The cloud migration services market is expected to grow by USD 7.1 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced the latest market research report titled Global Cloud Migration Services Market 2020-2024 (Graphic: Business Wire)
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Low upfront costs, flexibility, and scalability are the key factors responsible for the rapid adoption of cloud computing solutions among enterprises. In addition, the growing investments in advanced IT solutions such as analytics, the Internet of things (IoT), enterprise systems, and other IT solutions have increased the deployment of cloud computing solutions. The growing adoption of cloud services is encouraging market vendors to offer a wide range of solutions and specifically target SMEs and other organizations to expand their customer base. These factors are crucial in driving the growth of the global cloud migration services market.
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As per Technavio, the rise in the adoption of hybrid cloud solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cloud Migration Services Market: Rise in the Adoption of Hybrid Cloud Solutions
Hybrid cloud systems help organizations in choosing a more flexible cloud deployment model for different workgroups. It ensures improved data management and enhanced IT management and flexibility. It also helps organizations to move heavy workloads between the in-house cloud and the public cloud without changing business functions or increasing the CAPEX. Moreover, it enables them to deliver better business solutions, which is crucial in gaining an edge over competitors. Many such benefits are increasing the adoption of hybrid cloud solutions, thereby boosting the growth of the global cloud migration services market.
“Adoption of container-as-a-service solutions and the emergence of virtual technologies will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Cloud Migration Services Market: Segmentation Analysis
This market research report segments the cloud migration services market by deployment (public cloud, private cloud, and hybrid cloud) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North American region led the cloud migration services market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to ongoing digital transformation in countries such as the US, Canada, and Mexico.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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