Cloud Migration Services Market by Deployment and Geography - Forecast and Analysis 2020-2024

The cloud migration services market share is expected to increase by USD 7.09 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 23.99%. This cloud migration services market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The cloud migration services market report also offers information on several market vendors, including Accenture Plc, Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., DXC Technology Co., International Business Machines Corp., Microsoft Corp., and VMware Inc. among others. Furthermore, this report extensively covers cloud migration services market segmentation by deployment (public cloud, private cloud, and hybrid cloud) and geography (North America, Europe, APAC, MEA, and South America).

What will the Cloud Migration Services Market Size be During the Forecast Period?

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Cloud Migration Services Market: Key Drivers, Trends, and Challenges

The increasing adoption of cloud computing is notably driving the cloud migration services market growth, although factors such as latency in the cloud network may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cloud migration services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Cloud Migration Services Market Driver

One of the key factors driving the cloud migration services market is the increasing adoption of cloud computing. The introduction of cost-effective IT solutions, such as cloud computing, has aided businesses in lowering their total cost of ownership. Due to their limited IT budgets, businesses previously adopted on-premises software solutions to manage operational activities at a low rate. Through the cloud computing deployment model, organizations have gradually begun to invest in advanced IT solutions such as analytics, the Internet of Things (IoT), enterprise systems, and other IT solutions. Furthermore, low upfront costs, IT solution flexibility and scalability, and advanced IT solution accessibility are the primary drivers of market growth. Furthermore, the rapid adoption of advanced IT solutions among organizations via the cloud computing platform is due to affordability and convenience. Furthermore, the leading vendors in the market are currently targeting the cloud computing segment due to the enormous opportunities available in the cloud computing market.

Key Cloud Migration Services Market Trend

The adoption of virtual technologies is another factor supporting the cloud migration services market growth in the forecast period. Virtualization technologies are constantly evolving, and they play an important role in cloud migration services. Multiple operating systems or virtual machines can be run on the same physical piece of hardware using such technologies. Virtual machines (VMs) work independently because they are self-contained machines with their own operating system and hosted applications. Companies can quickly create, dismantle, or recreate a testing environment on the cloud using virtualization techniques. Vendors can easily create templates for shared resources because VMs have their own dedicated resources. This saves time when installing foundational components like operating systems. Another advantage of using virtualization technologies in cloud migration is scalability. Furthermore, A company can add as many tools as it needs to test a new component in cloud migration and can create multiple variations to test different configurations.

Key Cloud Migration Services Market Challenge

Latency in the cloud network will be a major challenge for the cloud migration services market during the forecast period. Latency in data transmission during the retrieval of information from public cloud infrastructure is one of the most significant challenges faced by cloud-based networks. In a cloud network, latency is less predictable, and measuring it is even more difficult. In addition, latency is affected by a number of factors, including distributed computing, virtualization, and traffic prioritization. When the cloud environment grows in size, it becomes less predictable, and as the workload increases, service delivery becomes more variable. Separate networks can cause packet delays when virtual machines (VMs) are used. Moreover, if the customer network is a wide-area network (WAN) and is overburdened, latency may occur significantly. The latency of data transfers between cloud services can be extremely high. Users of multiple cloud service providers may incur higher costs as a result of the data transfer delay. As a result, cloud network latency may stymie the adoption of cloud migration services during the forecast period.

This cloud migration services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global cloud migration services market as a part of the global data processing and outsourced services market. Furthermore, technology-driven service provisioning, increasing adoption of BPO services by SMEs and start-ups, and availability of bundled or transformational outsourcing services are some of the factors driving the parent market growth. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cloud migration services market during the forecast period.

Who are the Major Cloud Migration Services Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Accenture Plc
• Alphabet Inc.
• Amazon.com Inc.
• Cisco Systems Inc.
• Dell Technologies Inc.
• Deloitte Touche Tohmatsu Ltd.
• DXC Technology Co.
• International Business Machines Corp.
• Microsoft Corp.
• VMware Inc.

This statistical study of the cloud migration services market encompasses successful business strategies deployed by the key vendors. The cloud migration services market is fragmented and the vendors are adopting growth strategies such as merging or acquiring other entities to compete in the market. 

Product Insights and News

• Accenture Plc - It is a new cloud platform designed to assess, disposition, architect, and simulate cloud solutions at a large scale.
• Dell Technologies Inc.- The company offers cloud migration services through its product Dell Cloud Consulting Service.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The cloud migration services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Cloud Migration Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the cloud migration services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global data processing and outsourced services market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Cloud Migration Services Market?

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35% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the cloud migration services market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increasing development of IT infrastructure by enterprises will facilitate the cloud migration services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 negatively impacted the regional economy. Furthermore, to overcome operational challenges and accessibility of data while working remotely due to the COVID-19 outbreak, organizations accelerated IT modernization efforts, including cloud migration services. Therefore, the demand for cloud migration services increased in 2020. Hence, the regional market is expected to grow during the forecast period.

What are the Revenue-generating Deployment Segments in the Cloud Migration Services Market?

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The cloud migration services market share growth by the public cloud segment during the forecast period. The integration of public cloud solutions helps technology vendors and service providers support many end-users in a reliable and decentralized manner. This further contributes to the creation of smart environments such as smart homes and smart cities.

This report provides an accurate prediction of the contribution of all the segments to the growth of the cloud migration services market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Cloud Migration Services Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive cloud migration services market growth during the next five years
• Precise estimation of the cloud migration services market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cloud migration services industry across North America, Europe, APAC, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cloud migration services market vendors

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