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Global Application Transformation Market Expected to Achieve 15.5% CAGR by 2029: Growth Forecast Insights
Application Transformation
How Large Will the Application Transformation Market Size By 2025?
The market size of application transformation has expanded swiftly in the previous few years. It is anticipated to surge from $16.28 billion in 2024 to $18.04 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%. The expansion during the historical period stems from digitalization efforts, the retirement of legacy systems, the adoption of agile development measures, the implementation of data analytics and AI, and the need to meet regulatory compliance necessities.
How Big Is the Application Transformation Market Size Expected to Grow by 2029?
In the coming years, the size of the application transformation market is predicted to experience a significant expansion. An anticipated growth to $32.1 billion by 2029 is projected, with a compound annual growth rate (CAGR) of 15.5%. This growth during the forecast period can be associated with the increased pace of digitalization, amplification of cloud infrastructure, the revamping of legacy systems, integration of agile and DevOps, and a strengthened emphasis on user-experience. Key trends for the forecast period incorporate business model innovation, compliance and regulatory obligations, considerations around cybersecurity, incorporation of IoT and edge computing, and an intensified focus on customer experience.
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Which Key Market Drivers Powering Application Transformation Market Expansion and Growth?
The surge in big data usage across various sectors is predicted to boost the expansion of the application transformation market in the future. Factors like increase in data volumes, transferring data to a cloud-based platform, and the swelling number of IT users contribute to growing data creation. The prospect of hiring more employees during a period of economic expansion necessitates more application transformation, thereby generating more data. This escalating requirement for data consumption has amplified application transformation to maintain the significance of business-critical applications and ensure they meet the expectations of contemporary users through the incorporation of cloud and big data technologies along with DevOps and agile development principles. For example, as reported by the National Center for Biotechnology Information, a US-based institution, in December 2022, the worldwide big data market is set to reach $103 billion by 2027. Hence, the growing big data consumption across all industries will stimulate the demand for the application transformation market.
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Which Fast-Growing Trends Are Poised to Disrupt the Application Transformation Market?
The surge in technological innovation is a prominent trend making waves in the application transformation sector. The market has recently seen the deployment of cutting-edge technologies such as big data, real-time analytics, the Internet of Things (IoT), 5G, and cloud tech. Leading firms in the market are leveraging and creating superior technologies to fortify their standing in the application transformation sector. For instance, in June 2022, Siemens, a tech firm from Germany, introduced the Siemens Xcelerator, an open platform for digital businesses that catalyzes digital metamorphosis. It extends a hand-picked selection of IoT-enabled hardware, software, and digital services from Siemens and certified third-party providers. It facilitates the shift towards more open applications, with an increased focus on cloud-based and as-a-service solutions, complete with IoT-enabled equipment.
What Are the Emerging Segments in the Application Transformation Market?
The application transformationmarket covered in this report is segmented -
1) By Service Type: Cloud Application Migration, Application Integration, Application Replatforming, Application Portfolio Assessment, UI Or 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
Subsegments:
1) By Cloud Application Migration: Infrastructure Migration, Data Migration, Application Re-Hosting
2) By Application Integration: API Integration, Middleware Solutions, Data Integration Services
3) By Application Replatforming: Platform Migration, Containerization Services
4) By Application Portfolio Assessment: Application Inventory Analysis, Cost-Benefit Analysis, Performance Assessment
5) By UI Or UX Modernizations: User Interface Redesign, User Experience Enhancement, Responsive Design Implementation
6) By Other Service Types: Legacy System Modernization, Security Enhancements, Performance Optimization Services
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Who Are the Global Leaders in the Application Transformation Market?
Major companies operating in the application transformation market are accenture* 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, 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
Which are the Top Profitable Regional Markets for the Application Transformation Industry?
North America was the largest region in the application transformation market in 2024. The regions covered in the application transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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