The Market for Cloud Migration Services is predicted to worth USD 9.47 billion by 2022, with a growing CAGR of 24.5 percent that is up from USD 2.73 billion in 2016. As per the new market research report, published by MarketsandMarkets™, the market size of Cloud Migration Services was USD 3.17 billion in 2017. With the growing penetration of Cloud Computing and other rising technologies like IoT (Internet of Things), serverless architecture, and Big Data; the demand for Cloud migration solutions and services among enterprises is anticipated to grow significantly.
The rising demand for the market is largely driven by faster deployment, scalability, and agility; growing trend of mobility; need to reduce CapEx and Opex; cloud compliance requirements; and uninterrupted business continuity. Automation allows enterprises to streamline their Cloud migration activities effectively and assists in plummeting costs, manual intervention, time, and risk of failure. It also supports improved business dexterity and migration of the entire workload for rapid recovery during downtime. Cloud integration services lend a hand in solving intricate issues and promising cost-efficient business processes to create a flexible environment that can fulfill performance, safety, and accessibility. It further helps in supporting third-party and on-premises applications and services. The Cloud Migration Services Market is segmented by Service Type- DevOps, Disaster Recovery, and Managed Services; by Application- Project Management, Compliance & Security Management, and Infrastructure Management; by Deployment Model, Vertical, and Region.
Project Management application segment held the largest market size in the year 2017. Project management is operated on applications based on the Cloud that offers secure information and keeps track of all the work done on the project. Although, North America is expected to hold the largest market share during the forecast period, while APAC is projected to be the fastest growing region. North America is a matured market in terms of Cloud adoption, owing to a variety of factors like standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the accessibility of skilled technical expertise.