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Application Management Services Market expected to grow $27.83 Billion by 2022
(Telecom-NewsWire.Net, September 11, 2019 ) According to research report "Application Management Services Market by Service (Application Portfolio Assessment, Application Modernization, Application Maintenance and Support, and Application Managed Services), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, global application management services market expected to grow from USD 10.67 Billion in 2017 to USD 27.83 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.



Major drivers for the application management services market are the increasing need for business agility, accelerated time-to-market, emergence of BYOD, and proliferation of mobile applications.



Browse and in-depth TOC on "Application Management Services Market - Global Forecast to 2022"

68 - Tables

43 - Figures

126 - Pages



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Application modernization services segment is expected to hold the largest market share during the forecast period



Due to the increasing number of applications and accelerated time-to-market, the enterprises are focusing towards the modernization of their applications. The modern-day application modernization services include reintegration, replatforming, rehosting, reengineering, interoperability, and replacement. The application modernization services offer the enterprises with benefits, such as faster time-to-market, increase in the productivity, higher application performance gain, and increased operational efficiency. Owing to these benefits, the deployment of application modernization services is higher in the application management market.



Banking, Financial Services, and Investment (BFSI) vertical is expected to hold the largest market size during the forecast period



The BFSI vertical is expected to hold the largest market size during the forecast period, owing to the rapid increase in online transactions and trading. The risk level in the BFSI sector is always high as it deals with the critical financial data. This sector is accelerating its digital transformation strategy by implementing new technologies and modernizing its existing applications. The BFSI vertical mainly faces regulatory compliance difficulties, challenges to attract new customers, and increase customer profitability. To address this challenge, the enterprises are emphasizing on application management solutions and services. The major part of the BFSI IT spending is utilized for the IT infrastructure maintenance and running the existing technology; to reduce this expense, the enterprises are adopting the application management services at a higher rate.



North America is expected to hold the largest market share during the forecast period



As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of most of the large application management service providers, and stringent data security regulations and compliance. These enterprises are modernizing their legacy applications and migrating to cloud environment. The US and Canada are leading in the number of applications deployed globally.



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Major vendors covered in the application management services market include Accenture (Republic of Ireland), Atos (France), Capgemini (France), Cognizant (US), Fujitsu (Japan), DXC (US), HCL (India), IBM (US), Wipro (India), and Tech Mahindra (India).



About MarketsandMarkets™



MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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