According to a research report "Cloud Migration Services Market Size by Offering (Service Type (Assessment & Planning, Managed Cloud), Deployment Mode), Application (SCM, BI & Analytics), Migration Type (Infrastructure, Data Migration), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the cloud migration services market is projected to grow from USD 10.2 billion in 2023 to USD 29.2 billion by 2028, at a compound annual growth rate (CAGR) of 23.3% during the forecast period. The cloud migration services market is expected to grow significantly during the forecast period, owing to numerous business drivers such as rising demand for better agility and automation, and seamless integration and compatibility of enterprises with the evolving landscape of cloud technology.
By service type, assessment & planning services segment to register for the largest market size during the forecast period.
By service type, assessment & planning services segment is expected to register the largest market size during the forecast period. These services align the cloud migration strategy with the business objectives of the organization. By understanding the specific goals and requirements, assessment services ensure that the migration plan is tailored to meet the unique needs of the business. Assessment and Planning Services form the foundational phase of cloud migration, providing organizations with a comprehensive understanding of their current state, aligning migration strategies with business objectives, identifying and mitigating risks, and developing a detailed roadmap for a successful transition to the cloud.
By deployment mode, hybrid cloud to register for the highest CAGR during the forecast period.
The hybrid cloud segment of the cloud migration services market is growing rapidly. Hybrid Cloud deployment, supported by cloud migration services, provides organizations with a balanced and adaptable approach to cloud adoption. It offers the advantages of cloud scalability and innovation while allowing organizations to retain control over certain workloads and maintain compliance with specific requirements. Cloud migration services are instrumental in designing, implementing, and optimizing Hybrid Cloud solutions tailored to the unique needs of each organization.
By region, Asia Pacific accounted for highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in cloud migration services market. Companies in the region are recognizing the cost benefits associated with cloud migration. Cloud services offer a pay-as-you-go model, eliminating the need for significant upfront investments in hardware and infrastructure. Several governments across the Asia Pacific region have been promoting cloud adoption through various initiatives and policies. These efforts aim to foster innovation, improve public services, and drive economic growth.
Some major players in the cloud migration services market include IBM (US), AWS (US), Google (US), Microsoft (US), Oracle (US), SAP (Germany), VMWare (US), Cisco (US), NTT Data (Japan), Accenture (Ireland), Infosys (India), DXC (US), HPE (US), Veritis (US), RiverMeadow (US), Rackspace (US), Informatica (US), WSM (US), and so on.
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