Cloud Migration Market – Growth, Trends, And Forecast (2020 – 2025)
Cloud Migration market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The Cloud Migration market is highly competitive and consists of a number of major players: Accenture PLC, Amazon Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp, DXC Technology, Evolve IP LLC, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Hosting Inc., Rightscale Inc. (Flexera), Tech Mahindra Ltd, VMware Inc., WSM International LLC
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Scope of the Report
The cloud migration services market was valued at USD 119.13 billion in 2019 and is expected to reach USD 448.34 billion by 2025, at a CAGR of 28.89% over the forecast period 2020 – 2025. 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 CenturyLink, a telecommunications company, the cloud computing technology is expected to generate USD 411 billion in revenue by 2020.
Key Market Trends
BFSI is Expected to Witness Significant Growth
– Banking and Financial organizations are also accelerating the migration toward cloud solutions owing to the benefits such as flexibility, agility, and integration of emerging technologies and the FinTech ecosystems. Cloud solutions are helping banks to cut down expenses by slashing infrastructure costs significantly. Owing to this, many vendors are providing IaaS and PaaS applications to eliminate the need to manage to host, maintaining, updating, and scaling service operations targeted towards the BFSI sectors. Banks are widely recognizing that a cloud infrastructure can help them pursue sweeping modernization initiatives, including operational and customer-facing programs supported by AI, blockchain, and software containers.
– Bank of America commented on how Microsoft was going to be the part of its strategy, to migrate 80% of its technology workloads to virtual platforms, furthering its push to be a digital leader in financial services. BoA announced to allocate more of its USD 3 billion annual computing infrastructure budget to the public cloud, following a rapid improvement in security technology. This is expected to impact the market’s growth significantly over the forecast period. Furthermore, HSBC noted their close partnership with Google to secure a safe route to the cloud that would ensure future seamless migrations. HSBC is aiming for the cloud-first approach to data analytics and machine learning (MI).
– Banks that are tending to outperform their peers, in both revenue and operational efficiency, are 88 percent more likely to have incorporated hybrid cloud into their overall business strategy, according to a survey from the IBM Institute of Business Value (IBV). Banks are also finding hybrid clouds key to remaining competitive in the face of digitally-driven financial upstarts. In a separate IBV study, more than 60 percent of global banking executives surveyed see competition coming from new and unexpected places, and nearly 60 percent of them said the boundaries between traditional banks and new financial service providers are blurring.
– In January 2020, Broadridge Financial Solutions announced an agreement with IBM to bring new cloud-based solutions to Broadridge’s clients in the financial services industry. Banco Sabadell, a large Spanish private banking group, also announced a 10-year services agreement that includes the strategic evolution of its business model with IBM public cloud capabilities. In parallel with that announcement, TSB, the British affiliate of Banco Sabadell said it would work with IBM to adopt a private and hybrid cloud strategy.
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.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Cloud Migration Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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