Application Transformation Market is booming worldwide with Leading Players Like Cognizant, Atos, Fujitsu

According to a recent report published by Allied Market Research, titled, "Application Transformation Market By Service Type, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027," the global application transformation market size was valued at $9,214 million in 2019, and is projected to reach $25,370 million by 2027, registering a CAGR of 13.2% from 2020 to 2027.

Application transformation refers to the modernization of outdated applications to meet contemporary demands, ensuring compliance with updated governance standards. The associated products and services in this domain primarily assist IT departments in addressing the growing utilization of social media and mobile computing within enterprises. The focus lies in ensuring that business-critical applications remain aligned and responsive to the evolving expectations of modern users.

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High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data drive the growth of the global application transformation market. However, complexity in legacy systems hinders the market growth. On the contrary, increase in adoption of advanced technologies such as 5G, AI, and ML and increase in need for digital transformation are expected to open lucrative opportunities for the market players in the future.

Covid-19 scenario:

• Several organizations moved their operation from traditional IT architecture to cloud-based platforms due to Covid-19 pandemic.

• The widespread of adoption of work-from-home culture increased the adoption of cloud-based platforms.

• The requirement for infrastructure to meet the organization's needs surged during the pandemic, which in turn, increased the demand for the modernization of older applications to a cloud environment.

The growth of the global application transformation market is mainly driven by factors such as the emergence of cloud technology and increase in consumption of Big Data; high cost associated with the maintenance of legacy applications; and technological development & advancement in application transformation. In addition, ongoing trend of legacy modernization fuels the demand for application transformation.

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However, difficulty in application transformation due to complexities in the legacy systems is anticipated tohamper the market growth to some extent. On the other hand, rise in adoption of advanced technologies such as 5G, AI, ML, and IoT is expected to provide lucrative opportunities for the market growth during the forecast period. Also, emerging need for digital transformation is anticipated to be opportunistic for the application transformation market growth during the forecast period.

In 2019, the application integration segment exhibited the highest growth in the application transformation market in 2019, and is expected to maintain its dominance in the upcoming years due to rise in demand for integration of dated legacy applications as well as databases with advanced applications. However, the application modernization segment is expected to witness the highest growth, due to the factors such as increase in focus among businesses on modernizing and transforming the legacy systems, surge in demand to provide the scalability and agility to business, and growth in demand for modernizing the infrastructure to ensure business continuity.

By enterprise size, the global application transformation market share was dominated by the large enterprises segment in 2019 and is expected to maintain its dominance in the upcoming years. This is attributed to the growth in adoption of application transformation by large enterprises due to various benefits such as improved flexibility, lower operating costs, better collaboration, and improved time to market. However, the small and medium enterprise segment is expected to witness the highest growth, owing to the ongoing trend of digital transformation in SMEs for generating new revenue streams and compete with their larger competitors.

By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility. However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to rise in demand for integration of dated legacy applications as well as databases with advanced applications.

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By industry vertical, the IT and telecom segment dominated the market in 2019, contributing to around one-fourth of the global application transformation market, due to rise in adoption of application transformation as the constant innovations in customer products and services are being delivered. However, the manufacturing segment is projected to manifest the highest CAGR of 17.0% during the forecast period. This is owing to growth in adoption of application transformation in the manufacturing sector that delivers manufacturing execution systems (MES), enterprise resource planning (ERP), and analytics services to the manufacturing industry.

The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. Due to the pandemic, increase in number of organizations across the globe are moving their operations from traditional IT architecture to cloud-based platforms. In addition, there is emerging need for infrastructure to be reconfigured to meet the organization's needs. This has led to the surge in demand for older applications to be modernized to operate in a cloud environment. This factor primarily drives the growth of the application transformation market.

In addition, the market players have introduced innovative application transformation products during the pandemic to ensure better application transformation services. This factor drives the market growth. For instance, in June 2020, TIBCO Software, one of the leading providers of application integration services launched TIBCO Responsive Application Mesh, a blueprint and capabilities for modern application architecture. It guides customers toward architecture modernization.

Asia-Pacific is expected to observe the highest growth rate during the forecast period, due to the emerging adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries, such as Australia, Japan, China, and India to tackle the increased demand for software services. For instance, in August 2018, Alibaba Cloud, the cloud computing division of Alibaba Group launched a digital transformation initiative for the Asia-Pacific region. This initiative comprises of several new products in areas such as cloud architecture, Internet of Things (IoT), machine learning, and security; and ASEAN Partner Alliance Programme, a partnership program to create a sustainable ecosystem to strengthen businesses of technology vendors, system integrators, independent software vendors (ISVs), service providers, and start-ups to accelerate their digital transformation initiatives.

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Some of the key application transformation industry players profiled in the report include Atos, Cognizant, Fujitsu, HCL Technologies Ltd., Hexaware, IBM Corporation, Micro Focus International PLC, Microsoft Inc., and TCS. This study includes application transformation market trends, application transformation market analysis, and future estimations to determine the imminent investment pockets.

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