Data migration software is designed to transfer and convert data between various types of file formats, servers, data architectures, and storage environments. Enterprises may need to transfer data from one source to a target application for many reasons such as implementing new application, change in system, migration to a cloud-based environment, and consolidating, upgrading, or modernizing existing applications. Currently, businesses are generating and saving more data than ever before, and to tackle the complete value of that data, they are migrating to numerous advanced platforms to help them store, process, and evaluate data more effectively and affordably. To take advantages of new processing and data storage systems, businesses require data migration software that allows them to transfer data from their sensor networks, online channels, transactional systems, and other database to new environments quickly and easily.
The global data migration software and services market is driven by the increase in adoption of cloud-based solutions by enterprises in order to enhance their business processes. Enterprises are migrating toward cloud-based solutions because a cloud-based solution has low maintenance cost, requires less physical setup, and offers 24/7 accessibility from anywhere, anytime. Furthermore, due to continuous development in cloud technologies, the cloud-based deployment model is anticipated to expand at a significant rate during the forecast period. Additionally, growing business data volumes which can be attributed to increasing adoption of big data and Internet of Things (IoT) technologies across different industries is anticipated to fuel the growth of the data migration software and services market in the coming years. Moreover, an evolving regulatory landscape and necessity to maintain legacy data is also anticipated to boost demand for data migration software and services in the next few years. However, address verification and data quality which often arise post data migration is expected to restrain the growth of this market across the globe.
At present, every business has different departments to manage various business operations and processes. The data produced from different sources such as mobile applications, web services, and social media, need to be managed and monitored in every department to have a consolidated data warehouse. Therefore, data migration is also anticipated to witness significant adoption in marketing departments in the near future.
The global data migration software and services market can be segmented based on component, deployment model, enterprise size, industry, and region. By component, the data migration software and services market can be segregated into software and services. Data migration services are further bifurcated into managed services and professional services. In terms of deployment type, the data migration software and services market can be bifurcated into on-premise and cloud-based. The cloud-based deployment model is expected to witness huge demand in the market due to its cost-effectiveness and easy availability. Based on enterprise size, the market can be bifurcated into small & medium enterprises and large enterprises. In terms of industry, the data migration software and services market can be classified into banking, financial services, and insurance (BFSI), consumer goods and retail, healthcare and life sciences, media and entertainment, IT & telecom, government and defense, energy & utilities, manufacturing, and others (education, transportation and logistics).
Based on region, the global data migration software and services market can be segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The market in North America is expected to expand at a considerable compound annual growth rate during the forecast period. This is primarily due to the early adoption of emerging and advanced technologies and presence of data migration software and service vendors across the region. However, Asia Pacific is projected to present lucrative opportunities in the data migration software and services market in the near future. The data migration software and services market in Asia Pacific is expanding at a substantial pace. Increasing demand for cost-effective data management software and services among enterprises and rising technology spending in countries such as China, Japan, and India are anticipated create new opportunities for the growth of this market in the region.
Major players operating in the global data migration software and services market include Oracle Corporation, IBM Corporation, Amazon Web Services, Microsoft Corporation, SAP SE, Informatica, SAS Institute, Information Builders, TIBCO Software Inc. and Syncsort.
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