The global market for cloud migration is projected to have considerable CAGR of 26.5% during the forecast period. The major factors that propels the cloud migration market include the growing adoption of cloud computing services, coupled with growing number of cloud migration services across the various industries such as BFSI, retail, IT & telecom. Building a new application on cloud platform minimizes the time require for its deployment. Unlike the data center in most of the organizations, cloud platform enables their users to submit an application within weeks, and then ensure the successful running of the application immediately. Cloud services eliminated the wait to run the application after its deployment, which results in business benefits. Moreover, the small and medium enterprises (SMEs) are adopting cloud migration services  due to cost effectiveness, flexibility, ease of operations and other benefits that further encourages the demand of cloud migration services and propels the market growth.  

 Segmental Outlook  

The global cloud migration market is segmented based on deployment type and industry. Based on the deployment type, the market is further classified into public cloud, private cloud, and hybrid cloud. The hybrid segment is projected to grow at a significant CAGR during the forecast period. The various industries such as retail, IT & telecom are adopting hybrid cloud services due to cost effectiveness and scalability benefits. On the basis of industry the market is further segregated into BFSI, IT & telecom, government, retail & consumer goods, healthcare, and other.

 Global Cloud Migration Market Share by Industry, 2019(%)

Global cloud migration market to be driven by BFSI Industry

Among industry, the BFSI segment held a considerable growth in the market owing to the significant rise in the deployment of cloud computing services in BFSI sector coupled with significant growth in the industry. Banking and financial services companies require fast and reliable connectivity to support latency-sensitive applications for activities including market data delivery, payment processing, and online trading. To make high-performance applications, the provisioning speed of data and billing flexibility are critical. Cloud service providers offered secure and seamless networking to the dedicated bare-metal servers and are well-suited to meet the agility and cost-efficiency requirements of the financial firms. Furthermore,financial services offering firms need to have significant control and customization of their IT infrastructure to comply with the industry regulations. Therefore, these firms may require a hybrid cloud approach to maintain more direct control over their IT infrastructure thus creating significant of cloud migration services in BFSI sector. 

Regional Outlook 

Geographically, the global cloud migration market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market growth is attributed to the significant adoption of cloud services in economies such as China, Japan, India, South Korea, Thailand, and Australia. The increasing number of SMEs has increased the deployment of various cloud based services, which in turn, is expected to drive the adoption of cloud migration technology in the region.

Global Cloud Migration Market Growth, by Region 2020-2026

North America to hold a considerable share in the global cloud migration market

Geographically, North America is projected to hold a significant market share in the global cloud migration market. Major economies which are anticipated to contribute to the North America cloud migration market are the US and Canada. The developed technological infrastructure and  economic strength of the North America provides a substantial platform for the growth of the market. The high adoption of cloud-based solutions in the region has led to a substantial growth in the market. The major US-based global players in the cloud migration market include IBM Corp., Microsoft Corp., Google LLC and others who altogether holds a significant market share. Additionally, increasing adoption of automation, Devops, application hosting and monitoring services in BFSI, and IT and telecom sector in the region is creating huge amount of data that is creating the need for cloud migration solutions that further contribute in the market.  

Market Players Outlook

The key players in the cloud migration market contributing significantly by providing different types of deployments and increasing their geographical presence across the globe. The key players of the market include Microsoft Corp., IBM Corp., Google LLC, Cisco Systems Inc., Oracle Corp., Amazon Web Services, Inc., and others. These market players adopt various strategies such as deployment launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cloud migration market. Based on the availability of data, information related to pipeline deployments, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.