The data migration market size is expected to grow from USD 4.50 Billion in 2016 to USD 11.49 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.5%
Northbrook, IL -- (SBWIRE) -- 06/14/2018 -- The Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share during the forecast period
Among verticals, the Banking, Financial Services and Insurance (BFSI) sector is expected to continue to have the largest market share during the forecast period. The major factors driving the data migration can be attributed to the provision of new growth opportunities coupled with rapid digital initiatives and stringent regulatory compliances. Additionally, it helps in cutting excessive costs while providing improved agility and scalability, overcoming the operational challenges.
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The cloud deployment model is expected to grow at a high CAGR during the forecast period
The cloud deployment model is witnessing an increasing demand due to its cost-effectiveness and easy availability. Cloud-based solutions require less physical setup, incur low maintenance costs, and provide 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies, the cloud-based deployment model is expected to have a high growth rate, as compared to the on-premises deployment. Moreover, cloud-based solutions provide agility and flexibility in use.
North America is expected to constitute the largest market share; APAC to grow at the highest CAGR
In terms of market share, North America is expected to continue its dominance during the forecast period. The early adoption of new and emerging technologies and direct presence of data migration software and service providers in the region is expected to consolidate a majority of the revenues in the market. The Asia Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. The growing technology expenditures in countries, such as Australia, China, and India, and the demand for cost-effective data management software and services among the Small and Medium-sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The vendors providing data migration software and services include IBM (US), Oracle (US), AWS (US), Microsoft (US), SAS Institute (US), SAP (Germany), Informatica (US), Information Builders (US), Talend (US), Attunity (US), Scribe Software (US), and Syncsort (US).
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