The global application transformation market size is expected to reach USD 17.95 billion by 2027, expanding at a CAGR of 10.4%, according to a new study conducted by Grand View Research, Inc. Growing digitalization initiatives among industries, rising penetration of cloud computing technology, and increasing demand for scalability are aiding the market growth. Moreover, the constant need to keep the applications updated with upcoming technologies and improve the Return on Investment (ROI) will also increase the utility of these services in coming years.
Application transformation helps enterprises to reduce the number of applications within an enterprise and move applications to the cloud so as to meet government regulations and update compliance. Moreover, application transformation solutions aid IT departments to address the social media usage in enterprises and growing use of mobile computing. Presently, the IT companies and vendors are collaborating and partnering to offer digital transformation solutions to the industries worldwide. For instance, in April 2020, Tech Mahindra Ltd., an IT services provider company, collaborated with IBM to form technology innovation centers to help digital transformation for its customers. The innovation centers will help address complex business problems across industries, including financial services, insurance, telecommunication, manufacturing, retail and healthcare. Moreover, Tech Mahindra Ltd. will assists its clients migrate its main business applications to the IBM public cloud utilizing IBM Cloud Paks.
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Prominent vendors in the market such as IBM Corporation, Microsoft Corporation, and Accenture Plc., are instrumental in helping clients to plan their transformation journey with in-house services capabilities, application portability, and flexible pricing options. Moreover, the evolving technologies will aid in automating the operational and managerial processes, seamless integration capabilities, and improve overall customer experience. However, high implementation and management costs are some of the challenges that might impede the growth of the market over the forecast period. Besides, recent outbreak of COVID-19 disease across the world is likely to slow down the growth of the market temporarily.
Application Transformation Market Report Highlights
• UI Modernization segment is predicted to expand at the highest CAGR over the forecast period owing to increasing need to improve customer experience, scalability and reliability, better security, and fast data accessibility
• Growing implementation of application transformation solutions among SMEs in developing regions such as South Asia and Latin America is likely to boost the market growth over the forecast period
• The healthcare end-use segment is expected to expand at the highest CAGR over the forecast period owing to accelerating adoption of digital technologies in the sector. Moreover, AI-enabled medical device, blockchain electronic health records, and telemedicine are some of the technological innovations/trends which will make application modernization a necessity in healthcare sector
• Asia Pacific is expected to emerge as the fastest-growing region owing to the increasing focus of SMEs and large enterprise to enhance their digital initiatives. The presence of major cloud enterprises such as IBM with their establishment of cloud computing hubs in India, China, Vietnam, and South Korea, is likely to boost the growth
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Application Transformation Market Segmentation
Grand View Research has segmented the global application transformation market based on type, enterprise size, end use, and region:
Application Transformation Type Outlook (Revenue, USD Million, 2016 - 2027)
• Application Integration
• Cloud Application Migration
• Application Portfolio Assessment
• Application Replatforming
• UI Modernization
• Others
Application Transformation Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprises
• Small & Medium Enterprises
Application Transformation End-use Outlook (Revenue, USD Million, 2016 - 2027)
• BFSI
• Retail
• Healthcare
• IT & Telecom
• Government
• Manufacturing
• Others
Application Transformation Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa (MEA)
List of Key Players of Application Transformation Market
• Accenture PLC
• Atos SA
• Bell Integrator
• Capgemini SE
• Cognizant
• Fujitsu Ltd.
• HCL Technologies Ltd.
• IBM Corporation
• Infosys Limited
• Microsoft Inc.
• Micro Focus International PLC
• Oracle Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.