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Global Cloud Migration Services Market to Reach About USD 413.3 Billion by 2026, Aided by Rapid Digitisation

According to a new report by EMR titled, ‘Global Cloud Migration Services Market Report and Forecast 2021-2026’, the global market for cloud migration services attained a value of about USD 110.4 billion in 2020. The industry is further expected to grow at a CAGR of 24.6% in the forecast period of 2021-2026 to reach a value of about USD 413.3 billion by 2026.

North America holds a significant market share owing to rapid digitisation in countries like the United States and Canada. As various leading companies such as Amazon Web Services, Inc. and Google LLC are based in the region, the regional market is witnessing rapid growth. Moreover, the growing ease of doing business index of the United States and Canada are leading to the emergence of various tech-savvy small and medium-sized enterprises in the region, further augmenting the growth of the cloud migration services in the region. Meanwhile, the Asia Pacific is witnessing robust growth owing to rapid industrialisation and the increasing technological adoption in the region. As regions such as South Korea and Japan are some of the most technologically advanced countries, the demand for cloud migration services to automate various business processes is surging, therefore fuelling the market growth.

DXC Technology Co. (NYSE: DXC), one of the leading companies in the market, announced in August 2020 that it was awarded a multi-year agreement by Sabre Corporation to accelerate its digital transformation while ensuring continued security, health, and stability of the latter’s operation and technology. The company would also aid Sabre Corporation to meet the evolving consumers’ demand in various countries by modernising its capabilities to maintain its system effectively as well as effectively migrating all its workload to the cloud. Moreover, the agreement also stated that the company was expected to provide critical applications, cloud, security, engineering, and analytical capabilities. This measure is critical for the company as it functions as a third party for effective cloud migration to Google’s cloud services. Such agreements by the key players are increasing the demand for cloud migration services, which is propelling the market growth.

Market Analysis by Service Model, Deployment Mode, Application, Organisation Size, Industry Vertical, and Region:

  • The market, on the basis of service model, can be divided into managed services and professional services.
  • Based on deployment mode, the industry can be divided into public cloud, private cloud, and hybrid cloud.
  • The applications of cloud migration services include project management, infrastructure management, and security and compliance management, among others.
  • By organisation sizes, the market is bifurcated into large enterprises and small and medium enterprises.
  • On the basis of industry vertical, the market is categorised into banking, financial services and insurance (BFSI), manufacturing, healthcare and life sciences, IT and telecommunications, consumer goods and retail, government and public sector, and media and entertainment, among others.
  • The regional markets for cloud migration services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for cloud migration services in the banking, financial services, and insurance (BFSI) sector to aid transparency and remote accessibility is driving the industry growth.
  • The market is being aided by the development of cloud storage featuring enhanced security and functionality, hence increasing their adoption of various businesses.
  • The increasing demand for cloud computing in various public and government bodies to enhance transparency is surging the deployment of tools for an efficient transition of the database, therefore augmenting the growth of the cloud migration services industry.
  • The rising adoption of cloud computing owing to its sustainability among the environmentally conscious organisations is invigorating the market growth of cloud migration services.
  • The market is expected to be propelled by the growing demand for cloud migrations services in various enterprises owing to the advent of remote working and hybrid working models in the wake of the COVID-19 outbreak.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for cloud migration services for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the service models, deployment modes, applications, organisation sizes, industry verticals, and major regions of cloud migration services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cloud migration services market are Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology Co., Google LLC, and International Business Machines Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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