Fast Facts: Mobility, Automation Triples Cloud Migration Market Value

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

The green flag in the race to the cloud was dropped long ago, and enterprises have been barreling around the track as more opportunities and capabilities become available in the cloud consumption model. With that comes a bevy of peripheral technologies that can streamline the migration process – the most arduous aspect of making the move to cloud.

According to MarketsandMarkets, the cloud migration services market is going to see its value triple in less than a half decade, thanks to a work environment that is continuously evolving its dependence on cloud capabilities. The cloud migration services market is expected to grow from $3.17 billion in 2017 to $9.47 billion in 2022, with a CAGR of 24.5%. The demand for these technologies is widespread.

“The demand for cloud migration services is driven by many factors,” the report said, “such as faster deployment, scalability, and agility; cloud compliance requirements; need to reduce CapEx and Opex; growing trend of mobility; and uninterrupted business continuity. With an increase in the adoption rate of cloud computing among enterprises, the cloud migration services market is expected to gain major traction during the forecast period.”

The report further stated automation would be a key component to these migration services, and that the banking, financial services, and insurance (BFSI) vertical is estimated to hold the largest market share.

In two separate survey conducted by Enterprise Mobility Exchange in 2017, enterprise IT decision makers from multiple industries stated cloud and cloud approach were still among the top two priorities for them in the current year and expected in 2018. Read our December Market Report here to learn more.

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