Application Management Services Market Expected To Witness A Herculean CAGR Of 21.2% From 2022

(IT-NEWSWIRE.COM, June 29, 2018 ) The application management services market size 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%. The major drivers of the market include increasing the need for business agility, accelerated time-to-market, emergence of BYOD, and proliferation of mobile apps demanding robust mobile app management services.

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The scope of the report covers the application management services market analysis by service, organization size, vertical, and region. The application modernization services segment is expected to have the largest market share during the forecast period, owing to the increased adoption of digital transformation strategies and increased need to replace the legacy applications. The application security segment is expected to grow at the highest CAGR during the forecast period, as vulnerabilities have become more complex and sophisticated, which are expected to further increase the demand for application security, to cater to the challenges posed by the threats.

The large enterprises segment is expected to have a larger market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operating Expenditure (OPEX). Large enterprises have dedicated in-house IT resources and larger IT budgets and therefore consider deploying a variety of application management strategies. The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest rate, owing to the increase in adoption of the lift-and-shift migration strategy that results in decreased OPEX and improved business efficiency.

The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to have the largest market share during the forecast period, owing to the increasing implementation of new technologies in modernizing its existing applications. The retail and eCommerce vertical is expected to grow at the highest rate, as the retailers are migrating their application landscapes toward more flexible and scalable platform to bring efficiencies and optimize their operating costs.

As per the geographic analysis, North America is expected to hold the largest market share, due to the presence of renown application management services providers, and stringent data security regulations and compliance. These enterprises are modernizing their legacy applications and migrating to cloud environment. Asia Pacific (APAC) is expected to witness the highest growth rate in the application management services market during the forecast period, due to the increased adoption of application management services and cloud computing. Companies in this region are migrating their core business applications to new cloud platforms to save cost.

The major factor that is expected to limit the growth of the application management services market is the rising concern over application data security. The major vendors profiled in the report include Accenture (Republic of Ireland), Atos (France), DXC (US), HCL (India), IBM (US), Capgemini (France), Cognizant (US), Fujitsu (Japan), Tech Mahindra (India), and Wipro (India).

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Application Management Services Market Expected To Witness A Herculean CAGR Of 21.2% From 2022