In the latest Market Research Future Report, it is stated that cloud migration services industry will be worth as much as 8 Billion USD near the end of the year 2023. The CAGR at this point would be at an impressive point of 22%.
VMware INC expanded its portfolio of cloud services by increasing the multi-cloud services adoption on the 20th of March, 2018. As a result of this, the complexity of the cloud and risk management has been enhanced allowing the company to fulfill all of the customer needs. Based on this example, we can establish the fact that cloud based services can be very beneficial for companies in order to reduce costs, and for an access to various IT services.
Today, cloud migration is becoming highly important in the world of business. This was born due to small businesses that began using such services to manage their data. This is primarily because the small to medium enterprises happen to be very complex and are not usually prepared for adopting different changes quickly.
Hence, cloud migration services make it very easy for small to medium enterprises to improve their digital connectivity and business outcomes. This is done by easy access to software and other applications that enhance the growth and productivity of the small to medium enterprise.
It is also expected that the cloud computing rise in the small to medium enterprises, especially in the developing economies such as India will result in great opportunities over the forecast period. For instance, back in 2018, SMEs present in Malaysia along with 21 other countries had access to various cloud solutions.
Based on this report, the key players that are a part of the international cloud migration services industry include Dell, HCL Technologies, Amazon Web Services Inc, IBM Corporation, Tech Mahindra, Microsoft Corporation, Wipro Ltd, and a lot more.
As far as the market segmentation of the cloud migration services industry goes, it has been segmented based on organization size, industries, applications, deployment, and services.
The deployment on the other hand, can further be segmented into hybrid, private, and public. Based on the organization size, there are two segments that include large enterprises and small to medium enterprises.
The market, at the same time, is segmented into security, infrastructure management, workforce management, compliance management, project management, and a lot more.
The cloud migration services market is also spread throughout the regions include North America, Asia Pacific, Europe, and all of the world.
It has been expected that out of all of these regions, Asia Pacific may emerge as the biggest contender in the international cloud migration industry. This would primarily be the result of an augmented demand for several advancement in the corporate and industrial sectors. Such advancement will be driven by the global standards of technical proficiency, that need to be met.