The 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", 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. 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.
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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.
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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