The cloud migration services market is expected to grow from $3.17 billion in 2017 to 9.47 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period, according to a new report released by Research and Markets. The demand for cloud computing is expected to be driven by many factors, such as lower costs, flexibility, agility, and security.
North America is estimated to hold the largest cloud migration market size in 2017, whereas the Asia-Pacific (APAC) region is projected to grow at the highest CAGR during the forecast period in the cloud migration services market. An increasing need for efficient computing framework and shifting workload to the cloud environment are said to be driving the demand for cloud migration services, globally.
The cloud migration services market has been segmented on the basis of service types, applications, organization sizes, deployment models, verticals, and regions. According to Research and Markets, the DevOps service type is expected to grow at the highest CAGR during the forecast period, and the automation and integration service type is estimated to have the largest market size in 2017 in the cloud migration services market.
The adoption of cloud services among Small and Medium-sized Enterprises (SMEs) have become a central part of the business process, says Research and Markets, owing to the ease of use and the flexibility they offer and is expected to grow in the coming years.
The public cloud deployment model is estimated by Research and Markets to hold the largest market share in 2017. By using cloud migration services, enterprises would be developing newer and better ways of enhancing operational benefits, while reducing the costs. Faster deployment, scalability and agility, cloud compliance requirements, the need for lower CapEx and Opex, mobility enforcement, and uninterrupted business continuity are expected to drive the demand for cloud migration services.
According to Research and Markets, the enterprises adopting cloud migration services are increasingly inclined toward deploying cloud-based solutions to run their critical business functions.