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(Wireless-NewsWire.Com, October 28, 2019 ) The Cloud Migration Services Market size expected to grow from USD 2.73 Billion in 2016 to USD 9.47 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period, as per a report by MarketsandMarkets.
The automation and integration service type is expected to hold the largest market size. Automation offers enterprises with reliable and efficient maintenance and updates leading to utilization of employees for other business-critical activities. Cloud integration services provide assistance in deploying the migration services according to the migration architecture that involves migration planning, assessment, and implementation. The service type is segmented into automation and integration, disaster recovery, application hosting and monitoring, DevOps, training and consulting, support and maintenance, and managed services. The DevOps service type is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud services across the world.
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Healthcare data is highly sensitive and confidential. A huge amount of data is generated and processed daily in the healthcare vertical. However, most healthcare organizations still store their data on their premises. This data is more vulnerable to losses and creates huge security risks. For instance, in August 2016, Banner Health, a provider of hospital services, revealed that the data of around 3.7 million patients had been compromised. In June 2016, Bon Secours Health System declared that the personal information of more than 650,000 patients might have been compromised, due to the data being exposed on its vendor’s information system. Therefore, potential opportunities exist for CSPs due to the increase in healthcare consumerism and digital transformation in the healthcare vertical. The need for cost control, technology innovations, increased security, and compliance requirements are expected to drive the high adoption of cloud migration services in the healthcare vertical.
The security and compliance management application is expected to grow at a high CAGR over the next 5 years. This application enables end users to protect the virtualized workload with the required compliance policies. Compliance management becomes even more crucial when data or applications fall under Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley Act (SOX), Family Educational Rights and Privacy Act (FERPA), or any other regulated market verticals.
The redesigning of networks for migration from on-premises to the cloud requires high initial investments, which is difficult, especially for SMEs that have limited budgets and resources. Moreover, most enterprises have found the upgrade to cloud deployment to be a complex and costly process. Enterprises need to take care of a number of issues, along with the network architecture, to accommodate their cloud infrastructure setup. It is very difficult to achieve visibility, measure performance, and manage workloads across multiple cloud deployment models. Complexity is the biggest challenge in cloud migration, due to its deployment structure and strategies required for building and managing cloud migration.
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Major players in the cloud migration services market are Amazon Web Services (US), Cisco (US), Google (US), DXC (US), Microsoft (US), and IBM (US). These players have adopted various growth strategies, such as expansions, acquisitions, partnerships, joint ventures and collaborations, and new product launches. Partnerships and new product launches are the 2 major strategies often adopted by these players to gain a strong foothold in the cloud migration services market.
MarketsandMarkets™
Mr. Shelly Singh
8886006441
raviraj.tak@marketsandmarkets.com
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