The competition in the global cloud migration market is likely to increase with the growing number of new players entering in the market, find Transparency Market Research (TMR) in a new study. Leading players in the market are focusing on research and development activities to gain a firm hold on the market. Partnership, mergers and acquisition, and collaboration are some of the other strategies used by the prominent players to expand their geographic reach and form a firm hold in the market. Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc., Cisco Systems, Inc., and Google Inc. are few prominent players operating in the global cloud migration market.
As per Transparency Market Research, the global cloud migration market is expected to rise a steady CAGR of 9.76% from 2017 and 2025. During the forecast period, the market is expected to reach a valuation of US$13.26 bn by the end of 2025. In 2016, the market valuation was US$5.71 bn.
Based on enterprise size, the small and medium business (SMB) segment is expected to dominate the market due to the ease of in the cloud adoption by SMB’s. In terms of deployment, the public cloud is projected to lead with a market. This segment held 39.1% share in 2016. On regional front, Asia Pacific is anticipated to lead the global cloud migration market. Japan and China are suggested to be the driving economies for the Asia Pacific cloud migration market.
Development of Multiple Units in Minimal Time to Fuel Demand for Cloud Migration
From past few years, cloud migration is gaining popularity for its real-time experience, business elements, and accessibility to the on premise data. These advantages of the cloud migration have helped companies owing to its mobility, liberty to access from anywhere, and easy collaborations with companies. This technology is helping to set up and work on the basis of multiple units in minimal time. Additionally, this data is easy to store and access in low cost and improves the productivity or its efficiency.
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In addition, the market is gaining traction due to growing demand for cloud migration from the automation process. The technology is starting a trend or culture of working by collaborating with different teams within the enterprise due to its flexible approach to work together. The aforementioned factors are boosting growth of the global cloud migration market.
Rising Concerns Related To Security of Information to Deter Market Growth
Despite these factors, concerns over the security and management are limiting growth of the cloud migration market. However, the factors such as advanced backup option and improved recovery factors are offering lucrative opportunities for growth over the forecast period. Additionally, growing adoption from the small and mid-scaled enterprises across the developing economies is expected to offer lucrative opportunities for growth.