Press release
Application Transformation Market to Triple, Reaching $25.37 Billion by 2027 with 13.2% CAGR
The growth of the global application transformation market is mainly driven by factors such as 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. 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., emerging need for digital transformation is anticipated to be opportunistic for the application transformation market growth during the forecast period.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/A10593
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.
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.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/application-transformation-market/purchase-options
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.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ :
By service type, in 2019 the application integration dominated the application transformation market size. However, the application modernization segment is expected to exhibit significant growth during the forecast period.
By enterprise size, the large enterprises generated the highest revenue in 2019. However, the small & medium enterprises segment is expected to witness highest growth rate in the near future.
By industry vertical, the IT & telecom segment accounted for the highest revenue in 2019, however, the manufacturing segment is expected to witness highest growth rate in the forecasted period.
By region, the application transformation market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A10593
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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๐๐จ๐ง๐ญ๐๐๐ญ :
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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