April 21, 2024
Global Cloud Migration Service Market

Global Cloud Migration Service Market Driven By Increasing Cloud Adoption Is Estimated To Be Valued At US$ 7.88 Mn In 2024

Cloud migration services help organizations transition their IT infrastructure and applications to cloud platforms such as AWS or Microsoft Azure. These services provide assessment, planning, migration execution, and post-migration support for organizations to leverage benefits of cloud such as agility, scalability, and cost savings. They assist in evaluating on-premises systems, formulating a cloud strategy, and migrating applications and data to public, private or hybrid clouds. As workloads shift to cloud, companies can deploy new features faster, improve operational efficiency and focus more on their core business needs.

The global Cloud Migration Service Market is estimated to be valued at US$ 7.88 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the cloud migration services market is the migration of enterprise applications to public cloud platforms like AWS. Majority of enterprises are exploring opportunities to optimize cost of aging on-premises systems and gain agility of cloud-based solutions. Cloud migration service providers are developing specialized tools and expertise to assess existing applications, modernize codebases, optimize infrastructure, migrate apps and databases to public cloud seamlessly. This trend is expected to accelerate as more mission-critical workloads shift to public cloud models over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the global cloud migration service market is low as this market requires high technical expertise, certifications and substantial resources to build cloud infrastructure capabilities.

Bargaining power of buyers: The bargaining power of buyers is high as cloud migration services can be commoditized and with availability of many service providers, buyers have option to negotiate on price.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many technology service providers offering cloud migration services.

Threat of new substitutes: Threat of substitutes is moderate as on-premises infrastructure and in-house development are alternatives for cloud migration.

Competitive rivalry: The competition in the global cloud migration service market is high among key technology service providers.

Key Takeaways

The Global Cloud Migration Service Market Demand is expected to witness high growth. The market was valued at US$ 7.88 Mn in 2024 and is projected to reach US$ 11.16 Mn by 2031, registering a CAGR of 4.6% during the forecast period.

Regional analysis: North America dominated the global cloud migration service market in 2024 and is expected to continue its dominance during the forecast period. High adoption of cloud services by enterprises for scalability, agility and cost savings is driving the market in the region. Asia Pacific region is expected to witness fastest growth owing to growing investments by hyperscalers and rising digitalization across industries in countries like India and China.

Key players: Key players operating in the cloud migration service market are Archer Daniels MidlandCompany, Jungbunzlauer Suisse AG, Basel, Pfizer Inc., Shandong Juxian Hongde Citric Acid Co. Ltd., Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc., COFCO Biochemical (AnHui) Co. Ltd., and RZBC GROUP. Archer Daniels Midland Company and Jungbunzlauer Suisse AG holds major market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it