Overview and Scope
Application transformation refers to the procedure of updating out-of-date software to satisfy present needs. Application transformation helps to achieve resilience and empowers the business to run more efficiently.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the application transformation market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the application transformation market report 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, LTI – Larsen & Toubro Infotech, 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
The application transformation market report table of contents includes:
- Executive Summary
- Application Transformation Market Characteristics
- Application Transformation Market Trends And Strategies
- Application Transformation Market – Macro Economic Scenario
- Global Application Transformation Market Size and Growth
- Application Transformation Market Segmentation
- Application Transformation Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Application Transformation Market
- Application Transformation Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Application Transformation Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Application Transformation Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Application Transformation Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Accenture PLC Financial Performance
Table 75: Atos SA Financial Performance
Table 76: Cognizant Financial Performance
Table 77: Fujitsu Ltd. Financial Performance
Table 78: HCL Technologies Ltd. Financial Performance
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