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Global Cloud Migration Services Market Share, Forecast: By Service Model: Managed Services, Professional Services; By Deployment Mode: Public Cloud, Private Cloud, Hybrid Cloud; By Application: Project Management, Others; By Organization Size; By Industry Vertical; Regional Analysis; Competitive Landscape; 2024-2032
Global Cloud Migration Services Market Outlook
The global cloud migration services market attained a value of about USD 213.56 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 24.6% to reach nearly USD 1,546.57 billion by 2032.
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Rising Demand for Cloud Migration Services in the Banking and Financial Sectors is Catalysing the Market Growth
The rapid digital transformation in the banking, financial services, and insurance (BFSI) industry is propelling the market growth of cloud migration services. As the demand for transparency and remote accessibility in the financial sector is significantly surging, major companies are leveraging cloud migration services to transform their business models and consumer experience, which is propelling the industry growth. Moreover, the cost-effectiveness of cloud migration is increasing the demand to increase innovation and collaboration in the industry, which is further augmenting the industry growth. The development of advanced cloud storage with enhanced security and optimal architecture is increasing the deployment of cloud migration services, which is providing further impetus to the industry growth. In addition, the advent of fintech, which extensively utilises technology, is surging the demand for cloud migration services, hence invigorating the market growth. This trend has been accelerated during the COVID-19 crisis, which led to an escalation in cloud services owing to prolonged lockdowns, stay-at-home orders, and rapid digitisation of various financial services. This is expected to further augment owing to the growing popularity of digital tools and online banking, which is projected to propel the growth of the cloud migration services industry in the forecast period.
Cloud Migration Services: Market Segmentation
Cloud migration services refer to the services that are utilised by organisations for the digital transformation of their businesses. They provide tools and resources that aid in the smooth and effective transition of database to cloud computing. They increase cost-effectiveness, flexibility, and productivity in the long run for various organisations, due to which it is increasingly being adopted.
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The major service models of cloud migration services are:
- Managed Services
- Professional Services
The market can be broadly categorised on the basis of its deployment mode into:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Based on application segments, the market is divided into:
- Project Management
- Infrastructure Management
- Security and Compliance Management
- Others
By organisation size, the market is classified into:
- Large Enterprises
- Small and Medium Enterprises
On the basis of industry verticals, the industry is segmented into:
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- Healthcare and Life Sciences
- IT and Telecommunications
- Consumer Goods and Retail
- Government and Public Sector
- Media and Entertainment
- Others
The EMR report looks into the regional markets of cloud migration services like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Use of Cloud Migration Services by Governments and Public Bodies to Augment the Market Growth
The introduction of various governments initiatives to promote cloud computing to increase the transparency and accessibility of the database is augmenting the market growth. The increasing requirement of Cloud First policy to develop new capabilities for efficient transition initiated by various governments, such as the India Ministry of Electronics and Information Technology, is providing further impetus to the growth of the cloud migration services industry. Moreover, government and public bodies are increasingly preferring multi-cloud offerings to prevent the risk of data loss amidst technical errors of a cloud, which further propelling the demand for cloud migration services.
Rising Adoption of Sustainable Approaches in Several Enterprises to Bolster the Growth of the Cloud Migration Services
The increasing adoption of sustainable methods in various enterprises is increasing the demand for cloud storage as it reduces energy wastage and carbon footprint, consequently surging the adoption of cloud migration services. As remote work becomes the new norm, various businesses are rapidly adopting cloud computing. This is consequently increasing the demand for cloud migration services, which is propelling the market growth. The extensive use of cloud computing by organisations is expected to increase the requirement for third-party vendors to address cloud challenges and maintain cloud infrastructure. This is projected to escalate the use of cloud migration services, which is estimated to augment the industry growth.
Key Industry Players in the Global Cloud Migration Services Market
The report presents a detailed analysis of the following key players in the global cloud migration services market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Amazon Web Services, Inc.
- Cisco Systems, Inc.
- DXC Technology Co.
- Google LLC
- International Business Machines Corporation
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Service Model, Deployment Mode, Application, Organization Size, Industry Vertical, Region |
| Breakup by Service Model | Managed Services, Professional Services |
| Breakup by Deployment Mode | Public Cloud, Private Cloud, Hybrid Cloud |
| Breakup by Application | Project Management, Infrastructure Management, Security and Compliance Management, Others |
| Breakup by Organization Size | Large Enterprises, Small and Medium Enterprises |
| Breakup by Industry Vertical | Banking, Financial Services and Insurance (BFSI), Manufacturing, Healthcare and Life Sciences, IT and Telecommunications, Consumer Goods and Retail, Government and Public Sector, Media and Entertainment, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology Co., Google LLC, International Business Machines Corporation, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cloud Migration Services Market Analysis
8.1 Key Industry Highlights
8.2 Global Cloud Migration Services Historical Market (2018-2023)
8.3 Global Cloud Migration Services Market Forecast (2024-2032)
8.4 Global Cloud Migration Services Market by Service Model
8.4.1 Managed Services
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Professional Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Cloud Migration Services Market by Deployment Mode
8.5.1 Public Cloud
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Private Cloud
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Hybrid Cloud
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Cloud Migration Services Market by Application
8.6.1 Project Management
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Infrastructure Management
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Security and Compliance Management
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Cloud Migration Services Market by Organization Size
8.7.1 Large Enterprises
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Small and Medium Enterprises
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Cloud Migration Services Market by Industry Vertical
8.8.1 Banking, Financial Services and Insurance (BFSI)
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Manufacturing
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Healthcare and Life Sciences
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 IT and Telecommunications
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Consumer Goods and Retail
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
8.8.6 Government and Public Sector
8.8.6.1 Historical Trend (2018-2023)
8.8.6.2 Forecast Trend (2024-2032)
8.8.7 Media and Entertainment
8.8.7.1 Historical Trend (2018-2023)
8.8.7.2 Forecast Trend (2024-2032)
8.8.8 Others
8.9 Global Cloud Migration Services Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Cloud Migration Services Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cloud Migration Services Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cloud Migration Services Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cloud Migration Services Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cloud Migration Services Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Amazon Web Services, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Cisco Systems, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 DXC Technology Co.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Google LLC
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 International Business Machines Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cloud Migration Services Market: Key Industry Highlights, 2018 and 2032
2. Global Cloud Migration Services Historical Market: Breakup by Service Model (USD Billion), 2018-2023
3. Global Cloud Migration Services Market Forecast: Breakup by Service Model (USD Billion), 2024-2032
4. Global Cloud Migration Services Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
5. Global Cloud Migration Services Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
6. Global Cloud Migration Services Historical Market: Breakup by Organization Size (USD Billion), 2018-2023
7. Global Cloud Migration Services Market Forecast: Breakup by Organization Size (USD Billion), 2024-2032
8. Global Cloud Migration Services Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
9. Global Cloud Migration Services Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
10. Global Cloud Migration Services Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Cloud Migration Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Cloud Migration Services Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Cloud Migration Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Cloud Migration Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Cloud Migration Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Cloud Migration Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Cloud Migration Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Cloud Migration Services Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Cloud Migration Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Cloud Migration Services Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Cloud Migration Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Cloud Migration Services Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 213.56 billion.
The market is projected to grow at a CAGR of 24.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 1,546.57 billion by 2032.
The rapid digital transformation in the banking, financial services, and insurance (BFSI) sector, the development of cloud storage with enhanced security, and the advent of fintech are the major market drivers.
The key trends propelling the market demand include the initiation of various measures by governments to promote cloud computing, the rising adoption of sustainable approaches to reduce energy wastage, and the growing demand for third-party vendors to address cloud challenges and maintain cloud infrastructure.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major service models included in the market report are managed services and professional services.
The various deployment models considered in the market report are public cloud, private cloud, and hybrid cloud.
The several applications of cloud migration services are project management, infrastructure management, and security and compliance management, among others.
Large enterprises and small and medium enterprises the significant organisation sizes considered in the market report.
The major market verticals of cloud migration services are 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 major players in the market are Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology Co., Google LLC, and International Business Machines Corporation, among others.
Analyst Review
The global cloud migration services market attained a value of nearly USD 213.56 billion in 2023, driven by the rapid digital transformation in the banking, financial services, and insurance (BFSI) industry. Aided by the initiation of various measures by governments to promote cloud computing, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 24.6%. The market is projected to reach about USD 1,546.57 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its service models, the cloud migration services industry can be segmented into managed services and professional services. On the basis of deployment modes, the industry is divided into public cloud, private cloud, and hybrid cloud. By application, the market is categorised into project management, infrastructure management, and security and compliance management, among others. Based on organisation sizes, the cloud migration services industry can be bifurcated into large enterprises and small and medium enterprises. On the basis of industry verticals, the market is segmented 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 major regional markets for cloud migration services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology Co., Google LLC, and International Business Machines Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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