Cloud Migration Market: Current Analysis and Forecast (2022-2028)

The process of partially or completely transferring a company's digital assets, services, databases, IT resources, and applications to the cloud is known as cloud migration. Cloud migration is also about shifting from one cloud to another. The cloud migration market is expected to grow at a steady rate of 32% owing to the growing amount of data available. The cloud migration market is being driven by several factors, including the need for greater agility and scalability, cost savings, and improved security and compliance. Many organizations are moving their applications and data to the cloud to take advantage of the benefits it offers, such as increased flexibility, faster time to market, and the ability to scale resources up or down as needed. Additionally, the growing trend towards remote work and digital transformation is fueling demand for cloud services, as businesses seek to enable their employees to work from anywhere and improve their overall efficiency and productivity. Finally, the rise of hybrid and multi-cloud environments is also driving cloud migration, as organizations seek to leverage the strengths of different cloud platforms to achieve their goals.

Based on service type, the market is segmented into managed and professional services. The managed service segment is expected to achieve the dominant market and is expected to maintain a similar growth trend throughout the forecast period. The growth of the segment is mainly attributed to factors such as the growing complexities of cloud technology. Cloud technology is complex, and it can be difficult for businesses to manage it on their own. Managed cloud services providers have the expertise to manage complex cloud environments, which can help businesses reduce the risk of downtime and ensure high levels of performance.

On the basis of organization size, the market is segmented into small and medium enterprises and large enterprises. During the forecast period, the small and medium enterprises segment is expected to garner the largest market share in 2021. The main reason for this is cloud's features such as its cost-effectiveness, and easy accsibility. Furthermore, cloud computing allows small organizations to easily scale their IT resources up or down as needed, without having to purchase or maintain additional hardware or software.

Based on end-users, the market is segmented into it & telecom, BFSI, healthcare, government & public sector, manufacturing, and others. The IT & telecom segment is expected to grow with the largest market share and is expected to maintain a similar trend throughout the forecast period. The growth of the segment is mainly attributed to factors such as the growing amount of data generated by industries across the world. Data is very important for the implementation of data analytics which helps companies in better customer management and has resulted in the generation of a large volume of data has elevated the demand for the cloud migration market in 2021.

For a better understanding of the market adoption of the cloud migration industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North America region held the most significant market share in 2021 and is expected to maintain a similar growth trend during the forecast period. The market in the region is mainly driven by the presence of key cloud service providers in the region such as Amazon, Microsoft, etc. Furthermore, the growing industrialization in the region has also significantly impacted the market during the analysis time period. Moreover, the growing technological advancement of the healthcare sector is also expected to influence market growth during the forecast period.

Some of the major players operating in the market include: Amazon Web Services, Inc.; Cisco Systems, Inc; DXC Technology Company; Google LLC; IBM; Microsoft; NTT DATA Corporation; RACKSPACE TECHNOLOGY; VMware, Inc. RiverMeadow Software, Inc.