Press release
Application Transformation Market 2024: Growth, Trends, Forecast And Analysis
Application Transformation Market
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.
Market Overview -
Application transformation refers to the procedure of updating out-of-date software to satisfy present needs. Application transformation helps to achieve resilience and empowers the business to run more efficiently.
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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 And 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 And Toubro Infotech Limited, NTT DATA Corporation, Mphasis Limited
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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