Cloud Migration Market is expected to generate a revenue of USD 49.96 Billion by 2028, Globally, at 23.52% CAGR: Verified Market Research®
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Cloud Migration Market.
JERSEY CITY, N.J., Feb. 3, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Cloud Migration Market" By Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Vertical (Banking, Financial Services, and Insurance, Telecommunications and IT, Manufacturing, Education), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Cloud Migration Market size was valued at USD 9.22 Billion in 2020 and is projected to reach USD 49.96 Billion by 2028, growing at a CAGR of 23.52% from 2021 to 2028.
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Global Cloud Migration Market Overview
Cloud migration is the process of using a group of tools to transfer all of an organization's on-premise data, workloads, and applications to a cloud infrastructure. The plan enables an organisation to host data and applications in the most efficient IT environment possible in terms of cost, performance, and security. A business can expand by utilising cloud migration to handle heavier workloads. It successfully fills the gap between business demand and the company's IT capacity. An organisation can perform a number of different types of cloud migrations.
An increase in the need for business agility and the rise in adoption of automation solutions are major factors expected to drive the growth of the global Cloud Migration Market during the forecast period. The surge in need for faster and easier deployment of applications with pay-as-you-go model coupled with rising adoption for Cloud Migration in business continuity is expected to boost the market forecast growth. Moreover, preferences for lower CAPEX and OPEX among various organizations across the globe are expected to propel market growth.
In addition, the growth of cloud and industrialized services and the decline of traditional data center outsourcing (DCO) indicate a massive shift toward hybrid infrastructure services. While the conventional Cloud Migration Market is shrinking, spending on colocation and hosting, along with infrastructure utility services, is increasing rapidly. This is expected to drive the shift toward cloud IaaS and hosting. Migration for PaaS, IaaS, and SaaS has been taking the most important in recent years. Additionally, companies are also embracing the DevOps capabilities and automation; hence, increasingly seen as critical to realizing the technical and business benefits of cloud adoption.
Verified Market Research® narrows down the available data using primary sources to validate the data nd use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Cloud Migration Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The "Global Cloud Migration Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Amazon Web Services, Inc., Cloudflare, Inc., NTT Data, IBM, Sumo Logic, Openstack, Cisco Systems, VMware.
Based on the research, Verified Market Research® has segmented the global Cloud Migration Market into Deployment Type, Vertical, And Geography.
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