According to the new market 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™, The application
management services market is 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.
Don’t miss out on business opportunities in Application Management Services Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
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.
Browse and in-depth TOC on " Application Management Services Market "
68 - Tables
43 - Figures
126 - Pages
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TOC @
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.
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).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/application-management-service-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/application-management-service-market.asp
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