A new report says the market for cloud migration services will hit $9.5 billion by 2022.
MarketsandMarkets‘ new study says the market will grow at an annual rate of 24.5 percent over the next five years, from $3.17 billion this year. The study understandably lists the overwhelming popularity of cloud-based solutions as the main factor for increased cloud migration demand.
“The demand for cloud-migration services is driven by many factors, such as faster deployment, scalability and agility; cloud compliance requirements; need to reduce CapEx and OpEx; growing trend of mobility; and uninterrupted business continuity,” the report said. “With an increase in the adoption rate of cloud computing among enterprises, the cloud migration services market is expected to gain major traction during the forecast period.”
The study says public cloud deployments are most popular this year. North American leads all continents in migration services, while Asia Pacific is predicted to grow most quickly over the upcoming five years.
MarketsandMarkets lists 10 cloud migration services leaders: Amazon Web Services, IBM, Microsoft, Google, Cisco Systems, NTT Data, DXC, VMware, Rackspace, and Informatica. AWS and Microsoft are well-established leaders in the cloud space, as evidenced by Druva’s survey that has AWS in first (47 percent) and Microsoft Azure in second place (25 percent) for cloud migration.
“These players have adopted various strategies, such as new product developments, mergers and acquisitions, collaborations and partnerships, to expand their presence in the global cloud migration services market,” the MarketsandMarkets report said.
Velostrata CEO Issy Ben-Shaul recently published a column about two major cloud migration trends to watch in 2018. The first, he says, is a massive amount of late adopters, and the second is multi-cloud strategies.