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Increase in need for business agility & automation, ease in deployment of applications with pay-as-you-go model, and rise in demand for cloud migration in business continuity fuel the growth of the global cloud migration services market. On the other hand, vendor lock-in and enterprise application's cloud compatibility & cloud interoperability impede the growth to some extent. However, surge in cloud expenditure and requirement for lower CAPEX and OPEX are expected to create new opportunities in the industry.The global cloud migration services market was pegged at $88.46 billion in 2019 and is estimated to hit $515.83 billion by 2027, registering a CAGR of 24.8% from 2020 to 2027.
The global cloud migration services market is analyzed across service type, application, organization size, deployment mode, industry vertical, and region. By service type, the managed services segment accounted for nearly three-fifths of the total market share in 2019, and is expected to dominate during the forecast period. Simultaneously, the professional services segment would manifest CAGR of 25.9% from 2020 to 2027.
Based on region, Europe held the highest share in 2019, generating nearly two-fifths of the global cloud migration services market. The region across would showcase the fastest CAGR of 28.2% from 2020 to 2027. The other two regions analyzed through the report include North America and LAMEA.
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By application, the infrastructure management segment contributed to nearly two-fifths of the total market revenue in 2019, and is expected to rule the roost during the forecast period. At the same time, the security & compliance management segment would exhibit the fastest CAGR of 29.3% from during the forecast period.
Profiling Key Players: Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology, Google LLC, IBM Corporation, Microsoft Corporation, NTT DATA Corporation, Rackspace Hosting Inc., RiverMeadow Software, Inc., and Vmware Inc.
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