The global data migration market is forecast to reach USD 30.73 Billion by 2028, according to a new report by Reports and Data. The process of moving data from one format, location, or application to another is known as data migration.
This is the result of the introduction of a new system of location for the data. Data migration effectively selects, prepares, and transform data to transfer permanently from one storage to another. With a growing focus on optimization and technological advancements, companies are availing database migration services to move their data from on-premises to cloud-based storage.
Some added advantages reaped by enterprises from database migration solutions are the process ensures absolute data integrity, it reduces media and storage costs with significant improvements in ROI, and it also minimizes any possible disruption to daily business operations with minimal manual efforts and upgrades underlying applications and services while boosting efficiency and effectiveness. The process also helps in scaling of resources to meet the growing needs of business datasets coupled with building a customer base as it eliminates various obstacles that may hamper the customer-company relationship.
Currently, most of the businesses have different departments to manage different processes and operations. The data produced from various sources such as web services, mobile applications, and social media, generate a need to be managed and monitored. With digitalization being the new trend, data migration is anticipated to grow in the coming years.
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Data migration refers to the process of transferring data from one storage system, format, or platform to another. It involves moving data from legacy systems to modern infrastructure, transitioning from on-premises solutions to cloud-based platforms, or consolidating data from multiple sources into a unified system. The global data migration market is witnessing significant growth due to the increasing need for organizations to manage and leverage their data effectively.
There are several factors driving the growth of the global data migration market. Firstly, the exponential growth of data generated by organizations across various industries necessitates efficient data management strategies. As the volume, variety, and velocity of data continue to expand, businesses need to adopt modern data processing systems to handle the ever-increasing datasets effectively.
Secondly, the emergence of IoT (Internet of Things) applications has contributed to the proliferation of data and the need for cloud-based storage and management solutions. IoT devices generate vast amounts of data, and organizations are increasingly adopting cloud platforms to store, process, and analyze this data. Data migration plays a vital role in transitioning from traditional storage methods to cloud-based environments, enabling organizations to harness the benefits of scalability, flexibility, and cost-effectiveness offered by the cloud.
Additionally, small and medium-sized enterprises (SMEs) are embracing data migration to cloud platforms as it provides them with access to advanced infrastructure and services that would otherwise be cost-prohibitive. By migrating their data to public or private cloud storage, SMEs can leverage the scalability and affordability of cloud solutions, enabling them to focus on core business operations without the burden of managing on-premises infrastructure.
some leading companies operating in the global Data Migration Market:
Oracle, IBM, SAP, Microsoft, Syncsort, SAS Institute, Information Builders, Talend, Attunity, and Scribe Software, among others.
Further key findings from the report suggest
- Software held a market share of 58.9% in the year 2018. The segment is expected to increase owing to the growing demand for data migration to manage the rising volume of data and to improve productivity.
- Large enterprises held a market share of 63.2% in the year 2018. The migration software is high in demand, as corporations are increasingly switching to digitalization. Large Enterprises are transferring all its data server to online on a cloud-based platform to avoid data loss and drive the growth of the business.
- Cloud-based deployment is forecasted to hold a market share of 60.4% in the forecast period. The data migration market is driven by the increase in the adoption of cloud-based solutions by companies to enhance their businesses. Cloud-based solutions have low maintenance costs, less physical set up, and offer 24/7 accessibility from anywhere.
- Data migration in core banking is all about the seamless mapping of balance, entries, customer information, and other data related to the source of the target system. An approximate of 60% of banks across the globe are planning a transformation project. The BFSI segment held the largest market share among the end-users segment.
- The marketing business function segment led the market for data migration, with a 21.3% market share in 2018. Data migration help companies gain a 360-degree view of the target companies and design marketing strategy accordingly.
- The Asia Pacific is forecasted to grow with a CAGR of 20.7% during the forecast period. Increasing the application of IoT based products will propel market demand. Countries such as India, Japan, China, Australia, and Singapore will show high adoption of Data Migration in the coming years.
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In summary, the global data migration market is experiencing significant growth due to the increasing volume of data generated by organizations and the need for efficient data management. The adoption of cloud platforms, driven by factors like IoT applications and the benefits it offers to SMEs, is further fueling the demand for data migration services. As businesses recognize the importance of data in driving strategic decisions and process optimization, data migration will continue to be a critical element in ensuring seamless data transfer and effective utilization of resources.
The global market is further segmented into type and application:
Component Outlook (Revenue: USD Billion; 2018-2028)
Business Functions Outlook (Revenue: USD Billion; 2018-2028)
- Human Resources
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
- Small and Medium enterprises
- Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
End Users Outlook (Revenue: USD Billion; 2018-2028)
- Media and Entertainment
- Retail and Consumer Goods
- Energy and Utilities
- IT and Telecommunications
- Government and Defense
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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