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(Publishing-NewsWire.com, October 06, 2021 ) The Global Market for Cloud migration tool is forecast to reach $13.2 billion by 2026, growing at a CAGR of 18.9% from 2021 to 2026. The market growth of cloud migration tool is mainly due to the growing demand of cloud services. The key factors for shifting to the cloud includes scalability, improved performance, quicker deployment, accessibility recovery from disasters, improved intrusion detection and others. Furthermore, advances in new technology, such as edge computing, IoT, electronic control unit and cloud storage, are anticipated to generate sufficient prospects for propulsion of the market growth of cloud migration tools. The demand of cloud migration tools is increasing owing to their faster connectivity to run multiple application. Adoption of cloud integration is rising in various organization owing to cost-effective, obfuscation technique, capable system emulation and flexible solutions which are driving the growth of this market. E-commerce data integration provides a significant improvement in functionality and provide security. It also helps to save time and increase productivity which are driving the growth of the market.
Cloud Migration Tool Market Segment Analysis - By Service type
Automation and integration service holds the highest market share of cloud migration tool market in 2020 at 20.9%. Moreover, it is anticipated to witness significant market growth during the forecast period 2021-2026 owing to the worldwide adoption of cloud migration services. Automation and integration service provide benefits to the enterprises by improving flexibility, enhancing efficiency, improving resource management and productivity of the business. Furthermore, it provides a platform for catering all business requirement. In March 2020, the Business Ecosystem Integration Services (BEIS) suite was introduced by Tata Consultancy Services (TCS), a leading global IT software, advisory and market solutions organisation, to help companies connect with broader ecosystems and develop new customer-centred, extended deals.
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Cloud Migration Tool Market Segment Analysis - By End user type
Banking and financial services (BFSI) is the dominant end user vertical of cloud migration tool market in 2020 at 18.5%. Moreover, it is analyzed that this vertical will have substantial market growth during the forecast period 2021-2026. This vertical deals with large number of customers thus there is the need for IT infrastructure that remain available throughout the year in order to meet the required services internal as well as external. Thus migrating the workloads to cloud provide BFSI to cut short the cost of IT and infrastructure. Additionally, presence of huge pile of data needed to be properly correlated and managed for adding up to the business growth has become better with the application of cloud migration tool thereby boosting the market growth. In 2019, Right scale survey analysed that 42% of workloads are run in public cloud and 38% in private cloud. Among enterprises, 35% of workloads run in public cloud and 44% in private cloud.
Cloud Migration Tool Market Segment Analysis – By Geography
North America holds the highest market share of the Cloud migration tool market in 2020 at 36.5%. This is due to the technological development, improved industrial infrastructure, presence of large number of data centres and a higher rate of adoption of new technologies in the region. Moreover Cloud migration tool market in APAC is expected to grow at highest rate during the forecast period owing to the rising adoption of cloud based services, IOT devices, big data analytics research and development activities across different end user verticals. Consequently, shifting the workloads to cloud by small, medium and large organization in order to improve the efficiency and productivity of business is boosting the market growth of cloud migration tool. In December 2019, 5Nine was acquired by Singapore’s Acronis for unifying cloud management and security tools to enhance customer experience. Moreover this acquisition provides easier migration of workloads to Acronis Cyber Infrastructure.
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Cloud Migration Tool Market Drivers
Digital transformation is accelerating the market growth, marketing strategies, improving customer experiences propels the migration of organizations towards cloud infrastructure. The increasing demand for technology services and increasing investments from major companies are also influencing the growth of the market. In May 2019, Velostrata was bought by Google. This acquisition is a way of making easier cloud migration of enterprises. In January 2020, $200 million was invested by AvePoint for expansion of Microsoft governance tools market.
Growing adoption of IOT devices
The Internet of Things (IOT) links devices with other devices and humans for gathering, analysing and acting on data in a number of ways. With the expansion of IOT and adoption of IOT devices the IOT results in heavy dependence of IOT on cloud infrastructures for processing, storing, and analysing the huge volumes of data apprehended by sensors, trackers, and monitoring devices in a wide variety of settings. Digitization and increasing globalization lead to more mergers, acquisitions, and divestments. For this reason, it is crucial to have a single platform on which all data can be universally managed and easily consolidated and hence there is a growing demand among the enterprises to streamline business processes.
Cloud Migration Tool Market Challenges
There are problems with the alignment of cloud strategy of organizations with the overall IT strategy. A hybrid cloud environment is created by blending together public and private cloud with on premise assets while migration of the workloads to the cloud infrastructure. This hybrid environment becomes complex and difficult to manage if there is lack of proper planning and vision. Consequently, inconsistencies and interoperability problems arises between different systems thereby hindering the market growth.
Cloud Migration Tool Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Cloud migration tool market. Cloud migration tool driver market is expected to be dominated by major companies such as Amazon.com, Cisco Systems, IBM, Microsoft, VMware, Dell, HCL Technologies, Accenture PLC, Wipro Ltd., NTT DATA Inc. and among others.
In May 2021, IBM unveiled AI-driven products across its portfolio of enterprise platforms. Mono2Micro, a new capability in WebSphere, taps AI to streamline cloud app migration. Watson Orchestrate helps automate work in business tools from Salesforce, SAP, and Workday.
In July 2019, Alfresco Migration Service was launched by Alfresco Software to provide organizations move off outdated, legacy platforms, while vindicating the risk of migration of content to the cloud.
Cloud migration tool is gaining attention owing to its benefits provided for its real-time interface, enterprise features and on premise application usability. This system also allows building and operating work in limited time on the basis of multiple units.
Enhanced business performance due to better IT services provided by cloud computing for small and medium-sized enterprises (SMEs) tends to drive the growth of the cloud migration tool market.
APAC region is expected to dominate the global Cloud migration tool market during the forecast period 2021-2026 owing to the rising digital transformation and growing adoption rates of cloud technologies in different verticals such as banking and financial services, IT and telecommunication, Retail and others.
A. Data Migration Market
B. Cloud Integration Market
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