Cloud Migration market is driven by rise in awareness regarding cloud technology and low cost offered by cloud solutions. Cloud migration helps in transferring on-premise data, applications and other business elements to cloud or from one cloud to another cloud. The cloud adoption has seen a significant rise in the recent years. According to Transparency Market Research, the global cloud migration market, which was valued at US$5719.4 mn in 2016, is likely to reach US$13,266.8 mn by the end of 2025. If these figures hold true, the global market will exhibit a CAGR of 9.76% between 2017 and 2025. With several upgrades and innovations on card, the growth rate is poised to surge even further in the coming years. Cloud migration offers several business benefits. These days, executives push for more aggressive timelines. Cloud migration offers the flexibility and dynamic technologies required to help companies achieve targets within stipulated time periods. As more companies come to realize the benefits of cloud migration, the market will witness a significant rise in demand.
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Forthcoming Years will Witness Healthcare Segment Exhibit Robust Growth
The global cloud migration market has been segmented into four main segments namely enterprise size, deployment, end-use industry and regions. The enterprise segment is further segmented into two parts namely-small and medium business (SMB) and large enterprises. The SMB regions is expected to hold a significant market share as compared to the counterpart in the global cloud migration market owing to the ease in the cloud adoption by SMB’s. The deployment segment has been further sub divided into three parts namely-private, public and hybrid segments, wherein the public cloud is expected to lead with a market share of 39.1% for the year 2016. The increased technological advancements provided by the public clouds is the primary reason for its prominent market share. The end-use industry segment includes seven sub-segments namely- BFSI, retail, healthcare, IT & Telecommunication, manufacturing, government and others. The healthcare segment is expected to grow at the highest CAGR of 10.79% over the forecast period owing to increased cloud adoption in healthcare sector for medical advancements.
Asia Pacific to Exhibit Lucrative Prospects for Cloud Migration
The global cloud migration market has been divided into five regions namely- North America, South America, Middle East and Africa, Asia Pacific and Europe. Asia Pacific is expected to grow at the fastest CAGR of 11.12% over the forecast period. China and Japan are suggested to be the driving economies in Asia Pacific region.The U.S is suggested to hold the highest market share. The retail sector in North America region is expected to hold a prominent market share during the forecast period. Furthermore, major cloud players are having strong servings in the North American region. Additionally, cloud giants are penetrating in European regions as well. For instance, In October 2017, cloud solutions company Oracle Corporation launched a new cloud data center in Frankfurt, Germany. This was the first unit for its cloud platform outside the U.S. Similar moves could be seen in other regions as well. For instance, In February 2018, China based cloud computing company Alibaba Cloud discussed plans to establish a second data center in Dubai by 2019. Furthermore, leading economies in South America such as Brazil is expected to drive the cloud migration market over the forecast period.
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Some of the leading players operating in the global cloud migration market are Oracle Corporation, Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Google Inc., Cisco Systems, Inc., RiverMeadow Software, Inc.., Rackspace US, INC., Informatica LLC, and OVH US LLC among others.
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