Data Migration Market Size Worth $ 22.78 Billion at a CAGR of 17.5%, by 2026: Reports and Data
Data Migration Market Size – $ 6.26 Billion in 2018, Market Growth – 17.5% CAGR, Market Trends – Rapid Deployment of a Cloud Based System.
NEW YORK, NY, UNITED STATES, September 11, 2021 /EINPresswire.com/ – The increase in data volume and the need to keep existing data is expected to propel the growth of the market.
The Global Data migration market is expected to reach $ 22.78 billion by 2026, 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 location system. Data migration efficiently selects, prepares, and transforms data for permanent transfer from one storage to another. With an 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, lowers media and storage costs with significant improvements in return on investment, and also minimizes any possible downtime. daily business operations with minimal manual effort and upgrades underlying applications and services while increasing efficiency and effectiveness. The process also helps scale resources to meet the growing needs of business data sets, while building a customer base, as it removes various barriers that can hinder the customer-to-business relationship.
Currently, most companies have different departments to manage different processes and operations. Data produced from various sources such as web services, mobile applications and social media generate a need for management and monitoring. With digitization being the new trend, data migration is expected to increase in the coming years.
Key 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 58.9% market share in 2018. The segment is expected to grow due to the growing demand for data migration to handle growing data volume and improve productivity.
• Large companies held a 63.2% market share in 2018. Migration software is in high demand as companies increasingly look to digitalization. Large companies move all of their online data servers to a cloud platform to prevent data loss and drive 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 increasing adoption of cloud-based solutions by businesses to improve their businesses. Cloud-based solutions have low maintenance costs, less physical installation, and provide 24/7 accessibility wherever you are.
• Data migration in basic banking is about the transparent mapping of balance, postings, customer information and other data related to the source of the target system. About 60% of banks around the world are planning a transformation project. The BFSI segment held the largest market share among the end user segment.
• The marketing business functions segment dominated the data migration market, with a 21.3% market share in 2018. Data migration helps businesses gain a 360-degree view of target businesses and design a marketing strategy accordingly.
• Asia-Pacific is expected to grow at a CAGR of 20.7% during the forecast period. The increase in the application of IoT-based products will drive the market demand. Countries like India, Japan, China, Australia and Singapore will show strong adoption of data migration in the years to come.
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/data-migration-market
For the purpose of this report, the reports and data have segmented the global data migration market on the basis of component, business functions, organization size, mode of deployment, end users and of the region :
Components Outlook (Revenue: USD Billion; 2016-2026)
Business Function Outlook (Revenue: USD Billion; 2016-2026)
Organization Size Outlook (Revenue: USD Billion; 2016-2026)
Small and medium enterprises
Deployment Mode Outlook (Revenue: USD billion; 2016-2026)
On the site
End User Outlook (Revenue: USD Billion; 2016-2026)
Media and entertainment
Retail trade and consumer goods
Energy and utilities
IT and Telecommunications
Government and Defense
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Regional Outlook (Revenue: USD billion; 2016-2026)
Finally, all aspects of the Data Migration market are quantitatively and qualitatively assessed to study the Global as well as regional market comparatively. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations and future prospects.
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