Growing Adoption Of Hybrid Cloud To Boost The Growth Of Global Cloud Migration Service Market
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| Global Cloud Migration Service Market |
Market
Overview:
Cloud migration services help enterprises migrate their IT infrastructure and
applications from on-premises data centers or other cloud service providers to
public, private or hybrid clouds. Growing adoption of hybrid cloud strategies
by enterprises is driving the demand for cloud migration services. Hybrid cloud
seamlessly integrates private and public clouds which provides enterprises
flexibility of managing workloads between private and public cloud. It also
helps enterprises address the need for security, governance and access control
issues through private cloud while leveraging scalability and flexibility of
public cloud.
Market key trends:
One of the major trends in the cloud migration service market is shift from
traditional lift and shift approach to cloud-native approach. Earlier
enterprises used to directly migrate their on-premises applications to cloud
infrastructure with minimal changes which is known as lift and shift approach.
However, cloud-native approach helps optimize applications for cloud
environments by refactoring or re-architecting applications to take advantage
of elasticity, automation, and other cloud-native services. Another key trend
is growing adoption of serverless architectures. Serverless architecture allows
developers to build and run applications and services without having to manage
infrastructure. It improves resource utilization and reduces operational
overheads.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low, as large start-up
investments and established vendor contracts pose significant barriers for new
companies.
Bargaining power of buyers: The bargaining power of buyers is high as customers
have numerous options for cloud migration services providers leading to price
competition in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low as
there are many solution and service providers, reducing reliance on any
individual supplier.
Threat of new substitutes: The threat of new substitutes is moderate as new
technologies like edge computing can potentially substitute the need for cloud
migration services.
The global Cloud
Migration Service Market Demand is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to
exhibit a CAGR of 20% over the
forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Cloud Migration Service market is expected to witness high growth,
exhibiting CAGR of 20% over the forecast period, due to increasing need for
optimization of IT costs and modernization of applications. The market size for
2023 is US$ 6.84 Bn.
Regional analysis: North America region is expected to dominate the global
cloud migration service market during the forecast period, owing to rapid
adoption of cloud technologies by businesses in the US and Canada. The Asia
Pacific region is anticipated to exhibit the fastest growth rate over the
forecast period, with China, India, Indonesia and Vietnam emerging as lucrative
markets.
Key players: Key players operating in the cloud migration service market are
IBM, Microsoft, Amazon Web Services, Google, Cisco, NTT Data, VMware, DXC,
Rackspace, Informatica, Accenture, WSM, Zerto, Virtustream, RiverMeadow,
OpenStack, CloudEndure, Cloudreach, Apps Associates, and Rigs IT. IBM leads the
market with strengths in consulting and managed services.
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