The Cloud Migration Services Market is expected to grow from USD 3.17 billion in 2017 to USD 9.47 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. The market drivers are existing market offerings and increasing focus on pricing and promotions.
The market is expected to grow rapidly, due to faster deployment, scalability, and agility; cloud compliance requirements, need for lower CapEx and Opex, enforcing mobility, and uninterrupted business continuity.
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The automation and integration service type is expected to hold the largest market size. Automation offers enterprises with reliable and efficient maintenance and updates leading to utilization of employees for other business-critical activities. Cloud integration services provide assistance in deploying the migration services according to the migration architecture that involves migration planning, assessment, and implementation. The service type is segmented into automation and integration, disaster recovery, application hosting and monitoring, DevOps, training and consulting, support and maintenance, and managed services. The DevOps service type is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud services across the world.
The security and compliance management application is expected to grow at a high CAGR over the next 5 years. This application enables end users to protect the virtualized workload with the required compliance policies. Compliance management becomes even more crucial when data or applications fall under Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley Act (SOX), Family Educational Rights and Privacy Act (FERPA), or any other regulated market verticals.
SMEs are expected to record a high growth rate over the next 5 years. Flexibility, disaster recovery, automatic updates, capital-expenditure free, collaboration, document control, and security are the main reasons encouraging SMEs for migrating to the cloud environment at a rapid pace.
The hybrid cloud is a concept that incorporates the elements of both the public and private cloud. In this deployment model, enterprises use both private and public cloud at the same time. It simultaneously targets the 2 major concerns of scalability and security, which are difficult to attain by only using either the public or the private cloud deployment framework.
The media and entertainment vertical is expected to grow at a significant CAGR over the next 5 years, owing to increasing technological innovations, popularity of digital brands, and the ability to deliver multi-channel customer experiences. It is driving the need for media-focused cloud architecture and services to simplify the workflow. To support and manage these requirements, cloud migration services can be used which enable companies to reduce the total operational cost, thus further enhancing the efficiency.
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Asia Pacific (APAC) is projected to be the fastest-growing region in the cloud migration services market, due to the increasing adoption of cloud technologies and growing data generation in the region. The vast and diverse geographic market and the increasing customer expectations and competition are 2 major factors leading to intense operational complexities for enterprises in the region. These complexities encourage enterprises to invest in standardized cloud migration services that can adapt to the changing competitive landscape with minimum customizations.
Major players in the cloud migration services market are Amazon Web Services (US), Cisco (US), Google (US), DXC (US), Microsoft (US), and IBM (US). These players have adopted various growth strategies, such as expansions, acquisitions, partnerships, joint ventures and collaborations, and new product launches. Partnerships and new product launches are the 2 major strategies often adopted by these players to gain a strong foothold in the cloud migration services market.