The global data migration market is expected to more than double in size by 2022, reaching nearly $11.5 billion.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of 17.5 percent. The market is $5.14 billion today.
The vendors providing data migration software and services include IBM, Amazon Web Services (AWS), Microsoft, Oracle, SAS Institute, SAP, Informatica, Information Builders, Talend, Attunity, Scribe Software and Syncsort.
Key market drivers include increasing business data volume, the evolving regulatory landscape and the need to maintain legacy data.
Among verticals, the banking, financial services and insurance (BFSI) sector is expected to continue to have the largest market share. Data migration helps cut excessive costs while providing improved agility and scalability to overcome operational challenges, according to MarketsandMarkets.
Due to advancements in cloud technologies, the cloud-based deployment model is expected to have a high growth rate compared to on-premises deployment. Moreover, cloud-based solutions provide agility and flexibility in use.
Among regions, North America is expected to continue its market share dominance through 2022, while APAC is expected to grow at the highest CAGR. Growing technology expenditures in countries such as Australia, China and India, and the demand for cost-effective data management software and services among SMEs are expected to drive the market growth during the forecast period.