State of the Corporate Cloud in 2022
The cloud migration services market was valued at $119.13 billion in 2020 and is expected to reach $448.34 billion by 2026. That is a compound annual growth rate (CAGR) of 28.89% over the forecast period 2021 – 2026 according to data from Mordor Intelligence. Cloud adoption by corporations of all sizes is accelerating and remains a significant consideration for IT cost reduction, accessibility, and security strategies.
Businesses are migrating to the cloud for seamless scalability, increased effectiveness, faster implementation, mobility, and disaster recovery. Managed service providers are evolving with the cloud as they adapt to and implement cloud security strategies in a multi-cloud world.
In short, cloud migration is one of the hottest trends in corporate IT and the movement is summed up nicely in the infographic below based on new data from Flexera.