Press Release
Sci-Tech

Cloud Migration Services Market Detailed Study by Current Trends, opportunities, challenges and Growth Factors

The Cloud Migration Services Market size expected to grow from USD 2.73 Billion in 2016 to USD 9.47 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period, as per a report by MarketsandMarkets.

Why high adoption rate of cloud migration services in healthcare vertical is an opportunity?

Healthcare data is highly sensitive and confidential. A huge amount of data is generated and processed daily in the healthcare vertical. However, most healthcare organizations still store their data on their premises. This data is more vulnerable to losses and creates huge security risks. For instance, in August 2016, Banner Health, a provider of hospital services, revealed that the data of around 3.7 million patients had been compromised. In June 2016, Bon Secours Health System declared that the personal information of more than 650,000 patients might have been compromised, due to the data being exposed on its vendor’s information system. Therefore, potential opportunities exist for CSPs due to the increase in healthcare consumerism and digital transformation in the healthcare vertical. The need for cost control, technology innovations, increased security, and compliance requirements are expected to drive the high adoption of cloud migration services in the healthcare vertical.

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The automation and integration service type is expected to hold the largest market size. Automation offers enterprises with reliable and efficient maintenance and updates leading to utilization of employees for other business-critical activities. Cloud integration services provide assistance in deploying the migration services according to the migration architecture that involves migration planning, assessment, and implementation. The service type is segmented into automation and integration, disaster recovery, application hosting and monitoring, DevOps, training and consulting, support and maintenance, and managed services. The DevOps service type is expected to record a high growth rate over the next 5 years, owing to the increasing adoption of cloud services across the world.

The security and compliance management application is expected to grow at a high CAGR over the next 5 years. This application enables end users to protect the virtualized workload with the required compliance policies. Compliance management becomes even more crucial when data or applications fall under Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley Act (SOX), Family Educational Rights and Privacy Act (FERPA), or any other regulated market verticals.

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