June 23, 2024

Public Cloud Are The Largest Segment Driving The Growth Of Global Cloud Migration Service Market

Market Overview:

These services allow organizations to modernize legacy systems and reduce CAPEX by transitioning to cloud-based environments that are scalable, fault-tolerant, and offer elastic resources. Cloud migration services offer assessment, planning, migration execution, optimization, and retirement of legacy systems. They help organizations maximize the benefits of cloud environments, such as improved agility, increased collaboration, reduced cost and enhanced scalability.

Market key trends:

The growing popularity of cloud-native applications and containerization platforms is driving more organizations to migrate workloads to the cloud. Cloud providers are increasingly offering ready-built container images and Kubernetes clusters on their infrastructure to simplify app migration. Furthermore, the COVID-19 pandemic has accelerated the adoption of digital technologies and cloud services across sectors. This has increased demand from companies seeking to modernize legacy systems and enhance business continuity using cloud-based environments. Growing investments by hyperscalers in expanding cloud infrastructure and developing cloud competencies are also supporting the growth of the cloud migration services market.

SWOT Analysis
Strength: Cloud migration services provide highly scalable infrastructure and reduce cost of IT spending. It helps businesses focus on core operations rather than managing IT infrastructure.
Weakness: Data security and privacy are key concerns for migrating applications and data to public cloud. Reliance on third party cloud providers for infrastructure and applications.
Opportunity: Growing adoption of hybrid and multi-cloud strategies by organizations provide opportunities for cloud migration service providers. Demand expected to surge as businesses aim to optimize costs and improve agility.
Threats: In-house IT teams may start managing cloud migrations internally instead of relying on third party service providers. Competition expected to intensify from top cloud players expanding their migration offerings.

The global Cloud Migration Service Market Demand is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The global Cloud Migration Service market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for optimizing costs and improving flexibility of IT infrastructure.

Regional analysis
North America is expected to dominate the cloud migration service market during the forecast period. This is attributed to strong presence of service providers and early adoption of cloud technologies by businesses in the region. Asia Pacific is expected to exhibit fastest growth supported by growing investments in cloud infrastructure and initiatives by governments to propel digital transformation of industries.

Key players operating in the Global Cloud Migration Service market are IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC, Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow, OpenStack, CloudEndure, Cloudreach, Apps Associates, Rigs IT. The market is consolidated in nature with top players accounting for the major share. Strategic partnerships and service expansions are key strategies adopted by market players to gain higher traction.

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