The global cloud migration service market is expected to grow with a CAGR of 23.9% during the forecast period 2016-2023. Cloud migration is the technique of moving data, applications, or other business section to the cloud from an organization’s onsite computers or shifting them from one cloud setting to another. Moving services and apps to the Cloud is a noteworthy long-term trend in the market. The major factors boosting factor the market are rapidly growing cloud migration rate and high adoption rate in the healthcare industry. The major hampering factor of the global cloud migration service market are risk of data loss and cloud interoperability concern. It is estimated that 83% of the healthcare organization are employed cloud based apps in the year 2015. Since the healthcare organizations can decrease their IT costs at a great extent by moving to the cloud. Cloud permits organizations to increase or decrease operating efficiency based on their requirements.
The cloud migration service market is segmented into deployment model, service type, application, organization size, and by verticals. The deployment model is segmented into, public cloud, private cloud, hybrid cloud application load and testing, in which cloud integration segment is expected to be the dominating segment throughout the forecast period, since enterprises are looking for ways to improve their operational efficiency, and the demand for the Cloud integration services in the cloud migration. The segments of application which includes project management, storage management, performance management. Vertical is segmented into banking, financial services and insurance (BFSI), consumer goods and retail, healthcare and life sciences, government and public sector, manufacturing, telecommunication and ITES, travel and hospitality and others. Due to the upsurge in the adoption of cloud-based systems retail and consumer goods industry across numerous regions is witnessing a potential growth in the cloud migration services market. In Europe about 21% of EU enterprises employed cloud computing in the year 2016, usually for storing files in electronic form and hosting their e-mail systems. The Deployment model is segmented into public cloud, private cloud, hybrid cloud and the organization size is segmented into, small and medium enterprises (SMES) and large enterprises.
On the basis geography, global cloud migration service is segmented into North America (U.S. & Canada), Asia Pacific (China, India, Japan, RoAPAC), Europe (UK, France, Germany, RoE) and Rest of World. In which Asia-Pacific region is expected to grow with a fastest CARG during the forecast period from 2016 to 2023, while North America is expected to be the dominating market in the year 2016. Since the North America is the major consumer of cloud computing services. The major factors for the growth of cloud migration services comprises with the rising demand to emphasis on increasing usage of cloud-based applications and reducing operating costs. The major market player of the global cloud migration market is Amazon Web Services, Accenture, Microsoft Corporation, IBM Corporation, Wipro, WSM International LLC, VMware, Inc, and Others. These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch.