Data Migration Market Expected to Reach $30.73 Billion by 2028
Data Migration Market Size – USD 8,769.8 Million in 2020, Market Growth – 16.8% CAGR, Market Trends – Rapid Deployment of Cloud Based System
The global data migration market is expected to reach USD 30.73 billion by 2028, according to a new report from Reports and Data. The process of moving data from one format, location, or application to another is called data migration.
This is the result of the introduction of a new data localization system. Data migration efficiently selects, prepares and transforms data to continuously move it from one storage to another. With increasing emphasis on optimization and technological advancements, companies are using database migration services to move their data from on-premises storage to cloud storage.
Some additional benefits that companies derive from database migration solutions are that the process ensures absolute data integrity, it reduces support and storage costs with significant ROI improvements, and it also minimizes any possible disruption of day-to-day business operations with minimal manual effort and upgrades to underlying applications and services while improving efficiency and effectiveness. The process also aids in scaling up resources to meet the growing needs of enterprise datasets, coupled with building a customer base, as it removes various roadblocks that may impede the customer relationship. -business.
Currently, most companies have different departments to handle different processes and operations. Data produced from various sources such as web services, mobile applications and social media, generates a need to be managed and monitored. With digitization being the new trend, data migration is expected to grow in the coming years.
Major Participants Oracle, IBM, SAP, Microsoft, Syncsort, SAS Institute, Information Builders, Talend, Attunity, and Scribe Software, among others.
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Other key findings from the report suggest
Software held a market share of 58.9% in 2018. The segment is expected to grow owing to the growing demand for data migration to manage the growing volume of data and improve productivity.
Large enterprises held a 63.2% market share in 2018. Migration software is in high demand as businesses increasingly shift to digitalization. Large companies are moving all their online data servers to a cloud-based platform to prevent data loss and boost business growth.
Cloud-based deployment is expected to hold a market share of 60.4% during the forecast period. The data migration market is driven by the increase in the adoption of cloud-based solutions by enterprises to improve their business. Cloud-based solutions have low maintenance costs, less physical setup, and provide 24/7 accessibility from anywhere.
Data migration in core banking services is all about the seamless mapping of balance, entries, customer information, and other data related to the source of the target system. Around 60% of banks worldwide are planning a transformation project. The BFSI segment held the largest market share among the end user segment.
The marketing business function segment led the data migration market with a 21.3% market share in 2018. Data migration helps companies get a 360 degree view of target companies and design a marketing strategy accordingly.
Asia-Pacific is expected to grow with a CAGR of 20.7% during the forecast period. Increasing application of IoT based products will propel the market demand. Countries such as India, Japan, China, Australia, and Singapore will show strong adoption of data migration in the coming years.
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For the purpose of this report, the reports and data have segmented the Global Data Migration Market on the basis of Components, Business Functions, Organization Size, Deployment Mode, End Users and Region :
Components Outlook (Revenue: USD Billion; 2018-2028)
Business Function Outlook (Revenue: USD Billion; 2018-2028)
• Human ressources
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
• Small and medium enterprises
• Large companies
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
• On the site
• On demand
End User Outlook (Revenue: USD Billion; 2018-2028)
• Media and Entertainment
• Retail and consumer goods
• Energy and utilities
• Health care
• IT and Telecommunications
• Government and Defense
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Regional Outlook (Revenue: USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
Key Benefits of the Data Migration Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the data migration industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Data Migration Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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