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The global cloud migration services market attained a value of about USD 213.56 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 24.6% to reach nearly USD 1,546.57 billion by 2032.
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The rapid digital transformation in the banking, financial services, and insurance (BFSI) industry is propelling the market growth of cloud migration services. As the demand for transparency and remote accessibility in the financial sector is significantly surging, major companies are leveraging cloud migration services to transform their business models and consumer experience, which is propelling the industry growth. Moreover, the cost-effectiveness of cloud migration is increasing the demand to increase innovation and collaboration in the industry, which is further augmenting the industry growth. The development of advanced cloud storage with enhanced security and optimal architecture is increasing the deployment of cloud migration services, which is providing further impetus to the industry growth. In addition, the advent of fintech, which extensively utilises technology, is surging the demand for cloud migration services, hence invigorating the market growth. This trend has been accelerated during the COVID-19 crisis, which led to an escalation in cloud services owing to prolonged lockdowns, stay-at-home orders, and rapid digitisation of various financial services. This is expected to further augment owing to the growing popularity of digital tools and online banking, which is projected to propel the growth of the cloud migration services industry in the forecast period.
Cloud migration services refer to the services that are utilised by organisations for the digital transformation of their businesses. They provide tools and resources that aid in the smooth and effective transition of database to cloud computing. They increase cost-effectiveness, flexibility, and productivity in the long run for various organisations, due to which it is increasingly being adopted.
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The major service models of cloud migration services are:
The market can be broadly categorised on the basis of its deployment mode into:
Based on application segments, the market is divided into:
By organisation size, the market is classified into:
On the basis of industry verticals, the industry is segmented into:
The EMR report looks into the regional markets of cloud migration services like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The introduction of various governments initiatives to promote cloud computing to increase the transparency and accessibility of the database is augmenting the market growth. The increasing requirement of Cloud First policy to develop new capabilities for efficient transition initiated by various governments, such as the India Ministry of Electronics and Information Technology, is providing further impetus to the growth of the cloud migration services industry. Moreover, government and public bodies are increasingly preferring multi-cloud offerings to prevent the risk of data loss amidst technical errors of a cloud, which further propelling the demand for cloud migration services.
The increasing adoption of sustainable methods in various enterprises is increasing the demand for cloud storage as it reduces energy wastage and carbon footprint, consequently surging the adoption of cloud migration services. As remote work becomes the new norm, various businesses are rapidly adopting cloud computing. This is consequently increasing the demand for cloud migration services, which is propelling the market growth. The extensive use of cloud computing by organisations is expected to increase the requirement for third-party vendors to address cloud challenges and maintain cloud infrastructure. This is projected to escalate the use of cloud migration services, which is estimated to augment the industry growth.
The report presents a detailed analysis of the following key players in the global cloud migration services market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Service Model |
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| Breakup by Deployment Mode |
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| Breakup by Application |
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| Breakup by Organization Size |
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| Breakup by Industry Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 213.56 billion.
The market is projected to grow at a CAGR of 24.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 1,546.57 billion by 2032.
The rapid digital transformation in the banking, financial services, and insurance (BFSI) sector, the development of cloud storage with enhanced security, and the advent of fintech are the major market drivers.
The key trends propelling the market demand include the initiation of various measures by governments to promote cloud computing, the rising adoption of sustainable approaches to reduce energy wastage, and the growing demand for third-party vendors to address cloud challenges and maintain cloud infrastructure.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major service models included in the market report are managed services and professional services.
The various deployment models considered in the market report are public cloud, private cloud, and hybrid cloud.
The several applications of cloud migration services are project management, infrastructure management, and security and compliance management, among others.
Large enterprises and small and medium enterprises the significant organisation sizes considered in the market report.
The major market verticals of cloud migration services are banking, financial services and insurance (BFSI), manufacturing, healthcare and life sciences, IT and telecommunications, consumer goods and retail, government and public sector, and media and entertainment, among others.
The major players in the market are Amazon Web Services, Inc., Cisco Systems, Inc., DXC Technology Co., Google LLC, and International Business Machines Corporation, among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
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+91-858-608-1494
Philippines
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+63-287-899-028, +63-967-048-3306
United Kingdom
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+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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