Application Transformation Industry
High cost of maintenance of legacy applications and rise in consumption of big data drive the growth of the global application transformation market
PORTLAND, PORTLAND, OR, UNITED STATE, May 20, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Application Transformation Market Reach to USD 25.37 Billion by 2027 | Top Key players such as – Atos, Cognizant & Fujitsu.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global application transformation market size was valued at USD 9,214 million in 2019, and is projected to reach USD 25,370 million by 2027, registering a CAGR of 13.2% from 2020 to 2027.
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Advancements in network infrastructure and demand for VoIP Services across enterprises drive the growth of the global network optimization services market. However, considerable leaps in WAN and RAN optimization technology hinder market growth. On the other hand, surge in the number of production facilities that improve the control of the establishment of network and information technology solutions & services present new opportunities in the coming years.
The application transformation market is segmented on the basis of service type, enterprise size, industry vertical, and region. By service type, it is categorized into cloud application migration, application integration, application replatforming, application portfolio assessment, UI/UX modernizations, and others. By enterprise size, it is bifurcated into large enterprises and small & medium enterprises. On the basis of industry vertical, it is categorized as BFSI, IT & telecom, government, healthcare, retail, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility. However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to rise in demand for integration of dated legacy applications as well as databases with advanced applications.
By industry vertical, the IT and telecom segment dominated the market in 2019, contributing to around one-fourth of the global application transformation market, due to rise in adoption of application transformation as the constant innovations in customer products and services are being delivered. However, the manufacturing segment is projected to manifest the highest CAGR of 17.0% during the forecast period.
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By region, the market across North America held the lion’s share in 2019, accounting for around two-fifths of the market, due to presence of several key vendors in the region and rise in investment in R&D activities. However, the global application transformation market across Asia-Pacific is expected to showcase the highest CAGR of 15.9% during the forecast period, owing to adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries.
Some of the key application transformation industry players profiled in the report include Accenture, Atos, Cognizant, Fujitsu, HCL Technologies Ltd., Hexaware, IBM Corporation, Micro Focus International PLC, Microsoft Inc., and TCS. This study includes application transformation market trends, application transformation market analysis, and future estimations to determine the imminent investment pockets.
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● Several organizations moved their operation from traditional IT architecture to cloud-based platforms due to Covid-19 pandemic.
● The widespread of adoption of work from home culture increased the adoption of cloud-based platforms.
● The requirement for infrastructure to meet the organization’s needs is surged during the pandemic, which in turn, increased the demand for modernization of older application to cloud environment.
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