The Application Management Services 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 Management Services Global Market Report 2024, The application management services market size has grown rapidly in recent years. It will grow from $31.62 billion in 2023 to $36.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to legacy system modernization, cost optimization, focus on core competencies, scalability demands, enhanced performance and reliability.
The application management services market size is expected to see rapid growth in the next few years. It will grow to $73.6 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to focus on user experience, cybersecurity integration, DevOps and agile practices. Major trends in the forecast period include rapid technological changes, shift to outcome-based models, rise of cloud-native application management, application modernization services, automation and intelligent operations.
The high demand for mobile apps is expected to propel the growth of the application management services market. Mobile apps refer to the kind of software intended for use on a mobile device, like a tablet or smartphone. Application management services help mobile apps provide and control access to internally developed and commercially available mobile apps used in business settings. For instance, in May 2023, according to the ‘Business of Apps’, a UK-based B2B media and information platform, in the year 2021, the number of app downloads surpassed 100 billion for the first time, and projections suggest it will reach 200 billion by the year 2025. Therefore, the high demand for mobile apps is driving the application management services market growth.
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The application management services market covered in this report is segmented –
1) By Services Type: Application Portfolio Assessment, Application Security, Application Modernization, Web And Mobile, Cloud Application Migration, Other Service Type
2) By Deployment Type: On Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Telecom And Information Technology (IT), Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And eCommerce, Government And Defense, Manufacturing, Other Industry Vertical
Major players operating in the application management services market are focused on developing innovative solutions such as comprehensive application management. Comprehensive application management (CAM) is a holistic approach to managing the entire lifecycle of an application, from its initial planning and development through deployment, maintenance, and eventual retirement. For instance, in October 2023, Envista Holdings Corporation, a US-based supply chain and enterprise consulting firm announced the launch of ‘The Microsoft Application Management Services’. It offers clients comprehensive application management, ongoing monitoring, health checks, and round-the-clock service desk support. The application management service enables clients to avoid the inconvenience of managing the upgrade on their own.
The application management services market report table of contents includes:
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