Market Research Report
Global Cloud Migration Services Market Forecast 2021-2028
|Global Cloud Migration Services Market Forecast 2021-2028|
Published: October 11, 2021
Content info: 221 Pages
Delivery time: 2-3 business days
The global cloud migration services market is forecasted to register a CAGR of 26.12% over the estimated years of 2021 to 2028. The market growth is facilitated by key factors such as the increasing OPEX investments in businesses, reduced operational costs as well as accelerated deployment, the growing adoption of remote working, and lower infrastructural complexity and seamless accessibility.
Cloud migration is characterized as the process of deploying an organization's digital assets, services, resources, or applications in the cloud. Besides, the transferred assets cannot be accessible outside the cloud's firewall. While numerous cloud migrations are conducted by organizations, transferring data, as well as apps from an on-premises data center to the public cloud, is a typical model.
Traditionally, businesses managing their own data centers utilize a Bill of Materials (BoM) in order to size and acquire technology for specific purposes. Computing (servers, blades), networking (switches, firewalls), storage (Direct Attached Storage, SAN), as well as other specialist equipment are included in this category. Moreover, hardware can last for up to five years if properly maintained. In this regard, Intel and other chipmakers possess an 18-month tick-tock cycle, where tick signifies the clock speed enhancements and tock entails new CPU generation. Since hardware vendors release new generations of their hardware every three years, businesses must regularly upgrade their hardware to the latest generations for yielding the advantages of enhanced performance and efficiency. To overcome this issue, several customers are inclined towards the cloud-based model, which is completely OPEX-based.
The global cloud migration services market growth evaluation comprises the analysis of the Asia-Pacific, Europe, North America, and the Rest of World. The Asia-Pacific is set to grow with the highest CAGR during the forecast period on account of key drivers such as the surging focus on modernizing information technology (IT) infrastructure, the rising governmental incorporation of the 'cloud first' approach, and the increasing development of cloud-based digital transformation solutions.
Enterprises with undifferentiated cloud services possessing broader product portfolios generate strong competition across the global cloud migration services market. Such companies spend significantly on the expansion of their services portfolio. Furthermore, firms are also launching novel cloud services in order to capture new markets. Therefore, the competition is expected to be high during the forecast years.