Cloud Migration Services Market by Service Type (DevOps, Disaster Recovery, Managed Services), Application (Project Management, Compliance & Security Management, Infrastructure Management), Deployment Model, Vertical, and Region - Global Forecast to 2022
“Cloud compliance requirements, enforcing mobility, and uninterrupted business continuity are expected to drive the cloud migration services market”
The cloud migration services market size is expected to grow from USD 3.17 billion in 2017 to USD 9.47 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. The market is expected to be driven by factors, such as the growing need for business agility, faster deployment and scalability, increasing awareness about the cloud among enterprises globally, and the reduced costs of ownership. However, the market would face some restraints as not all enterprise services are supported in the cloud, lack of stringent SLAs, and fear of vendor lock-in.
“DevOps service type is expected to grow at the fastest rate during the forecast period”
DevOps automates processes between development and operations teams within an organization. It offers a major benefit of building a culture of collaboration between teams that was not traditionally present, resulting in a much more dynamic and flexible approach to work. DevOps enables smooth functioning of the complete process including building, testing, and releasing software efficiently and speedily. Moreover, it offers various benefits of improved customer satisfaction, digital transformation, stable operating environments, and improved productivity.
“Security and compliance management application is expected to record the fastest growth rate during the forecast period”
Security and compliance management is an important part in cloud migration, as the resources are retained and managed in different clouds. Advanced backups and recovery are a few other features that hold a significant place in every business activity that adopts cloud migration strategies. Moreover, compliance monitoring enables end users to protect the virtualized workload with the required compliance policies. The major driving factors of the overall cloud migration services market are innovation, efficiency, agility, and security.
“North America is expected to hold the largest market share, and Asia Pacific (APAC) to grow at the fastest rate”
North America is expected to hold the largest market size during the forecast period, as organizations are shifting toward cloud-based solutions and services, with an increasing adoption of digital business strategies. Furthermore, organizations have invested heavily in advanced technologies to gain a competitive advantage and improve business operations. APAC is expected to be the fastest-growing region in the global cloud migration services market. The key reasons for the high growth rate in APAC include the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the tendency of cloud migration services to drive customer experience and improve operations.
The break-up profiles of primary participants are given below:
• By company: Tier 1 – 43%, Tier 2 – 35%, and Tier 3 – 22%
• By designation: C-level – 60%, Director level – 25%, and Others – 15%
• By region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%
The following key cloud migration services providers are profiled in the report:
1. Amazon Web Services (US)
2. IBM (US)
3. Microsoft (US)
4. Google (US)
5. Cisco Systems (US)
6. NTT Data (Japan)
7. DXC (US)
8. VMware (US)
9. Rackspace (US)
10. Informatica (US)
The cloud migration services market has been segmented by service types, applications, deployment models, organization sizes, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new service launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the cloud migration services market.
The report will help the market leaders/new entrants in this market in the following ways:
• This report segments the cloud migration services market comprehensively and provides the closest approximations of revenue numbers for the overall market and the subsegments across regions.
• This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report helps stakeholders in better understanding the competitors and gaining more insights to better their position in the business. The competitive landscape section includes the vendor comparison of the top market players in the cloud migration services market.