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Application Transformation Market worth $16.8 billion by 2024
, January 11, 2021 ) According to market research report "
Application Transformation Market
by Service (Cloud Application Migration, Application Replatforming, Application Integration), Organization Size, Vertical (Retail, IT & Telecom, Government, Healthcare, Manufacturing), and Region - Global Forecast to 2024", The global application transformation market size to grow from USD 9.7 billion in 2019 to USD 16.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.6% during 2019–2024.
The emergence of cloud and big data technologies has taken the transformation process to a new and advanced level. The enterprises are striving to achieve a competitive advantage, which can be achieved with the application transformation process in place. The constant need to be updated with new technologies and enhance the Return on Investment (RoI) requires a scientific approach and agile methodology to mitigate the key risks and challenges involved in the existing legacy applications. These factors are expected to drive the global application transformation market.
Browse and in-depth TOC on “Application Transformation Market”
44 - Tables
28 - Figures
114 - Pages
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Application integration service to account for the highest market share during the forecast period
Application integration is the process of integrating one or more application program’s data or processes with that of other application programs. The existing legacy applications can be integrated into new applications, which leverage the internet, eCommerce, extranet, and other new technologies. Application integration assists in the maintenance and presentation of the data in various application systems, which are synchronized. It can connect to backend application systems to retrieve and insert data. Application integration is necessary for organizations to optimize their IT landscapes, gain business agility, and easily access data from devices and social channels.
Large enterprises to account for a higher market share during the forecast period
Large enterprises are defined as business entities employing over 1,000 employees. The adoption of application transformation in large enterprises is high, and the trend is expected to continue during the forecast period. The large enterprises are keen to invest in new and latest technologies to run their business effectively. These enterprises are modernizing their legacy applications to reduce their Capital expenditure (CapEx) and Operating expense (OpEx). The enterprises have dedicated in-house Information Technology (IT) resources with large IT budgets, therefore, can consider deploying a variety of application modernization strategies.
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North America to account for the highest market share during the forecast period
The US accounts for the highest market share in the application transformation market. The US and Canada are also the leading countries in retail, financial services, banking, and other industries, such as transportation and manufacturing. The US is expected to have the highest market share among all the countries in the application transformation market during the forecast period. It is a technologically advanced country with strong regulations for various verticals.
Major vendors in the global application transformation market include Atos (France), Tech Mahindra (India), Fujitsu (Japan), HCL (India), Cognizant (US), Pivotal Software (US), Accenture (Ireland), IBM (US), TCS (India), Asysco (Netherlands), Unisys (US), Hexaware (India), Oracle (US), Micro Focus (UK), Bell Integrator (US), and Macrosoft (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
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