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Application Transformation Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Application Transformation Market
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According to The Business Research Company's, 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 Drivers and Trends:
The growing demand for mobile applications is expected to propel the growth of the application transformation market in the coming years. Mobile applications are software applications designed specifically to run on mobile devices such as smartphones and tablets and are developed to provide users with various functionalities and services, ranging from entertainment and communication to productivity and utility. Application transformation helps mobile apps to become more competitive, meet changing user expectations, and stay current with market trends and technical improvements. It enables organizations to maximize the potential of their mobile applications for long-term success. For instance, in May 2023, according to the Udonis Inc., a Croatia-based marketing specialized company, globally, mobile app downloads grew 11% in 2022 compared to 2021. Therefore, the growing demand for mobile applications is driving 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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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Acce*nture PLC, 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
Application Transformation Market 2024 Key Insights:
• 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%.
• Data Boom Ignites Growth Application Transformation Market Surges With The Surge In Big Data Consumption Across Industries
• Innovative Horizons Technological Advancements Propel The Evolution Of The Application Transformation Market
• North America was the largest region in the application transformation market in 2023
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