According to Fact.MR, demand for application transformation services in the U.S is likely to expand at a 9.8% value CAGR until 2032, forecast to yield an opportunity worth US$ 7.4 Billion.
Rockville, Nov. 22, 2022 (GLOBE NEWSWIRE) — The global application transformation market was valued at US$ 12.1 Billion in 2021 and is projected to register a Y-o-Y increase of 11.6% in 2022 to be valued at US$ 13.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 10% value CAGR, likely to reach US$ 34.9 Billion by the end of the said forecast period.
Rising penetration of big data technologies, cloud computing, and other advanced technologies have prompted application providers to transform services to a whole new level. The changing compliance and governance requirements are also widening the scope of application transformation services. Several large enterprises are adopting cloud application metrics and application transformation systems with the increasing volume of data. Besides this, growing awareness among small and medium enterprises for cost-effective systems is also driving the sales of application transformation over the forecast period.
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North America accounts for the highest market share of the application transformation market due to increased digitalization and the presence of numerous vendors in the region. Growing digitization across diverse industries is enabling the adoption of smart and advanced solutions across healthcare, manufacturing, and other sectors and key players are introducing application transformation services to attract businesses at large scale.
Key Takeaways from Market Study
- The global application transformation demand is likely to surge at a 10% CAGR during the forecast period.
- North America dominates the global application transformation market
- Based on service type, application integration will expand the fastest, expanding at a 9.9% CAGR
- By Organization size, large enterprises will remain most prominent users, expanding at CAGR of 9.6% until 2032
Increasing digitalization and growing internet penetration and increased use of big data are projected to drive the growth of the application transformation market”, says a Fact.MR analyst.
Key Segments Covered in the Application Transformation Industry Report
- Application Transformation Market by Organization Size :
- Application Transformation for SMEs
- Application Transformation for Large Enterprises
- Application Transformation Market by Vertical :
- IT & Telecom
- Other Verticals
- Application Transformation Market by Service :
- Application Portfolio Assessment
- Cloud Application Migration
- Application Re-Platforming
- Application Integration
- UI Application Modernization
- Post Modernization Application Transformation
- Application Transformation Market by Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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The global market for application transformation is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients., Additionally, enterprises are seeking out specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
- In April 2022, Fujitsu Limited introduced its Fujitsu Computing as a Service (CaaS) portfolio. This service will accelerate digital transformation and empower customers globally by offering access to some of the world’s most advanced computing technologies via the cloud for commercial use. This encompasses Fujitsu’s Digital Annealer quantum technology and software applications to solve AI and ML issues
- In December 2021, Cognizant acquired Devbridge, a privately owned software consultancy and product development company in Chicago. The acquisition expanded Cognizant’s software product engineering capabilities and global delivery footprint by adding over 600 engineers, designers and product managers across multiple countries
- Atos has announced recently in April 2022 that it intends to forge a 5-year contractual agreement to deliver managed services for digital operations, applications and cybersecurity for Independent Health (IH). Atos’ operational solutions will leverage infrastructure and digital platforms to optimize operating costs and generate efficiencies across the business landscape.
Prominent Players in the Global Market
- Tech Mahindra
- Fujitsu Limited
- HCL Technologies
- Unisys Corporation
- Accenture Plc.
- IBM Corporation
- Tata Consultancy Services (TCS)
- Asysco Software B.V
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Deployment to be Maximum across Large Enterprises
Application transformation solutions for large enterprises are expected to register maximum demand, attributed to the sheer large operational scale of such enterprises. As businesses continue expanding their scope of operations, the need to streamline the entire workflow is increasing with each passing day. Moreover, investments in data security solutions is also rising.
With their primary focus being enhanced customer outreach, large enterprises are investing in extensive cloud-based and virtual business ecosystems, necessitating deployment of application transformation solutions. A CAGR of 9.6% has been projected for the large enterprises segment by Fact.MR until 2032.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the application transformation market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the Application Transformation Market Analysis Repot by Service (Application Portfolio Assessment, Cloud Application Migration, Application Re-Platforming, Application Integration, UI Application Modernization), by Organization Size (SMEs, Large Enterprises), by Vertical(Retail, BFSI, Healthcare, IT & Telecom, Government, Manufacturing, Other Verticals) By Region – Global Forecast 2022-2032
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