Market Highlights:
The Application Transformation market is
projected to grow from USD 12.4 Billion in 2023 to USD 38.6 Billion by 2032,
exhibiting a compound annual growth rate (CAGR) of 28.20% during the forecast
period (2023 - 2032).
The market for application transformation is
expanding quickly as businesses look to update antiquated software, take
advantage of new technologies, and improve user experiences. The demand for agile
and scalable apps as well as digital transformation initiatives and cloud
adoption are factors that are propelling market growth.
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Key Players:
Key Companies in the Application Transformation
market include,
- Accenture
- Atos
S.E.
- Bell
Integrator
- Capgemini
- Cognizant
- Fujitsu
- HCL
Technologies Limited
- IBM
- Infosys
Limited
- Microsoft
- Micro
Focus
- Orcale
Segment Analysis:
The global application transformation market has
been segmented based services, organization and vertical.
On the basis of services, the market is segmented
into portfolio assessment, cloud migration, replatforming, integration, UI
modernization, and post modernization. In 2022, the integration segment
dominated the whole market. The market is expanding as a result of the growing
demand for the integration of old legacy programmes and databases with modern
applications.
Based on organization size, the global application
transformation market has been segmented into small and medium-sized businesses
and large enterprises. In 2022, the large enterprise segment dominated the
world market. Due to their greater flexibility, improved teamwork, lower
operational costs, and shortened time to market, large corporations have been
the main adopters of application transformation.
Based on vertical, the global application
transformation market has been segmented i retail, IT and telecommunication,
healthcare, banking, financial services, and insurance, government, and
manufacturing. In 2022, the global market for application transformation was
dominated by the banking, financial services, and insurance sectors. The
significant market share of this sector is primarily attributable to the
growing use of cloud services for internal operations by banking organisations.
Regional Analysis:
The global application transformation market, based
on region, has been divided into the North America, Europe, Asia-Pacific, and
Rest of the World. North America consists of US and Canada. The Europe
Application Transformation market comprises of Germany, France, the UK, Italy,
Spain, and the rest of Europe. The Application Transformation market in
Asia-Pacific has been segmented into China, India, Japan, Australia, South
Korea, and the rest of Asia-Pacific. The Rest of the World Application
Transformation market comprises of Middle East, Africa, and Latin America.
The largest market share for Application
Transformation was maintained by the North American regional sector. This is a
result of application transformation solutions' early adoption. Due to the
presence of multiple vendors in the area, including Oracle Corporation, Microsoft
Corporation, and International Business Machines Corporation, the market is
projected to grow. Additionally, the region's substantial outsourcing industry
and the mounting demand to cut IT expenses are forcing businesses to look for
other ways to manage spending.
Moreover, the Europe market has been persistently
growing over the forecast period. This is because there are more suppliers in
this area and more people are using application transformation solutions. The
market growth in this region will also be boosted by the expansion of technical
innovation and the market for application transformation.
Additionally, Asia Pacific is anticipated to
experience the quickest growth over the forecast period. India has emerged as
one of the major centres for IT services and products. Application
transformation services are provided both inside and outside the country by
some of the key businesses in the nation, including Infosys Ltd. and HCL
Technologies Ltd.
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Furthermore, the rest of the world's Application Transformation market is
divided into the Middle East, Africa, and Latin America. The rising need to
update old programmes, the popularity of cloud computing and other digital
technologies, and the desire for more adaptable and flexible software are all
factors driving expansion in the LATAM application transformation market.
Markets in Brazil, Mexico, and Argentina are particularly important for
reengineering applications in the region.
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