The global cloud migration service market enables organizations to smoothly migrate their on-premise infrastructure and applications to cloud platforms such as public, private or hybrid clouds. Cloud migration services provide assessment, planning, migration, post-migration support and optimization of workloads. They help organizations overcome technical and cultural challenges involved in shifting to cloud environments.
The global Cloud Migration Service Market is estimated to be valued at US$ 7.88 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Streamlining Cloud Migration
The demand for cloud migration services has increased significantly owing to the key trend of streamlining migration processes. Cloud service providers are offering customized migration solutions and tools that simplify assessing, planning and executing migration initiatives for businesses. They enable automated migration of hardware, software, data and other assets to cloud platforms with minimal downtime and change impact. This streamlined approach saves considerable time and cost for organizations during their cloud adoption journey. The growing availability of integrated migration platforms and services is therefore expected to continue accelerating the demand for cloud migration in the coming years.
Segment Analysis
The global cloud migration service market is dominated by the managed services segment. This is because managed services help organizations optimize and manage their cloud infrastructure with assistance from cloud experts. These services take care of monitoring, maintenance and managing the migrated workloads in public or private clouds. Managed services providers leverage automation tools and their expertise to ensure workloads run seamlessly post migration. Their proactive management helps avoid downtime and optimize resource utilization.
Key Takeaways
The Global Cloud Migration Service Market Demand is expected to witness high growth over the forecast period. Growing preference amongst organizations to leverage cloud-based services and focus on core business functions is expected to drive increased adoption of cloud migration services. The global Cloud Migration Service Market is estimated to be valued at US$ 7.88 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Regional analysis
North America is currently the dominant region in the global cloud migration service market. This is attributed to significant early adopter base and growing uptake of cloud technologies by enterprises in the region. Additionally, presence of leading cloud service providers and lack of legacy infrastructure in the region makes cloud migration process simpler. Asia Pacific is expected to witness the fastest growth over the forecast period. Initiatives by governments in countries like India to promote digitalization of businesses is fueling demand for cloud migration services.
Key players
Key players operating in the global Cloud Migration Service market are Archer Daniels MidlandCompany, Jungbunzlauer Suisse AG, Pfizer Inc., Shandong Juxian Hongde Citric Acid Co. Ltd., Delek Group, Cargill, Incorporated, Weifang Ensign Industry Co., Ltd., Tate & Lyle plc., COFCO Biochemical (AnHui) Co. Ltd., and RZBC GROUP. Archer Daniels Midland Company is one of the leading players owing to its extensive service portfolio and global presence. Pfizer Inc. has a strong hold in North America region while Shandong Juxian Hongde Citric Acid Co. Ltd. dominates the Chinese market.
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