Global Application Transformation Market Overview
The key drivers impacting the application transformation market are the rapidly increasing digitalization among industries owing to expanding penetration of internet and mobile devices across the globe. Also, the rise in other technologies such as the Internet of Things (IoT), 5G, edge computing, usage of real-time analytics facilitate by machine learning, and artificial intelligence is likely to impel organizations to adopt these solutions. Moreover, the high cost of maintenance of legacy applications, the ongoing trend of legacy modernization contributes to application transformation market demand in the later years.
The global demand for Application Transformation Market is presumed to reach the market size of nearly USD 51.24 Billion by 2032 from USD 14.01 Billion in 2023 with a CAGR of 15.5% under the study period 2024 - 2032.
The extensive adoption of work from home culture raised the adoption of cloud-based platforms, which will likely augment the need for application transformation in the forecast period. Also, Rise in the requirement for an adaptable operating cycle that provides the efficiency of businesses. However, the long planning and processing time hampers the market in the long run. In addition, a rise in the difficulty associated with legacy systems impedes market growth. Nevertheless, the market trends, such as an increase in the adoption of advanced technologies such as 5G, AI, and ML and an increase in the need for digital transformation, might provide considerable opportunities to the market's leading players.
The application transformation market is widespread, with several regional and international players. The market leaders follow various strategies such as extending product portfolio, amalgamation, acquisitions, product upgrades, contracts to strengthen their market share globally. The key players in the report areAccenture PLC, Atos SA, Bell Integrator, Capgemini SE Cognizant, Fujitsu Ltd., HCL Technologies Ltd., International Business Machines Corporation, Infosys Limited, Microsoft Corporation, Micro Focus International PLC, Oracle Corporation, Trianz.
In this research report, the application transformation market is segmented by type, enterprise size, end-user, and region.
Analysis by Type:
By Type, the report is divided into application integration, cloud application migration, application portfolio assessment, application re-platforming, UI modernization, and others. The application integration segment dominates the type segment with the highest market share of 29% in 2020. It is due to the increasing need for integrating outdated legacy applications and databases with new generation applications. Moreover, applications integration offers a single point of access to the information that will assist employees in spending less time in data search and enables rapid and streamlined connectivity among applications that lead to faultless data sharing, automate workflow, and augment the IT infrastructure flexibility.
Analysis by Enterprise Size:
By enterprise size, the report is divided into large enterprises, small & medium enterprises. The large enterprise segment dominates with a significant market share of 61% in 2020. It is because large enterprises are the primary market adopters owing to high flexibility, lower operating costs, better collaboration, lower operating costs, and enhanced time to market. Moreover, the need to adopt both essential and niche technologies to improve agility, security, and performance contributes to the huge market demand from large enterprise segments in the forecast period.
Analysis by End-User:
By End-user, the report is segmented into the BFSI, Retail, Healthcare, IT & Telecom, Government, Manufacturing, and Others. The BFSI segment dominates the end-user segment, with the highest market share of 26% in 2020. It is due to the increasing adoption of cloud services by banking enterprises for in-house operations. Moreover, services such as online payments, digital wallets, payment gateways, and exemplary customer experience are likely to play an important role in the banking industry, facilitating the adoption of these solutions, thus adds to the high market demand from the enterprise sector.
Analysis by Region:
In the regional outlook of the global application transformation market, the North America region dominates with the largest market share of 36% in 2020. It is due to the rise in the adoption of application transformation solutions. Moreover, the increase in the presence of numerous vendors, the increase in technological advancement and development in application transformation, and the rise in the modernization in the legacy system contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Type
- Application Integration
- Cloud Application Migration
- Application Portfolio Assessment
- Application Replatforming
- UI Modernization
- Others
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End-Use
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Government
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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