New York, United States, Jan. 18, 2024 (GLOBE NEWSWIRE) — Cloud migration is the process of moving applications, data, or other business components to a cloud computing environment. A business uses various cloud migration procedures. Apps and data can be moved from on-premises or regional data centers to the public cloud using one of these cloud migration models. Likewise, apps and data can be moved from one cloud platform or provider to another or back out of the cloud using cloud repatriation, reverse cloud migration, or cloud exit. The increased business agility and automation across enterprises is a significant driver of the growth of the global market for cloud migration services.
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Quick and Easy Deployment using Pay-As-You-Go Model Drives the Global Market
According to Straits Research, “The global cloud migration service market size was valued at USD 10.8 billion in 2021. It is expected to reach USD 68.2 billion by 2030, growing at a CAGR of 22.68% during the forecast period (2022–2030).” Cloud services’ ability to enable “build and deploy” should boost the market growth. Cloud migration services eliminate the need to set up servers and install OS, allowing businesses to jumpstart server and resource setup using a pay-as-you-go model. Virtualization and cloud computing migration services reduce organizational space needs and maintenance costs like cooling. Pay-as-you-go lets companies focus on a single data center.
Rising Cloud Investments Globally Creates Tremendous Opportunities
In developing nations like India, China, Brazil, and Africa, there may be opportunities for the market for cloud migration services to expand. This is explained by the fact that these nations are developing and have limited financial resources, necessitating cost-effective solutions. Utilizing cloud computing services can reduce IT spending in this circumstance. It is anticipated that the struggle of developing economies to achieve a competitive advantage will present a profitable opportunity for market expansion for cloud computing services.
Europe is the largest global cloud migration service market shareholder and is expected to grow at a CAGR of 24.3% during the forecast period. Europe is increasingly embracing multi-cloud and hybrid cloud environments as international cloud service providers grow their businesses there. Increased adoption of cloud communications to provide a more flexible communication environment is one factor driving the growth of the Europe cloud migration services market.
North America’s cloud migration service industry share is expected to grow at a CAGR of 21.8%, during the forecast period. North America is one of the biggest markets for cloud migration services because of the significant presence of many large industries. It is expected that North America will set the pace for developing and implementing cloud migration services because it was one of the first regions to adopt cloud computing services. All industries have seen this region’s willingness to adopt the technology. The growing healthcare sector in North America is a lucrative market for cloud computing services.
- Based on service type, the global cloud migration service market is bifurcated into managed service and professional service. The managed services segment contributed the most to the market and is expected to grow at a CAGR of 24.0% during the forecast period.
- Based on the deployment model, the global cloud migration service market is bifurcated into public, private, and hybrid clouds. The public cloud segment owns the highest market share and is expected to grow at a CAGR of 22.8% during the forecast period.
- Based on application, the global cloud migration service market is bifurcated into project management, infrastructure management, and security and compliance management. Infrastructure management accounted for the largest share of the market and is anticipated to grow at a CAGR of 22.1% during the forecast period.
- Based on organization size, the global cloud migration service market is bifurcated into large enterprises and small and medium enterprises. The large enterprise segment contributed the most to the market and is expected to grow at a CAGR of 24.2% during the forecast period.
- Based on industry verticals, the global cloud migration service market is bifurcated into BFSI, manufacturing, healthcare and life sciences, IT and telecommunication, consumer goods and retail, government and public sector, and media and entertainment. The BFSI segment contributed the most to the market and is expected to grow at a CAGR of 19.1% during the forecast period.
- Europe is the largest global cloud migration service market shareholder and is expected to grow at a CAGR of 24.3% during the forecast period.
The global cloud migration service market’s major key players are Amazon Web Services, Cisco Systems, Inc, DXC Technology Company, Google LLC, International Business Machines Corporation, Microsoft Corporation, NTT Data Corporation, Rackspace Hosting, Inc, Rivermeadow Software Inc, and Vmware, Inc.
- In September 2022, Amazon CloudWatch metrics for data protection jobs can now be viewed centrally in the AWS Backup console due to AWS Backup.
- In August 2022, FCM Bank Malta is utilizing Temenos Platform and DXC Technology to Modernize its Core Banking System.
Global Cloud Migration Service Market: Segmentation
- Managed Services
- Professional Services
By Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- Project Management
- Infrastructure Management
- Security and Compliance Management
By Industry Vertical
- Healthcare and Life Sciences
- IT and Telecommunications
- Consumer Goods and Retail
- Government and Public Sector
- Media and Entertainment
- North America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/cloud-migration-service-market/segmentation
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