Application Management Services Market: Trends, Market Share, and Growth Opportunities in a Digital-First World

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Application Management Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $73.6 billion In 2028 At A CAGR Of 18.8% :

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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Application Management Services Market Major Segments
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

Key Driver - Rising Demand For Mobile Apps Fuels The Application Management Services Market Growth

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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Prominent Trend - Partnerships And Collaborations Reshapes The Application Management Services Landscape

Strategic partnerships and collaborations are a key trend gaining popularity in the application management services market. The major players in the application management services sector are focused on partnerships and collaborations to sustain their market position. For instance, in May 2021, CapTech Consulting, a US-based IT services and consulting company, partnered with Workday, a software development company, for Workday Application Management Services. This partnership enables advanced technology integration along with data insight and change management. With Workday Financial Management and Workday Human Capital Management, Workday AMS enables Caltech to offer continuing functional, technical, and administrative assistance to clients in production (HCM).

Application Management Services 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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the application management services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the application management services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Application Management Services Market Report Structure
3. Application Management Services Market Trends And Strategies
4. Application Management Services Market - Macro Economic Scenario
5. Application Management Services Market Size And Growth
…..
27. Application Management Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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