Cloud Migration Services Market to Grow by $7.1bn During 2020-2024

The cloud migration services market is expected to witness significant growth, driven by the increasing adoption of cloud computing and the need for hybrid cloud solutions. The market is poised to progress at a CAGR of about 24 percent during the forecast period, with a projected growth of $7.1 billion. The market is highly fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. Major market participants include Accenture Plc, Alphabet Inc., Amazon.com Inc., and Cisco Systems Inc.

Key Takeaways:

• The cloud migration services market is expected to grow by $7.1 billion during 2020-2024, progressing at a CAGR of about 24 percent.
• The market is highly fragmented, with Accenture Plc, Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., and other major market participants competing for market share.
• The increasing adoption of cloud computing and the need for hybrid cloud solutions are the primary drivers of the market growth.
• Data privacy and security concerns might hamper market growth.
• The market is segmented by deployment type, including public cloud, private cloud, and hybrid cloud.
• The geographic landscape of the market consists of regions such as APAC, Europe, MEA, North America, and South America.

Statistics:

• The cloud migration services market is expected to grow at a CAGR of 24 percent during the forecast period 2020-2024.
• The market is expected to reach a growth of $7.1 billion during the next five years.
• The market is highly fragmented, with a degree of fragmentation expected to accelerate during the forecast period.
• The cloud migration services market is expected to witness a growth of 24 percent by 2024.

Sources:

• Technavio, "Cloud Migration Services Market 2020-2024"
• Technavio, ((Comments on this story may be sent to newsdesk@closeupmedia.com))