Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Cloud Migration Services Market
Market Research Future (MRFR) has announced a new release on the global cloud migration services market. The report takes into account various factors playing a key role in the growth trajectory of the cloud migration services market and presents a comprehensive overview of the market to readers. According to the report, the global cloud migration services market is set to exhibit a CAGR of 22% over the forecast period from 2018 to 2023, rising to an eventual valuation of USD 8 billion by 2023.
Cloud migration services include services that allow organizations to shift their existing hardware-based systems and mechanisms to the cloud. This includes business infrastructure, data, as well as business processes. This has emerged as a major tool for corporate entities in the coming years, as the popularity of cloud solutions has grown and the demand for cloud architecture to support decision making and operate businesses in a smart, efficient manner has risen along with it. The growing preference for machine learning and other forms of artificial intelligence in the corporate sector is likely to be a major driver for the global cloud migration services market over the forecast period. Increasing awareness about the major benefits offered by cloud functionality in businesses of all sizes is also likely to be a major driver for the global cloud migration services market over the forecast period.
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The global cloud migration services market is segmented on the basis of type of service, deployment, organization size, application, end-use industry, and region.
On the basis of type of service, the global cloud migration services market is segmented into managed services and professional services. The professional services segment is further sub-segmented into automation & integration, support & maintenance, disaster recovery, training & consulting, and others.
By deployment type, the cloud migration services market is segmented into public, private, and hybrid.
According to the organization size, the market is segmented into SMEs and large enterprises.
By application, the global cloud migration services market is segmented into infrastructure management, security and compliance management, workforce management, project management, and others.
The leading end-use industries in the global cloud migration services market include the government sector, IT & telecommunication, manufacturing, and others.
The global cloud migration services market is segmented by region into North America, Europe, Asia Pacific, and rest of the world.
North America is likely to remain the dominant contributor to the global cloud migration services market over the forecast period due to the widespread incorporation of machine learning and artificial intelligence in the corporate and manufacturing sectors. The IT & telecom sector in this region is highly advanced, which has facilitated a smooth transition to cloud networking across the region. This is likely to be the major propellant for the cloud migration services market in the region over the forecast period, as companies in the region are increasingly adopting cloud networks for their benefits in terms of comfort and security.
Europe is also likely to be a major contributor to the global cloud migration services market over the forecast period due to the rapid development of cloud infrastructure and technology in the region and its subsequent adoption in a number of countries across the region. Rapid development of the telecom industry in the region is also conducive towards smooth growth of the cloud migration services market in the region and is likely to remain a key driver for the market over the forecast period.
Asia Pacific is a strong emerging regional market for cloud migration services and is likely to exhibit a strong growth rate over the forecast period due to the growing demand for bringing the industrial and corporate sectors in the region at par with the global standards in terms of technical proficiency and use of advanced technological solutions to fulfill corporate needs.
Leading players in the global cloud migration services market include Microsoft Corporation, Dell, HCL Technologies, Wipro Ltd., VMware Inc., Amazon Web Services Inc., NTT Data Inc., Accenture PLC, IBM Corporation, and Tech Mahindra.
In March 2018, VMware Inc. announced an addition to their cloud services portfolio in the form of multi-cloud services, which will help improve the risk management in the company’s cloud services.
In October 2017, IBM launched new cloud migration and deployment services.