The Global Cloud Migration is expected at USD 136.65 Billion in the year 2021 and is predicted to reach USD 539.38 Billion by 2028, with a CAGR of 21.67% over the forecasted period.
The process of migrating an organization’s on-premise data, workloads, and applications to a cloud platform utilizing a variety of resources is known as cloud migration. A cloud migration plan allows a corporation to host data and applications in the fastest, safest, and most cost-effective IT environment imaginable. By shifting to the Cloud, a company can expand up to meet bigger workloads systematically. It efficiently bridges the rising gap between business demand and the IT capability of the enterprise. As a consequence of rising expenditures from small and medium organizations, cloud migration computing utilization has expanded over the previous decade. Many businesses all around the world have already made the switch to cloud services and are reaping the rewards.
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In recent years, cloud adoption has been a crucial role in IT cost reduction approaches. Cloud migration is the process of migrating programs, data, and other business pieces to a cloud computing environment. There are various ways for a corporation to migrate to the cloud. A popular concept is to move data and software from an on-premises data center to the public cloud. Cloud migration may also refer to the transfer of data and software from one Cloud migration platform or provider to another, referred to as cloud-to-cloud migration.
Market Dynamics and Factors:
Could Migration have been a major trend in various verticals to manage data at a large scale. The benefits of moving to the cloud include scalability, increased effectiveness, faster deployment, adaptability, and disaster recovery. Customers may use cloud disaster recovery capabilities from a variety of companies to help them expand their enterprises. Cloud migration is gaining traction due to its real-time experience, business components, and access to on-premise data. This technology also simplifies the setup of several business units in a short period. The proliferation of cloud and industrialized services, as well as the collapse of traditional data center outsourcing (DCO), signal a significant move toward hybrid infrastructure.
Even though conventional Cloud migration is on the down, spending on colocation and hosting, as well as infrastructure utility services, is on the rise. As a result, the move to cloud IaaS and hosting is projected to be hastened. Migration for PaaS, IaaS, and SaaS has grown in importance in recent years. DevOps technologies and automation are currently being used by businesses, and they are becoming increasingly crucial in understanding the technological and commercial benefits of cloud adoption.
Cloud Migration Report Highlight:
- By Service, the SaaS segment is anticipated to dominate the Cloud Migration. The SaaS category includes well-known applications such as Google Apps, Salesforce, and GoToMeeting. Because of the online distribution mechanism, SaaS is a popular option for businesses to reap the cost-cutting benefits of cloud computing.
- By Deployment, the Hybrid segment is expected to dominate the Cloud Migration. Using a hybrid cloud allows businesses to expand computer resources and reduces the need for large amounts of money to accommodate short-term demand surges. Many cloud providers offer the flexibility to swiftly grow infrastructure in numerous global locations, allowing a company to easily expand into new markets.
- By End User, the BFSI segment accounted for the largest share in the end-user segment. Banking and Financial organizations are also accelerating the migration toward cloud solutions owing to the benefits such as flexibility, agility, and integration of emerging technologies and the FinTech ecosystems. Cloud solutions are helping banks to cut down expenses by slashing infrastructure costs significantly.
- North America is likely to dominate the Cloud Migration due to the quick adoption of advanced technologies such as artificial intelligence and machine learning throughout the area may be ascribed to the region’s expanding internet penetration and rapid acceptance of advanced technologies such as artificial intelligence and machine learning.
- The Asia-Pacific region is growing at a fast pace in the Cloud Migration. India and China have made significant strides in promoting cloud-based technology usage. Google announced a ten-billion-dollar investment in a digitization fund to help India’s digital economy grow faster in July 2020. This indicates that cloud migration service providers will have new business prospects in the region.
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Major Key Players for Cloud Migration:
- Oracle Corporation
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services
- Google Inc.
- Cisco Systems
- RiverMeadow Software
- Rackspace US
- OVH US LLC
Key Industry Development:
January 2020, Broadridge Financial Solutions and IBM have announced a partnership to deliver innovative cloud-based solutions to Broadridge’s financial services clients.
February 2020, 3M Company has decided to move its business IT infrastructure to Amazon Web Services, Inc. (AWS). 3M is converting its enterprise resource planning (ERP) system, which includes accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce business-critical enterprise IT applications, to the world’s largest cloud as part of its IT transformation strategy.
Cloud Migration Segmentation:
- IT & Telecom
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For this report, Introspective Market Research has segmented the Cloud Migration based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Cloud Migration study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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