Growing Adoption Of Hybrid Cloud To Boost The Growth Of Global Cloud Migration Service Market

 

 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.

Read More:

https://marketwebjournal.com/global-cloud-migration-service-market-market-size-share-analysis-growth/

 

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