Dec 14, 2017   SOURCE: PR NewsWire

Cloud Migration Services Market Worth 9.47 Billion USD by 2022

PUNE, India, December 14, 2017 /PRNewswire/ --

According to a new market research report "Cloud Migration Services Market by Service Type (DevOps, Disaster Recovery, Managed Services), Application (Project Management, Compliance & Security Management, Infrastructure Management), Deployment Model, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets(TM) the market size is expected to grow from USD 3.17 Billion in 2017 to USD 9.47 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period (2017-2022).

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The demand for cloud migration services is driven by many factors, such as faster deployment, scalability, and agility; cloud compliance requirements; need to reduce CapEx and Opex; growing trend of mobility; and uninterrupted business continuity. With an increase in the adoption rate of cloud computing among enterprises, the Cloud Migration Services Market is expected to gain major traction during the forecast period.

Automation and integration service type is expected to hold the largest market size during the forecast period 

Automation enables enterprises to streamline their cloud migration activities efficiently. Automation helps in reducing costs, manual intervention, time, and risk of failure. It supports improved business agility and migration of entire workload for rapid recovery during downtime. Cloud integration services help in solving complex problems and guarantee cost-efficient business processes to produce flexible environment that can fulfill performance, security, and availability. It helps in supporting third-party and on-premises applications and services.

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Project Management application is estimated to hold the largest market size in 2017 

Project management is the implementation of process, knowledge and skills, and expertise to achieve project objectives. The key reasons for the growth of Cloud Migration Services Market include cost savings, accelerated time to market, mobility, improved productivity, real-time team collaboration, resilience, and ease of use and accessibility. Project management is operated on applications based on the cloud that provides secure information, and keeps track of all the work done on the project.

Banking, Financial Services, and Insurance (BFSI) vertical is estimated to hold the largest market size in 2017 

BFSI organizations lead the industry vertical segment of the market in migrating their workloads to the cloud environment. The need to consolidate the cost of IT and infrastructure is driving BFSI organizations to migrate their workloads in the cloud. Migrating workload to the cloud provides BFSI organizations with agility and flexibility to deploy IT infrastructure and legacy systems in a cost-effective way.

North America region is estimated to hold the largest market size in 2017 

North America is estimated to hold the largest market share in 2017, while APAC is projected to be the fastest growing region during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, presence of a large number of enterprises, and the availability of proficient technical expertise. The US and Canada are expected to contribute to the growth of the Cloud Migration Services Market.

Major providers of cloud migration solutions and services are Amazon Web Services (US), IBM (US), Microsoft (US), Google (US), Cisco Systems (US), NTT Data (Japan), DXC (US), VMware (US), Rackspace (US), and Informatica (US).

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