Press release
Application Transformation Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Application Transformation Market
The Business Research Company offers in-depth market insights through Application Transformation Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The application transformation market size has grown rapidly in recent years. It will grow from $14.68 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to digitalization initiatives, legacy system obsolescence, agile development practices, data analytics and ai integration, regulatory compliance requirements..
The application transformation market size is expected to see rapid growth in the next few years. It will grow to $28.64 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to accelerated digitalization, cloud expansion, legacy system overhaul, agile and devops adoption, enhanced user experience focus.. Major trends in the forecast period include business model innovation, compliance and regulatory requirements, cybersecurity considerations, iot and edge computing integration, customer experience focus..
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Market Segmentation:
The application transformation market covered in this report is segmented -
1) By Service Type: Cloud Application Migration, Application Integration, Application Replatforming, Application Portfolio Assessment, UI/UX Modernizations, Other Service Types
2) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
3) By End Use: Banking, Financial Services and Insurance (BFSI), Retail, Healthcare, IT and Telecom, Government, Manufacturing, Other End Users
Major Driver - Data Boom Ignites Growth Application Transformation Market Surges With The Surge In Big Data Consumption Across Industries
An increase in big data consumption across industries is expected to propel the growth of the application transformation market going forward. 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. For instance, in January 2022, according to the First side Guide, Serbia-based information and technology provider company predicted the total quantity of data produced worldwide to be over 79 zettabytes in 2021. Therefore, the increased consumption of big data across industries will drive the demand for the application transformation market.
Competitive Landscape:
Major companies operating in the application transformation market report 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, TRIANZ Holdings Pvt. Ltd., Bell Integrator, LTI - Larsen & Toubro Infotech, Oracle Corporation, Happiest Minds Technologies Limited, Tech Mahindra, Unisys Corporation, Wipro Limited, DXC Technology Company, Mindtree Limited, Virtusa Corporation, Tata Consultancy Services Limited, Larsen & Toubro Infotech Limited, NTT DATA Corporation, Mphasis Limited
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Top Trend - Innovative Horizons Technological Advancements Propel The Evolution Of The Application Transformation Market
Technological advancement is a key trend gaining popularity in the application transformation market. 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.
The Table Of Content For The Market Report 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
…..
27. Application Transformation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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