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Application Transformation Market Analysis 2023-2032: Technology Scouting, Opportunity Assessment, Global Trends And Major Players | Atos SA, Cognizant, Fujitsu Ltd., HCL Technologies Ltd
Application Transformation Market
The Business Research Company's Application Transformation Global Market Report 2023 identifies increase in big data consumption across industries as the major driver for the Application Transformation Market's growth in the forecast period. The rise in data volumes, the migration of data to a cloud-based solution, and the growing number of information technology (IT) users have increased data volume creation. With more employees likely to be hired during a period of economic growth, it necessitates more application transformation that results in adding more data. This growing demand for data consumption has increased application transformation to keep business-critical applications relevant and in line with modern user expectations by embracing cloud and big data technologies and incorporating DevOps and agile development concepts.
The global application transformation market size is expected to grow from $12.95 billion in 2022 to $14.79 billion in 2023 at a compound annual growth rate (CAGR) of 14.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The application transformation market size is expected to grow to $24.56 billion in 2027 at a CAGR of 13.5%.
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Major competitors in the application transformation market are Atos SA, Cognizant, Fujitsu Ltd., HCL Technologies Ltd., International Business Machines Corporation, Microsoft Corporation, Micro Focus International PLC, Asysco Software B.V, Capgemini SE, Infosys Limited, Dell Technologies, Hexaware Technologies, Pivotal Software, CleverIS Technologies, and Trianz.
A key trend in the Application Transformation Market includes technological advancement. Recently, the market has witnessed the implementation of advanced technologies such as big data and real-time analytics, the internet of things, 5G, cloud technologies. Major companies operating in the market are using and developing advanced technologies to sustain their position in the application transformation market. For instance, in June 2022, Siemens, a Germany-based technology company, launched Siemens Xcelerator, an open digital business platform to accelerate digital transformation. It offers a curated portfolio of IoT-enabled hardware, software, and digital services from Siemens and certified third parties. It aids in the transition to more open applications, with more cloud-based and as-a-service solutions and IoT-enabled gear.
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The Application Transformation Market is segmented -
By Service Type: Cloud Application Migration, Application Integration, Application Replatforming, Application Portfolio Assessment, UI/UX Modernizations, Other Service Types
By Enterprise Size: Large Enterprises, Small and Medium Enterprises
By End Use: Banking, Financial Services and Insurance (BFSI), Retail, Healthcare, IT and Telecom, Government, Manufacturing, Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Application Transformation Market.
The Business Research Company's "Global Application Transformation Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Application Transformation Market Include:
1. Executive Summary
2. Application Transformation Market Characteristics
3. Application Transformation Market Trends And Strategies
4. Application Transformation Market - Macro Economic Scenario
5. Application Transformation Market Size And Growth
……
26. Africa Application Transformation Market
27. Application Transformation Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Application Transformation Market
29. Application Transformation Market Future Outlook and Potential Analysis
30. Appendix
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