The Application Transformation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Application Transformation Global Market Report 2024, 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.
An increase in big data consumption across industries is expected to propel the growth of the application transformation market going forward. The rise in data volumes, the migration of data to a cloud-based solution, and the growing number of information technology (IT) users have increased data volume creation. With more employees likely to be hired during a period of economic growth, it necessitates more application transformation that results in adding more data. This growing demand for data consumption has increased application transformation to keep business-critical applications relevant and in line with modern user expectations by embracing cloud and big data technologies and incorporating DevOps and agile development concepts. For instance, in January 2022, according to the First side Guide, Serbia-based information and technology provider company predicted the total quantity of data produced worldwide to be over 79 zettabytes in 2021. Therefore, the increased consumption of big data across industries will drive the demand for the application transformation market.
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The application transformation market covered in this report is segmented –
1) By Service Type: Cloud Application Migration, Application Integration, Application Replatforming, Application Portfolio Assessment, UI/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
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.
The application transformation market report table of contents includes:
1. Executive Summary
2. Application Transformation Market Characteristics
3. Application Transformation Market Trends And Strategies
4. Application Transformation Market – Macro Economic Scenario
5. Global Application Transformation Market Size and Growth
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26. South America Application Transformation Market
27. Brazil Application Transformation Market
28. Middle East Application Transformation Market
29. Africa Application Transformation Market
30. Application Transformation Market Competitive Landscape And Company Profiles
Top Major Players:
- Accenture PLC
- Atos SA
- Cognizant
- Fujitsu Ltd
- HCL Technologies Ltd
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