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The Global Cloud Migration Services Market Assessed to Propel at $601.65 Billion by 2028

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The Global Cloud Migration Services Market Assessed to Propel at $601.65 Billion by 2028

October 11
21:11 2021
The Global Cloud Migration Services Market Assessed to Propel at $601.65 Billion by 2028
The Global Cloud Migration Services Market
As per Triton’s research report, in 2020, the global cloud migration services market acquired $98.21 billion, and is estimated to progress at a CAGR of 25.69% by 2028.

A recent study by Triton Market Research titled ‘Global Cloud Migration Services Market’ consists of the Global Analysis and Forecasts by Type of Service (Software as a Service, Infrastructure as a Service, Platform as a Service), Delivery Mode (Hybrid, Private, Public), Enterprise Size (Large Enterprises, Small & Medium Enterprises), End-user (Banking, Financial Services and Insurance (BFSI), Healthcare & Life Sciences, IT & Telecommunication, Manufacturing, Consumer Goods & Retail, Government & Public Sector, Other End-users), and by Geography (Asia-Pacific, Europe, North America, Latin America, Middle East and Africa). 

Cloud migration helps transfer the digital and services of organizations to the cloud, which makes them unreachable outside the cloud’s firewall. 

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As per Triton’s report, the global cloud migration services market is estimated to grow at a compound annual growth rate of 25.6%, gaining revenue worth $601.65 billion by 2028. 

Cloud-based services enable companies to permit employees to work remotely efficiently and securely. Moreover, employees can access any on-premise and cloud environments via a single web interface because of a mix of software, platform, and infrastructure as a service. Further, cloud computing is used by a significant number of companies in the telecom industry. Hence, the rise in remote working and reduced operational costs supports the development of the cloud migration services market. 

Conversely, vendor lock-in issues, security and compliance adjustments, and lack of skilled professionals are restricting the growth of the cloud migration services market. 

The cloud migration services market is segmented into type of service, delivery mode, enterprise size, and end-user. Based on type of service, the market is segmented into software as a service, infrastructure as a service, and platform as a service. The delivery mode is divided into hybrid, private, and public. Further, the enterprise size is bifurcated into large enterprises and small & medium enterprises. Lastly, the end-user segment is categorized into banking, financial services and insurance (BFSI), healthcare & life sciences, IT & telecommunication, manufacturing, consumer goods & retail, government & public sector, and other end-users. 

North America holds the largest market for cloud migration services globally. Cloud migration has increased in the region mainly owing to the advancement in the IT infrastructure, regulations, standards, and availability of technical expertise. Moreover, the presence of prominent companies like AWS, IBM, and Google, influences the adoption of cloud migration services. Thus, all these factors supplement the overall expansion of the cloud migration services market across North American countries. 

NTT Data Corporation, Informatica, Rackspace Technology Inc, Rivermeadow Software Inc, IBM Corporation, WSM International, VMware Inc, Amazon Web Services Inc, Microsoft Corporation, Cisco Systems, DXC Technology, Tech Mahindra Ltd, Zerto, Google, and Accenture are eminent companies in the cloud migration services market. 

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Question & Answer: Cloud Migration Services Market

Question 1: What significant factors are supporting the development of the cloud migration services market?

Answer: Cloud-based services enable companies to permit employees to work remotely efficiently and securely. Moreover, employees can access any on-premise and cloud environments via a single web interface because of a mix of software, platform, and infrastructure as a service. Further, cloud computing is used by a significant number of companies in the telecom industry. Hence, the rise in remote working and reduced operational costs supports the development of the cloud migration services market. 

Question 2: What factors are restricting the growth of the cloud migration services market?

Answer: Vendor lock-in issues, security and compliance adjustments, and lack of skilled professionals are restricting the growth of the cloud migration services market. 

Question 3: Which region holds the largest market for cloud migration services globally?

Answer: North America holds the largest market for cloud migration services globally. Cloud migration has increased in the region mainly owing to the advancement in the IT infrastructure, regulations, standards, and availability of technical expertise. Moreover, the presence of prominent companies like AWS, IBM, and Google, influences the adoption of cloud migration services. Thus, all these factors supplement the overall expansion of the cloud migration services market across North American countries. 

Question 4: Which are the eminent companies in the cloud migration services market?

Answer: NTT Data Corporation, Informatica, Rackspace Technology Inc, Rivermeadow Software Inc, IBM Corporation, WSM International, VMware Inc, Amazon Web Services Inc, Microsoft Corporation, Cisco Systems, DXC Technology, Tech Mahindra Ltd, Zerto, Google, and Accenture are eminent companies in the cloud migration services market. 

Related Report:

Global Cloud Collaboration Market

The global cloud collaboration market is anticipated to advance at a CAGR of 14.75% during the projected period of 2019-2028 while reaping revenue worth $27543.07 million by 2028.

Cloud collaboration refers to an enterprise collaboration that helps achieve high productivity with access to real-time data. 

With the increase in meetings and client interactions, several companies like Cisco are conferencing hardware, software, and SaaS to offer the best end-to-end experience to users. 

The changing working trends, growing adoption of BYOD, and rising need for workforce productivity supplement the overall expansion of the studied market.

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