The market for application transformation was estimated to be worth US$ 12.1 billion in 2021 and is expected to grow by 11.6% year over year to reach US$ 13.5 billion in 2022. Demand is predicted to increase at a 10% Value CAGR over the assessment period of 2022–2032, most likely reaching US$ 34.9 billion by the conclusion of the forecast period.
Up to 2032, the application transformation market is expected to provide an absolute monetary potential of US$ 21.5 billion. Application integration services sales are expected to grow at a recorded CAGR of 11.5% from 2015 to 2021.
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Furthermore, it is anticipated that application transformation services would continue to be mostly beneficial to large organizations, with a compound annual growth rate (CAGR) of 9.6% expected between 2022 and 2032. North America will continue to lead, creating opportunities valued at US$ 7.4 billion over the course of the projection year.
The increasing use of big data technologies, cloud computing, and other cutting-edge technology has forced application providers to elevate their offerings to entirely new heights. Fact.MR, a supplier of competitive intelligence and market research, reports that the application transformation market would grow at an astounding rate of 11.8% CAGR between 2017 and 2021. Enterprises need to adapt their applications in order to get a competitive advantage.
Prominent Players in The Global Market
- Atos
- Tech Mahindra
- Fujitsu Limited
- HCL Technologies
- Cognizant
- Unisys Corporation
- Accenture Plc.
- IBM Corporation
- Tata Consultancy Services (TCS)
- Asysco Software B.V
It is imperative that application technology be updated consistently to offer a smooth user experience. Service providers may improve their returns on investment and save expenses associated with operations by implementing cutting-edge innovations. The range of application transformation services is also being expanded by evolving governance and compliance needs.
In the future, as more companies rely on digital transformation, they will be constantly coming up with new ideas, bringing in efficiency, raising standards, and improving customer satisfaction. The correct application strategy may be used to achieve amazing results, whether the goal is to create, move, or transform. The application transformation market is expected to expand by 2.6 times between 2022 and 2032.
Growing Cloud Technology Adoption Big Data Dependency
Cloud computing is one of the technologies that powers all digital business models in the twenty-first century. Data-oriented, very flexible, asset-light, and anyplace services are now possible thanks to the cloud. By giving users access to "everything-as-a-service" (EaaS) models and constructing several automated procedures to produce a streamlined system, this technology has proven crucial in enabling digital models.
Businesses are developing more cloud-native apps and investing in cutting-edge cloud-based solutions as they shift more workflows to the cloud, expanding the opportunity for the deployment of application transformation services. Application transformation aids in the evaluation of existing applications to facilitate migration planning and execution. Understanding the fundamental traits and features of both traditional and cloud-native apps is crucial before preparing any application transfer.
Infrastructure-as-a-service (IaaS) virtual machine services are currently regarded as the bare minimum feature for a public or business private cloud, as the current state of technology has made evident. The longer-term objective, application transformation, is anticipated to need the greatest amount of time. As a result, leading service providers such CRM Trilogix and Mphasis are starting to appear at the periphery of the worldwide application transformation industry.
Competitive Landscape
- Many vendors are present in the worldwide application transformation market, with the goal of providing clients with comprehensive consultancy and integration services. Businesses are also looking for specialist service providers that can give solutions that are specifically tailored to meet their goals. Additionally, in order to have an advantage over other market rivals, the sellers probably make use of product diversification and upgrades.
- Fujitsu Limited unveiled its Fujitsu Computing as a Service (CaaS) portfolio in April 2022. This service, which provides commercial users with cloud-based access to some of the most cutting-edge computing technologies available worldwide, will expedite the digital transition and empower clients everywhere. This includes the Digital Annealer quantum technology from Fujitsu as well as software tools for resolving AI and ML problems.
- Chicago-based Devbridge, a privately held software consulting and product development business, was purchased by Cognizant in December 2021. Through the purchase, Cognizant was able to increase its worldwide delivery footprint and software product engineering skills by adding over 600 engineers, designers, and product managers in several nations.
- Atos has revealed in April 2022 that it plans to create a five-year deal with Independent Health (IH) to provide managed services for digital operations, apps, and cybersecurity. Utilizing digital platforms and infrastructure, Atos' operational solutions will maximize operating expenses and provide efficiencies throughout the enterprise.
Key Segments Covered in the Application Transformation Industry Report
- Application Transformation Market by Organization Size :
- Application Transformation for SMEs
- Application Transformation for Large Enterprises
- Application Transformation Market by Vertical :
- Retail
- BFSI
- Healthcare
- IT Telecom
- Government
- Manufacturing
- Other Verticals
- Application Transformation Market by Service :
- Application Portfolio Assessment
- Cloud Application Migration
- Application Re-Platforming
- Application Integration
- UI Application Modernization
- Post Modernization Application Transformation
- Application Transformation Market by Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East Africa
In conclusion, the application transformation market presents significant opportunities for growth, innovation, and enhanced business efficiency. As enterprises continue to prioritize modernization strategies, the market is expected to evolve rapidly, playing a pivotal role in shaping the future of IT infrastructure and business operations globally.
FAQ:
What is the projected CAGR for application transformation from 2022 to 2032?
From 2022-2032, application transformation demand is likely to surge at a 10% CAGR.
What is the anticipated market value for application transformation by 2032?
By 2032, the market for application transformation is likely to be valued at US$ 34.9 Billion.
Which organization size category is expected to remain dominant until 2032?
Large enterprises will remain the most prominent users, expanding at a CAGR of 9.6% until 2032.
