In the year 2019, the market size of various cloud migration services stood at more than 75 billion dollars. The market size is expected to expand to 200 billion dollars in the next three years. This figure is related to an exponential value of 500 billion dollars in the next 7 years. These figures also establish the importance of cloud migration services in the age of big data analytics and cloud computing.
Cloud migration is slowly gaining traction among various business organizations and enterprises as it enables them to move their applications and other processes to the cloud ecosystem. While most organizations are happy with shifting their business operations to the public cloud environment, the sectors like healthcare opt for private or hybrid ecosystems. This is primarily due to the foolproof security aspects associated with private and hybrid cloud solutions.
Cloud operations amid current market trends and changing business dynamics
In the present times, businesses are looking forward to cloud migration services to upgrade their infrastructure and hence their operations and improve the agility of their businesses. As such, the market size of cloud migration services is predicted to expand significantly in the near future. Two important cloud migration service providers that are expected to reap the benefits of such market trends are Amazon Web Services and Microsoft Azure.
The cloud operations of any company are largely dependent upon cost and security options. Once a company becomes sure that its applications are secure in the cloud environment, the process of migration becomes easier. The security aspects are expected to propel the dynamics of the cloud market to new levels by the end of 2025.
Sectoral dimensions of market analytics
There is no doubt in the fact that the global cloud migration market is witnessing a rapid expansion in the present times. However, this expansion is largely dependent upon the service type and the deployment model. Once the service type is known, the analysis of market dynamics becomes easier on the basis of such services. The growth of the cloud market is also determined by compliance, management as well as project management to some extent.
It is important to provide an overview of the various segments of the cloud market on the basis of sectoral dimensions. The category of service type can be subdivided into managed service and professional service. When the segmentation is carried out on the basis of applications, four categories are finalized. The first category is related to the management of various projects.
The second category is related to infrastructure and management of operations. The third category deals with the security and compliance aspect. The fourth category is reserved for miscellaneous aspects. The market segments can also be analyzed on the basis of the size of various organizations. The categorization can be done on the basis of three types. The first type includes the analysis of market domains where the large enterprises are primarily functional. The second category is related to the analysis of small and medium enterprises. The third category is reserved for startups and small brick-and-mortar setups. Classification can also be carried out on the basis of the mode of deployment. This is primarily done by analyzing the adoption rate of companies towards public cloud, private cloud, and hybrid cloud. The segmentation can also be carried out on the basis of various application domains where investment is carried out. A large number of categories are possible in this classification. For instance, analysis can be carried out on the basis of manufacturing, IT, telecommunication, retail, logistics, and media domains.
The future roadmap: Riding along the progression curve
Although the covid-19 pandemic has applied brakes on the growing cloud migration market, the future prospects are still bright. A report published by allied market research estimates that despite the recent slowdown, the cloud market would progress and expand at a rate of about 25% in the next 3 years. The rapid rate of automation and flexibility in deployment services are expected to expedite the growth levels of the cloud migration services market. The report further forecasts that the adoption of hybrid cloud solutions would be one of the prime favorites for micro, small and medium digital enterprises. Thus, the statistical analysis points out that the time is ripe to remove the roadblocks in cloud adoption. The removal of such roadblocks like data breaches will unleash the real potential of cloud-based services.