The global cloud migration services market is expected to grow at a significant CAGR during the forecast period (2024-2031). Cloud migration refers to a collection of procedures that assist end-users in migrating or moving their company operations, processes, and applications to a cloud infrastructure or cloud computing environment. In most cases, migration means moving one’s old IT infrastructure to the public cloud. Private or hybrid cloud migration services are preferred by several businesses, including BFSI and healthcare since they provide a high-end security framework. Legacy infrastructure is old and unreliable, resulting in increased storage space. As a result, several sectors have implemented cloud migration services, which entail the movement of whole company activities to the cloud.
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Scalability, greater effectiveness, faster deployment, mobility, and disaster recovery are all compelling reasons to migrate to the cloud. Customers may make use of cloud disaster recovery capabilities from a variety of organizations, which can help them develop their company. Due to its real-time experience, business components, and access to on-premise data, cloud migration is gaining popularity. This technology also makes it easier to set up several company units in a short amount of time.
In comparison to other cloud services, hybrid cloud migration has seen substantial growth over the last few years. Using a hybrid cloud allows businesses to expand computing resources and reduces the need for large amounts of capital to address short-term demand fluctuations. Many cloud providers provide the capacity to swiftly extend infrastructure in multiple global locations, allowing a company to easily grow into new markets. According to the RightScale 2019 State of the Cloud Survey Report, 84 % of businesses have a multi-cloud strategy, with nearly half using a hybrid approach, while businesses using several public clouds or private clouds have grown slightly.
The market’s top players are concentrating their efforts on extending their client base to include international locations. The key players are using several strategies such as collaboration to grow their market share and profits. For instance, in February 2020, Amazon Web Services, Inc. announced that 3M Company is migrating its business IT infrastructure to AWS. 3M is transferring its enterprise resource planning (ERP) system, which includes accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce business-critical enterprise IT applications, to the world’s top cloud as part of its IT transformation program.
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Market Coverage
- Segment Covered-
o By Deployment
o By Enterprise Size
o By Service
o By End-user Vertical
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape: AWS, IBM Corp., Microsoft Corp., Google Inc., Cisco System Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Cloud Migration Services Market by Segments
By Type of Deployment
- Public
- Private
- Hybrid
By Enterprise Size
- SMEs
- Large Enterprises
By Type of Service
- PaaS
- IaaS
- SaaS
By End-user Vertical
- BFSI
- Healthcare
- Retail
- Government
- IT and Telecommunication
- Manufacturing
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