New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Migration Services Global Market Report 2023" - https://www.reportlinker.com/p06443900/?utm_source=GNW
, RiverMeadow Software Inc., Informatica LLC, Accenture PLC, Nippon Telegraph and Telephone Corporation, Oracle Corporation, Flexera and Cognizant.
The global cloud migration services market grew from $171.69 billion in 2022 to $209.81 billion in 2023 at a compound annual growth rate (CAGR) of 22.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud migration services market is expected to grow to $462.11 billion in 2027 at a CAGR of 21.8%.
The cloud migration services market consists of revenues earned by entities by providing repurchasing and re-platforming.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cloud migration services refer to how businesses have been moving to the cloud and the products used to get there.Cloud providers themselves (such as Azure, AWS, and Google) all provide tools and services to help migrate workloads and applications.
The cloud migration services are used for the smooth transition of data and applications from on-premises or datacenter to a more effective and secure cloud environment.
North America was the largest region in the cloud migration services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cloud migration services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cloud migration services are application hosting and monitoring, automation and integration, DevOps, professional services, managed service, and other service types (recovery solutions).Managed services refer to information technology (IT) tasks provided by a third-party contractor and delivered to a customer.
The enterprise sizes are large, small and medium sized enterprises (SMEs).The deployment models are public cloud, private cloud, and hybrid cloud.
The applications included project management, infrastructure management, security and compliance management, and other applications. The various industries involved are BFSI, IT and telecommunications, healthcare, manufacturing, retail, government, media, entertainment, and other industries.
The rise in the adoption of automation solutions is expected to propel the cloud migration services market.Automation solutions are industrial solutions to replace slow, obsolete manual procedures with technology, programs, robotics, or processes for enhanced efficiency and accuracy.
Cloud migration services provide enterprises with the essential tooling, automation, and competence to complete secure cloud migration.For instance, in 2020, according to the survey report released by Camunda, a US-based process orchestration software provider offering automation software, 67% of businesses use automation solutions to increase end-to-end visibility across several systems.
Therefore, the rise in the adoption of automation solutions is driving the growth of the cloud migration services market.
Product innovation is the key trend gaining popularity in the cloud migration services market.Major companies operating in the cloud migration services market are focused on developing new product innovations to strengthen their position.
For instance, in July 2021, DXC Technology, a US-based company operating in cloud migration services, introduced a “pay-per-use” cloud consumption service model that has been part of its hybrid cloud and multi-cloud offerings, expanding upon its partnerships with VMware and Amazon Web Services Inc., (AWS). The first of its kind in the Asia-Pacific region, this integrated, scalable, and secure platform provides customers with a bridge from their on-premises environments to the cloud with no minimum term or volume commitments. DXC’s customers from Australia and New Zealand would be able to migrate and extend their existing VMware environments to AWS while keeping their mission-critical infrastructure on-premises.
In August 2020, Google Cloud, a US-based software provider, acquired StratoZone for an undisclosed amount.With this acquisition, Google Cloud aims to help its partners and customers plan and automate data center migrations to Google Cloud Platform and solve issues related to cloud migration.
StratoZone is a US-based company operating in cloud migration services.
The countries covered in the cloud migration services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cloud migration services market research report is one of a series of new reports that provides cloud migration services market statistics, including cloud migration services industry global market size, regional shares, competitors with a cloud migration services market share, detailed cloud migration services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud migration services industry. This cloud migration services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06443900/?utm_source=GNW
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