Cloud Migration Market to Touch US$13,266 Million by 2025
Leading enterprises in the global cloud migration market mostly back their strategies with strong research and development activities, finds Transparency Market Research (TMR) in a new study. Besides this, TMR also projected the market to witness an influx of new entrants in the coming years. As per the report, companies such as Oracle Corporation, Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Google Inc., Cisco Systems, Inc., RiverMeadow Software, Inc., Rackspace US, Inc., Informatica LLC, and OVH US LLC currently exhibit a strong presence in the global cloud migration market.
TMR has pegged the global cloud migration market at US$5719.4 mn in 2016. Rising at an impressive CAGR of 9.76%, the market is forecast to reach US$13,266.8 mn by the end of 2025. Regionally, North America held the highest share in the global market due to the presence of several prominent cloud players in the region. However, Asia Pacific is the region suggested by TMR to report the fastest CAGR of 11.12% between 2017 and 2025. On the basis of enterprise size, the market is likely to witness considerably high demand from the SMB segment during the course of the report’s forecast period.
Cloud migration is becoming an increasingly popular technology to shift real-time, on-premise data and business elements to cloud. This innovative technology has helped companies from around the world in multiple aspects. For instance, cloud migration has enabled many enterprises achieve increased mobility, collaborations, liberty to operate from anywhere, improved flexibility and disaster recovery options. Riding on this technology businesses are able to set up multiple units across diverse global locations with minimal time consumption. Additionally, storing business data on cloud can save cost, time, and improve the overall production efficiency.
Given the myriad benefits a company can achieve from cloud migration, several industries have jumped into the bandwagon. With this the demand for cloud migration rose steeply in the last few years. In addition, the market is likely to gain significantly from the rising demand for automating processes among organizations. The technology can spearhead building a culture of collaboration between disparate teams within an organization, resulting in a flexible and dynamic approach to work.
Having said this, there are a few security and management compliances that are extremely crucial for hindrance free cloud migration. It is important to note that under this technology resources are managed and retained in different clouds. Advanced backups and recovery options are therefore indispensable for businesses adopting cloud migration.
Currently, the market is witnessing a surging demand in developed economies. A majority of the prominent enterprises in the cloud migration market are domiciled in these economies. Developed countries are currently benefitting from the early adopter advantages. However, in the coming years, the enterprises operating in the cloud migration market are likely to discover ample opportunities across emerging nations. Overall the market is likely to benefit from the expansion plans of the leading players. For instance, China based Alibaba Cloud is planning to establish a second data center in Dubai 2019. Likewise, Oracle Corporation launched its new cloud data center in Frankfurt, Germany in October 2017. Besides these, the global cloud migration market is likely to gain significantly from the increasing demand from emerging nations in South America.
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