Cloud migration is an array of processes that assist its end users to move or migrate their business processes, operation, and applications in cloud computing environment or on cloud infrastructure. The major factors for shifting to the cloud are escalated effectiveness, scalability, mobility, quicker implementation, and disaster recovery. Also, traction has been gained by cloud migration for its business elements, real-time experience, and availability to the on-premise data. Further, its implementation has been increasing over the last decade on account of the rising expenditure from small and medium enterprises.
In addition, the unexpected novel coronavirus or COVID-19 pandemic has hastened the implementation of cloud migration services as the insinuations are working distantly and constantly attempting to enhance their revenue and business. Moreover, the rising technological developments and automation are projected to generate noteworthy growth avenues during the coming period. Also, cloud adoption has been deemed to be noteworthy aspect for IT cost reduction approaches. All these factors are projected to fuel the global cloud migration services market.
The global cloud migration services market is bifurcated based on application, industry vertical, service type, deployment mode, organization size, and region. The market, based on applications, is segmented into security & compliance management, infrastructure management, project management, and others. The market, based on service type, is divided into professional services and managed services. The market, based on deployment model, is divided into private cloud, public cloud, and hybrid cloud. The market, based on organization size, is categorized into small & medium-sized enterprises (SMEs) and large enterprises. The market, based on industry vertical, is segregated into manufacturing, BFSI, IT & telecommunications, media & entertainment, healthcare & life sciences, government & public sector, consumer goods & retail, and others.
Regionally, the global cloud migration services market is anticipated to be governed by North America during the forecast period owing to the presence of leading pioneers and innovator along with major cloud migration vendors. Further, Asia-Pacific is expected to witness lucrative expansion within the market owing to the enhanced IT infrastructure, rising count of connected devices, and rising Internet penetration.
The key players active within the global cloud migration services market consist of Cisco Systems, Inc., Amazon Web Services, Inc., Google LLC, DXC Technology, Microsoft Corporation, International Business Machines Corporation (IBM), Rackspace Hosting Inc., NTT DATA Corporation, VMware Inc., and RiverMeadow Software, Inc. Numerous development approaches, such as new product launch and business expansion, have been implemented by these key players to make their market presence strong. To cite, a deal was announced by Broadridge Financial Solutions in January 2020 with IBM to provide latest cloud-based solutions to clients of Broadridge within the financial services industry.