Market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.
FAQ's
key companies in Cloud Migration Services Market are Accenture, AWS, Cisco, DXC, Google, HPE, IBM, Infosys, Microsoft, NTT Data, Oracle, RiverMeadow
Cloud Migration Services Market exhibiting the CAGR of 23.9% during the forecast period.
The Cloud Migration Services Market report covering key segments are offering, vertical, migration type, application and region
key driving factors in Cloud Migration Services Market are On-demand Scalability is boosting the market development
The global cloud migration services market size is expected to reach USD 69.73 billion by 2032
