Cloud Migration Services Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global cloud migration services market attained a value of about USD 213.56 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 24.60% to reach nearly USD 1.92 trillion by 2034.

Rising Demand for Cloud Migration Services in the Banking and Financial Sectors is Catalysing the Market Growth

The rapid digital transformation in the banking, financial services, and insurance (BFSI) industry is propelling the market growth of cloud migration services. As the demand for transparency and remote accessibility in the financial sector is significantly surging, major companies are leveraging cloud migration services to transform their business models and consumer experience, which is propelling the industry growth. Moreover, the cost-effectiveness of cloud migration is increasing the demand to increase innovation and collaboration in the industry, which is further augmenting the industry growth. The development of advanced cloud storage with enhanced security and optimal architecture is increasing the deployment of cloud migration services, which is providing further impetus to the industry growth. In addition, the advent of fintech, which extensively utilises technology, is surging the demand for cloud migration services, hence invigorating the market growth. This trend has been accelerated during the COVID-19 crisis, which led to an escalation in cloud services owing to prolonged lockdowns, stay-at-home orders, and rapid digitisation of various financial services. This is expected to further augment owing to the growing popularity of digital tools and online banking, which is projected to propel the growth of the cloud migration services industry in the forecast period.

Cloud Migration Services: Market Segmentation

Cloud migration services refer to the services that are utilised by organisations for the digital transformation of their businesses. They provide tools and resources that aid in the smooth and effective transition of database to cloud computing. They increase cost-effectiveness, flexibility, and productivity in the long run for various organisations, due to which it is increasingly being adopted.

The major service models of cloud migration services are:

• Managed Services
• Professional Services

The market can be broadly categorised on the basis of its deployment mode into:

• Public Cloud
• Private Cloud
• Hybrid Cloud

Based on application segments, the market is divided into:

• Project Management
• Infrastructure Management
• Security and Compliance Management
• Others

By organisation size, the market is classified into:

• Large Enterprises
• Small and Medium Enterprises

On the basis of industry verticals, the industry is segmented into:

• Banking, Financial Services and Insurance (BFSI)
• Manufacturing
• Healthcare and Life Sciences
• IT and Telecommunications
• Consumer Goods and Retail
• Government and Public Sector
• Media and Entertainment
• Others

The report looks into the regional markets of cloud migration services like:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Increasing Use of Cloud Migration Services by Governments and Public Bodies to Augment the Market Growth

The introduction of various governments initiatives to promote cloud computing to increase the transparency and accessibility of the database is augmenting the market growth. The increasing requirement of Cloud First policy to develop new capabilities for efficient transition initiated by various governments, such as the India Ministry of Electronics and Information Technology, is providing further impetus to the growth of the cloud migration services industry. Moreover, government and public bodies are increasingly preferring multi-cloud offerings to prevent the risk of data loss amidst technical errors of a cloud, which further propelling the demand for cloud migration services.

Rising Adoption of Sustainable Approaches in Several Enterprises to Bolster the Growth of the Cloud Migration Services

The increasing adoption of sustainable methods in various enterprises is increasing the demand for cloud storage as it reduces energy wastage and carbon footprint, consequently surging the adoption of cloud migration services. As remote work becomes the new norm, various businesses are rapidly adopting cloud computing. This is consequently increasing the demand for cloud migration services, which is propelling the market growth. The extensive use of cloud computing by organisations is expected to increase the requirement for third-party vendors to address cloud challenges and maintain cloud infrastructure. This is projected to escalate the use of cloud migration services, which is estimated to augment the industry growth.

Key Industry Players in the Global Cloud Migration Services Market

The report presents a detailed analysis of the following key players in the global cloud migration services market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Amazon Web Services, Inc.
• Cisco Systems, Inc.
• DXC Technology Co.
• Google LLC
• International Business Machines Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.