It is anticipated that, in the coming years, various organizations will adopt hybrid and multi-cloud strategies in coming years, as these systems are trending in the relevant sectors. Organizations are expected to opt for these strategies as they are reluctant to depend on a single cloud vendor. According to IBM, 98% of organizations are planning to utilize multiple hybrid clouds by 2021. Hybrid cloud provides the benefits of both public and private clouds, by enhancing flexibility to work between both the cloud solutions. Further, it enables organizations to protect their confidential data by storing it into the private cloud, and simultaneously use the public cloud for storing public data. Moreover, it also cost-effective as well as mitigates the risk of business loss.
The requirements of specific applications and functions will differ with the increase in specialized services. This in turn encourages the business managers to opt multi-cloud and hybrid solutions to run the system effectively and efficiently.
Based on subscription, the cloud office migration tool market is segmented into monthly subscription, annual subscription. The annual subscription segment held the largest market share in 2018.
The regional trends and factors influencing the Cloud Office Migration Tool Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cloud Office Migration Tool Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 740.3 Million |
| Market Size by 2027 | US$ 2,753.8 Million |
| Global CAGR (2019 - 2027) | 17.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Subscription
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cloud Office Migration Tool Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cloud Office Migration Tool Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Players operating in the cloud office migration tool market are mainly focused on the development of advanced and efficient products.
The List of Companies
Monthly subscription plans are mostly popular among SMEs and by businesses that need to test the service before using it. This is because monthly bill offers a much more manageable upfront fee and encourages customers to opt for cloud office migration services.
Increasing inclination of SMEs towards cloud offers lucrative opportunity for the Cloud Office Migration Tool market in future. Migrating workloads on the cloud among SMEs is expected to grow as cloud-based services facilitate these enterprises to reduce costs and give them access to IT services.
The growth of the Cloud Office Migration Tool market in Europe is primarily attributed to the strong BFSI sector in the region. As BFSI companies are largely moving toward cloud deployment, the demand for cloud office migration tools is expected to further grow in the region.