Increasing Uptake of Cloud Computing by Small and Medium Enterprises is Anticipated to Propel the Growth of The Global Cloud Migration Software Market at A CAGR of 20.2% During the Forecast Period, 2019-2026

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Global Cloud Migration Software Market is estimated to reach $2.3 billion in 2019 with a CAGR of 20.2% from 2019 to 2026.

According to the data published by Computing (Incisive Business Media (IP) Limited), nearly 88% of the UK business utilized cloud services in 2018. The growing availability of skilled labor and strong focus provided by large enterprises and SMEs to enter and propel in the Asia Pacific region are some factors propelling the adoption of cloud computing in the region. Thereby, the increasing uptake of cloud computing in the region is expected to surge the demand for cloud migration software.

Increasing Uptake of Cloud Computing by Small and Medium Enterprises is Anticipated to Propel the Growth of The Global Cloud Migration Software Market at A CAGR of 20.2% During the Forecast Period, 2019-2026

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OVERVIEW

The process of moving applications, data or other business components to a cloud computing setting is known as cloud migration. Cloud migration software aids companies to enhance systems and update data by assisting in the relocation of files through the cloud. Recently, the adoption of cloud computing has augmented due to the growth in investments from small as well as medium enterprises. The prominent factors for cloud migration are scalability, faster implementation, disaster recovery, security, enhanced effectiveness, and mobility, among others. Additionally, the growing penetration of cloud computing in Telecommunication and IT enterprises is anticipated to increase the demand for cloud migration software. Moreover, the emergence of artificial intelligence and machine learning is projected to boost the uptake of cloud computing, thus contributing to the market growth. As per the data published by Forbes, about 50% of IT professionals count that machine learning and artificial intelligence play a major role in the adoption of cloud computing. Despite the drivers, the vendor lock-in fear and compliance with strict regulations are some factors that may negatively affect market growth.

The global cloud migration software market has been classified into type and application. The type segment has been classified into standard and professional. By application, the market is segmented into large enterprises and SMEs.

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On the basis of region, the global cloud migration software market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe has been segmented into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been further classified into India, South Korea, China, Japan, and Rest of Asia-Pacific. Moreover, the South American region has been segmented into Argentina, Brazil, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and the Rest of the Middle East.  North America is the dominating region in the global cloud migration software market. Increasing demand for cloud services owing to the growing uptake of artificial intelligence is one of the key factors contributing to the market growth in the region. The market growth in the European region is attributed to the increasing adoption of cloud computing for processing data at a fast pace. According to the data published by Computing (Incisive Business Media (IP) Limited), nearly 88% of the UK business utilized cloud services in 2018. The growing availability of skilled labor and strong focus provided by large enterprises and SMEs to enter and propel in the Asia Pacific region are some factors propelling the adoption of cloud computing in the region. Thereby, the increasing uptake of cloud computing in the region is expected to surge the demand for cloud migration software.

Prominent companies operating in the cloud migration software industry are Virtustream, Salesforce, CloudEndure, Dynatrace, CHEF, Google Cloud, Carbonite Inc., BMC Software, and Cloudm. Merger & acquisition, product launches, product upgradation, and collaborations are some strategies undertaken by players in the market. For instance, in November 2019, Salesforce and Microsoft Corp. expanded their partnership to assist customers to meet their evolving business needs and increase team productivity. Likewise, in March 2018, Carbonite Inc. acquired Mozy, Inc. from Dell Technologies, Inc. Following the acquisition, Mozy Inc. became a part of Carbonite’s backup solutions.

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