Market Insights Reports delivers key insights on the Cloud Migration market in its latest report titled, “Cloud Migration Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The cloud migration services market was valued at USD 119.13 billion in 2020 and is expected to reach USD 448.34 billion by 2026, at a CAGR of 28.89% over the forecast period 2021 – 2026.
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Top Key Players in the Global Cloud Migration Market: Oracle Corporation, Microsoft Corporation, IBM Corporation, Amazon Web Services, Google Inc., Cisco Systems,, RiverMeadow Software, Rackspace US, Informatica, OVH US LLC and Others.
– February 2020 – Amazon Web Services, Inc. announced that 3M Company is shifting its enterprise IT infrastructure to AWS. As part of its IT transformation initiative, 3M is migrating its enterprise resource planning (ERP) system, including accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce business-critical enterprise IT applications, to the world’s leading cloud. 3M will upgrade its infrastructure and drive operational efficiencies across its global operations using AWS’sAWS’s proven global infrastructure and breadth and depth of services.
– April 2020 – As businesses increasingly embrace a hybrid and multi-cloud strategy to gain agility, scalability, and flexibility, Cisco is integrating its SD-WAN Cloud Hub with Google Cloud to give enterprises full WAN application integration with cloud workloads. The partners claim their platform will enable businesses to optimize application stacks by distributing application components to their best locations.
Over the past decade, cloud computing adoption has been rise owing to increasing investments from small and medium enterprises. Globally, many organizations already switched to cloud platforms to take advantage of its benefits. In recent years, cloud adoption stands to be a significant consideration for IT cost reduction strategies. According to a study published by Century Link, a telecommunications company, the cloud computing technology is expected to generate USD 411 billion in revenue by 2020.
– The significant reasons for migrating to the cloud are scalability, increased effectiveness, faster implementation, mobility, and disaster recovery. Considerable companies are offering cloud disaster recovery features to its customers, aiding them to expand their businesses. Cloud migration is gaining traction for its real-time experience, business elements, and accessibility to the on-premise data. This technology also aids in setting up several business units in minimal time.
– The growth of cloud and industrialized services and the decline of traditional data center outsourcing (DCO) indicate a massive shift toward hybrid infrastructure services. While the conventional DCO market is shrinking, spending on colocation and hosting, along with infrastructure utility services, is increasing rapidly. This is expected to drive the shift toward cloud IaaS and hosting. Migration for PaaS, IaaS, and SaaS has been taking an at most importance in recent years. Additionally, companies are also embracing the DevOps capabilities and automation; hence, increasingly seen as critical to realizing the technical and business benefits of cloud adoption.
– The migration on the hybrid cloud has experienced significant overall growth in the past few years compared to other cloud services. Using a hybrid cloud allows companies to scale computing resources and helps eliminate the need for massive capital to handle short-term spikes in demand. Many cloud providers offer the ability to rapidly increase infrastructure in various worldwide locations, enabling a business to expand to new territories quickly. According to the RightScale 2019 State of the Cloud Survey Report, 84% of enterprises have a multi-cloud strategy, and 58% of them with a hybrid approach, while organizations with a plan of multiple public clouds or multiple private clouds grew slightly.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
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North America is Expected to Hold Major Share
– In terms of adoption for cloud migration, North America is among the leading innovators and pioneers and holds the largest share in the market. The region also has a strong foothold of cloud migration vendors, which adds to its growth. Some companies include IBM Corporation, Microsoft Corporation, Amazon Web Services Inc., Cisco Systems Inc., Cognizant Technology Solutions Corporation, and Google Inc., among others.
– According to the survey by IBM in 2019, 95% of the businesses in North America have migrated their critical applications and IT infrastructure to the cloud over the past year. Additionally, over 80% of firms in the region have mentioned seeking cloud migration for some of their applications next year. The advanced industrial landscape in the North Americ region has led to the widespread incorporation of AI on numerous operational levels, leading to a growing need for cloud migration. Additionally, BYOD has a substantial impact on the enterprises, as they realize the advantages of cost-saving, productivity, and flexibility.
– OSRAM, a lighting manufacturer, has reportedly adopted cloud migration services for its new and legacy application to gain an agile IT infrastructure that could keep up with the competition. With this adoption, the company has mentioned achieving seven-digit annual savings, and several competitive new businesses win. According to the findings in the Global Cloud Index by Cisco, operators of hyperscale cloud data centers are increasingly dominating the cloud landscape. For instance, according to Credit Suisse, the share of hyper-scale data centers in the United States accounts for 47%, and Canada accounts for 4%.
– The benefits offered with moving data, applications, among others to the cloud, are pushing many organizations in the region to adopt cloud migration services, thereby impacting the market’s growth positively. For instance, an Amazon web services cloud migration reduced hardware spend by 20%, for one of the top North American-based travel service providers, targeting the global market. Brooks Brothers, men’s clothier in the United States, witnessed a 50% increase in productivity by moving to a cloud-based. Clark Construction, a construction company in the United States, wanted to migrate its applications and data to the cloud. Using CloudEndure Migration, the company moved everything to AWS.
This Cloud Migration Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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