Rising and need for business agility and automation and Capex and Opex, faster and easier deployment of applications with pay-as-you-go model, and increasing awareness about business continuity are key factors driving Cloud Migration Services Market revenue growth.
Vancouver, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global cloud migration services market size was USD 11.70 Billion in 2022 and is expected to register a rapid revenue CAGR of 25.7% during the forecast period. Key factors propelling this expansion include the growing demand for business agility, automation, and cost efficiency. The adoption of hybrid cloud solutions, allowing businesses to balance on-premises and public cloud resources, has become pivotal for gradual migration and regulatory compliance.
Business Agility and Automation Fueling Growth
The need for faster and easier deployment of applications, coupled with a pay-as-you-go model, is a driving force behind the market’s surge. This model enables organizations to scale resources as needed, aligning costs with actual consumption and reducing financial risks. Cloud migration services offer flexibility, simplifying deployment and accelerating innovation, giving businesses a competitive edge and enabling swift responses to market shifts.
Data Security Concerns Pose Challenges
Despite the positive momentum, data security issues loom as a significant challenge. Vulnerabilities during migration expose sensitive information, and less secure development and testing environments become attractive targets for unauthorized access. API vulnerabilities further pose risks, emphasizing the need for proper encryption, key management, and continuous monitoring to mitigate concerns.
Hybrid and Multi-Cloud Strategies on the Rise
A noteworthy trend in the market is the adoption of hybrid and multi-cloud strategies. Businesses increasingly recognize the strengths of different cloud providers, allowing them to optimize infrastructure, enhance flexibility, and improve cost efficiency. This trend reflects the evolving nature of cloud technology, with organizations strategically diversifying their cloud environments to meet specific operational goals.
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Platform Insights: Services Dominate Revenue Share
In 2022, the service segment accounted for the largest revenue share in the global cloud migration services market. The rising demand for professional services to navigate the complex migration process, coupled with challenges in legacy applications, application modernization, and migration complexity, underscores the importance of expert assistance. Service providers play a crucial role in facilitating successful cloud migrations and ensuring businesses maximize the benefits of cloud adoption.
Deployment Insights: Public Clouds Lead, Hybrid Gaining Traction
The public segment is expected to hold a significantly large revenue share in the global cloud migration services market, driven by advantages such as resource management, maintenance, and scalability handled by third-party providers. However, the hybrid deployment segment is gaining traction due to its ability to combine the flexibility of public and the security of private clouds, offering a compelling solution for organizations seeking a secure yet flexible approach to cloud migration.
Enterprise Size Insights: SMEs Drive Growth
The Small and Medium-Sized Enterprises (SMEs) segment is poised to register the fastest revenue growth rate in the global cloud migration services market. Cost optimization, flexibility, scalability, and robust security measures make cloud solutions an attractive option for SMEs, empowering them to compete effectively within limited budgets. Large enterprises, on the other hand, leverage cloud migration for significant financial savings, operational efficiency, and sustainability, gaining a competitive edge in the market.
Regional Insights: North America Leads, Europe and Asia Pacific Show Promise
North America accounted for the largest revenue share in 2022, driven by advanced technological infrastructure and a mature IT landscape. Europe is expected to register the fastest growth rate, with companies adopting cloud technologies for cost competitiveness and operational efficiency. The Asia Pacific market is set to capture a considerably large revenue share, emphasizing IT infrastructure modernization and the rising demand for cloud-based digital transformation solutions.
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Scope of Research
|Market Size in 2022||USD 11.70 Billion|
|Revenue Forecast To 2032||USD 114.54 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Service type, platform, application, deployment, enterprise size, vertical, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||IBM Corporation, SAP SE, Google LLC, Capgemini, Amazon Web Services, Inc., Microsoft, Hewlett Packard Enterprise Development LP, Accenture, VMware, Inc., NTT DATA Americas, Inc., Tata Communications, Wipro, Vodafone Limited, Veritis Group Inc., Tech Mahindra, Dell, HCL Technologies, Cisco Systems, DXC, and Rackspace|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global cloud migration services market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient cloud migration services solutions. Some major players included in the global cloud migration services market report are:
- IBM Corporation
- SAP SE
- Google LLC
- Amazon Web Services, Inc.
- Hewlett Packard Enterprise Development LP
- VMware, Inc.
- NTT DATA Americas, Inc.
- Tata Communications
- Vodafone Limited
- Veritis Group Inc.
- Tech Mahindra
- HCL Technologies
- Cisco Systems
- On 7 September 2023, PwC entered a three-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to deliver approximately USD 800 million in value to clients. This collaboration focuses on cloud migration and modernization, data and analytics, cybersecurity, customer experience, managed services, and climate reporting. PwC and AWS aim to help organizations transform, innovate, and build modern technology infrastructures to enhance business models and stay ahead in an ever-changing business landscape. This partnership leverages the expertise of both firms to offer human-led, tech-powered solutions to drive growth and efficiency for clients, with over 200 projects already underway for Fortune 500 clients.
- On 6 September 2023, InterVision, a prominent cloud and managed services provider, entered a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS). This partnership, driven by InterVision’s status as an AWS Premier Tier Services Partner, aims to increase cloud adoption and modernization for both public sector and commercial customers. InterVision holds six AWS competencies and is a part of various AWS programs, demonstrating its commitment to innovation and problem-solving for customers in various industries. The companies will offer services such as Amazon Connect customizations, data modernization, and managed cloud services.
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For the purpose of this report, Emergen Research has segmented the global cloud migration services market on the basis of service type, platform, application, deployment, enterprise size, vertical, and region:
- Service Type Outlook (Revenue, USD Billion; 2019-2032)
- Automation and Integration
- Disaster Recovery
- Application Hosting and Monitoring
- Training and Consulting
- Support and Maintenance
- Managed Services
- Platform Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Project Management
- Infrastructure Management
- Security and Compliance Management
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- Enterprise Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprise
- Small & Medium Enterprise (SME)
- Vertical Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
- Information Technology (IT) & Telecommunications
- Banking, Financial Services, and Insurance (BFSI)
- Government & Public Sector
- Retail & Consumer Goods
- Media & Entertainment
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