Cloud Migration Market - Healthcare Segment is Expected to Grow at the Highest CAGR of 10.79% Over t

From: TMR
Published: Wed Oct 31 2018

TMR has pegged the global cloud migration market at US$5719.4 mn in 2016. Rising at an impressive CAGR of 9.76%, the market is forecast to reach US$13,266.8 mn by the end of 2025. Regionally, North America held the highest share in the global market due to the presence of several prominent cloud players in the region. However, Asia Pacific is the region suggested by TMR to report the fastest CAGR of 11.12% between 2017 and 2025. On the basis of enterprise size, the market is likely to witness considerably high demand from the SMB segment during the course of the report’s forecast period.

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Cloud migration is becoming an increasingly popular technology to shift real-time, on-premise data and business elements to cloud. This innovative technology has helped companies from around the world in multiple aspects. For instance, cloud migration has enabled many enterprises achieve increased mobility, collaborations, liberty to operate from anywhere, improved flexibility and disaster recovery options. Riding on this technology businesses are able to set up multiple units across diverse global locations with minimal time consumption. Additionally, storing business data on cloud can save cost, time, and improve the overall production efficiency.

Given the myriad benefits a company can achieve from cloud migration, several industries have jumped into the bandwagon. With this the demand for cloud migration rose steeply in the last few years. In addition, the market is likely to gain significantly from the rising demand for automating processes among organizations. The technology can spearhead building a culture of collaboration between disparate teams within an organization, resulting in a flexible and dynamic approach to work.

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Having said this, there are a few security and management compliances that are extremely crucial for hindrance free cloud migration. It is important to note that under this technology resources are managed and retained in different clouds. Advanced backups and recovery options are therefore indispensable for businesses adopting cloud migration.

The global cloud migration market has been divided into five regions namely- North America, South America, Middle East and Africa, Asia Pacific and Europe. Asia Pacific is expected to grow at the fastest CAGR of 11.12% over the forecast period. China and Japan are suggested to be the driving economies in Asia Pacific region.The U.S is suggested to hold the highest market share.

The retail sector in North America region is expected to hold a prominent market share during the forecast period. Furthermore, major cloud players are having strong servings in the North American region. Additionally, cloud giants are penetrating in European regions as well. For instance, In October 2017, cloud solutions company Oracle Corporation launched a new cloud data center in Frankfurt, Germany.

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