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3. Cloud Migration Services Market Size & Share - Future Growth Expectations

The global cloud migration services market is projected to register a CAGR of 23.3% during the forecast period, reaching USD 29.2 billion by 2028 from an estimated USD 10.2 billion in 2023. Major factors to boost the market growth include the increasing demand for better agility and automation, the requirement for swifter and seamless deployment, and seamless integration and compatibility of enterprise applications with the evolving landscape of cloud technology.

The cloud migration services market is poised for substantial growth in the coming years, driven by several key factors:

• Digital Transformation Initiatives
• Cost Efficiency and Scalability
• Enhanced Performance and Reliability
• Agility and Innovation
• Remote Workforce Enablement
• Security and ComplianceLegacy System Modernization
• Legacy System Modernization

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Digital Transformation Initiatives:

• Organizations are undergoing digital transformation to improve agility, scalability, and innovation. Cloud migration services play a crucial role in digital transformation by enabling organizations to modernize their IT infrastructure, applications, and processes to leverage the benefits of cloud computing.

Cost Efficiency and Scalability:

• Cloud migration offers cost savings and scalability compared to traditional on-premises infrastructure. Organizations can avoid upfront capital investments, pay for resources on a consumption basis, and scale resources up or down based on demand, driving cost efficiency and flexibility.

Enhanced Performance and Reliability:

• Cloud providers offer high-performance, reliable infrastructure and services with global reach and redundancy. Cloud migration services enable organizations to improve application performance, uptime, and availability, ensuring a seamless user experience for customers and employees.

Agility and Innovation:

• Cloud computing enables organizations to accelerate innovation by providing access to a wide range of cloud-native services, such as AI, machine learning, IoT, and big data analytics. Cloud migration services facilitate the adoption of these technologies, enabling organizations to innovate faster and stay competitive in the market.

Remote Workforce Enablement:

• The shift to remote and hybrid work models due to the COVID-19 pandemic has accelerated the adoption of cloud migration services. Cloud-based collaboration tools, virtual desktop infrastructure (VDI), and cloud-based productivity suites enable organizations to support remote workforce enablement, ensuring business continuity and productivity.

Security and Compliance Legacy System Modernization:

• Cloud providers invest heavily in security and compliance certifications to ensure the protection of customer data and compliance with regulatory requirements. Cloud migration services help organizations enhance security posture, implement data encryption, access controls, and monitoring, and ensure compliance with industry regulations and standards.

Legacy System Modernization:

• Many organizations are burdened with legacy systems and outdated infrastructure that hinder agility, innovation, and scalability. Cloud migration services facilitate the modernization of legacy systems by migrating them to the cloud, enabling organizations to leverage cloud-native technologies and architectures.

Cloud Migration Services Market Share - Global Industry Landscape

The cloud migration services market is characterized by the presence of several key players competing for market share. Some of the leading companies in the biomarkers industry include:

• VMWare (US)
• Cisco (US)
• NTT Data (Japan)
• Accenture (Ireland)
• Infosys (India)

The Cloud Migration Services market is diverse and includes major cloud providers like AWS, Azure, and Google Cloud, as well as global system integrators, specialized migration vendors, managed service providers, consulting firms, and open-source solutions. Regional and niche players also contribute to the landscape, offering tailored services to specific industries or geographic regions.

VMware (US):

• Market Share: VMware is a significant player in the Cloud Migration Services market, particularly known for its virtualization and cloud infrastructure solutions.
• Key Offerings: VMware offers a range of cloud migration services, including VMware Cloud on AWS, VMware Cloud Foundation, and VMware Cloud Migration Services. These solutions enable organizations to migrate workloads seamlessly to VMware-based cloud environments while maintaining compatibility, security, and performance.

Cisco (US):

• Market Share: Cisco is a key player in the Cloud Migration Services market, leveraging its expertise in networking and data center technologies.
• Key Offerings: Cisco offers cloud migration services through its Cisco CloudCenter Suite, enabling organizations to automate and orchestrate the migration of applications and workloads across multiple clouds and data centers. Cisco's solutions focus on hybrid cloud deployments, workload mobility, and application optimization.

NTT Data (Japan):

• Market Share: NTT Data is a prominent player in the Cloud Migration Services market, offering a wide range of IT services and solutions globally.
• Key Offerings: NTT Data provides comprehensive cloud migration services, including assessment, planning, migration, and post-migration support. Their offerings cover a variety of cloud platforms and deployment models, catering to the specific needs of each organization and ensuring successful cloud migrations.

Accenture (Ireland):

• Market Share: Accenture is a leading global consulting and professional services firm with a significant presence in the Cloud Migration Services market.
• Key Offerings: Accenture offers end-to-end cloud migration services, including strategy development, assessment, migration planning, execution, and post-migration optimization. Accenture's services span multiple cloud platforms and industries, leveraging their expertise in cloud technologies and enterprise transformations.

Infosys (India):

• Market Share: Infosys is a major player in the Cloud Migration Services market, known for its IT consulting, outsourcing, and digital transformation services.
• Key Offerings: Infosys provides cloud migration services that encompass assessment, migration strategy development, application modernization, and post-migration support. Their offerings focus on enabling organizations to migrate workloads to the cloud efficiently while optimizing costs, performance, and agility.

Related Reports:

Cloud Migration Services Market by Offering (Service Type (Assessment & Planning, Managed Cloud), Deployment Mode), Application (SCM, BI & Analytics), Migration Type (Infrastructure, Data Migration), Vertical and Region - Global Forecast to 2028