Application Management Services Market to reach $73.6 Bn by 2029, emerging at a CAGR of 18.8% within the Forecast Period 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2103

The Business Research Company presents an extensive market research report on the Application Management Services Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The application management services market size has grown rapidly in recent years. It will grow from $31.62 billion in 2023 to $36.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to legacy system modernization, cost optimization, focus on core competencies, scalability demands, enhanced performance and reliability.

The application management services market size is expected to see rapid growth in the next few years. It will grow to $73.6 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to focus on user experience, cybersecurity integration, DevOps and agile practices. Major trends in the forecast period include rapid technological changes, shift to outcome-based models, rise of cloud-native application management, application modernization services, automation and intelligent operations.

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Key Market Players:
Major companies operating in the application management services market report are International Business Machines Corporation, Fujitsu Limited, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, Larsen & Toubro Infotech Limited, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Atos SE, Wipro Limited, Tech Mahindra Limited, EPAM Systems Inc., TietoEVRY Corporation, Unisys Corporation, Virtusa Corporation, Hexaware Technologies Limited, Perficient Inc., Persistent Systems Limited, Sonata Software Limited, Zensar Technologies Limited, Hinduja Global Solutions Limited, Mphasis Limited, NIIT Technologies Limited, Datamatics Global Services Limited, HCL Technologies Limited, Happiest Minds Technologies Limited, Mindtree Limited, Consultants to Government and Industry Incorporated, YASH Technologies Inc., Mindfire Solutions LLC, Birlasoft Limited, Microland Limited, Mastek Limited, Ness Digital Engineering Limited, Trigent Software Inc.

Market Drivers:
The high demand for mobile apps is expected to propel the growth of the application management services market. Mobile apps refer to the kind of software intended for use on a mobile device, like a tablet or smartphone. Application management services help mobile apps provide and control access to internally developed and commercially available mobile apps used in business settings. For instance, in May 2023, according to the 'Business of Apps', a UK-based B2B media and information platform, in the year 2021, the number of app downloads surpassed 100 billion for the first time, and projections suggest it will reach 200 billion by the year 2025. Therefore, the high demand for mobile apps is driving the application management services market growth.

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The application management services market covered in this report is segmented -
1) By Services Type: Application Portfolio Assessment, Application Security, Application Modernization, Web And Mobile, Cloud Application Migration, Other Service Type
2) By Deployment Type: On Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Telecom And Information Technology (IT), Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And eCommerce, Government And Defense, Manufacturing, Other Industry Vertical

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?

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