Application Transformation Market Analysis: Modernizing Applications for Contemporary Demands
Application Transformation Industry
Application transformation is the major contributor to legacy modernization; hence, this trend fuels the growth of the application transformation market.
PORTLAND, PORTLAND, OR, UNITED STATES, January 30, 2024 /EINPresswire.com/ -- As per the report, the global application transformation market was pegged at $9.21 billion in 2019, and is estimated to reach $25.37 billion by 2027, growing at a CAGR of 13.2% from 2020 to 2027.
Application transformation involves the modernization of outdated applications to meet current demands, ensuring alignment with updated governance and compliance standards within an organization. The associated products and services primarily target aiding IT departments in addressing the increasing use of social media and mobile computing in the enterprise. The primary goal is to enable business-critical applications to remain aligned and relevant to contemporary user expectations.
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High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data drive the growth of the global application transformation market. However, the complexity in legacy systems hinders the market growth. On the contrary, increase in adoption of advanced technologies such as 5G, AI, and ML and increase in need for digital transformation are expected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
• Several organizations moved their operation from traditional IT architecture to cloud-based platforms due to Covid-19 pandemic.
• The widespread of adoption of work-from-home culture increased the adoption of cloud-based platforms.
• The requirement for infrastructure to meet the organization's needs is surged during the pandemic, which in turn, increased the demand for modernization of older applications to cloud environment.
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By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility. However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to rise in demand for integration of dated legacy applications as well as databases with advanced applications.
By industry vertical, the IT and telecom segment dominated the market in 2019, contributing to around one-fourth of the global application transformation market, due to rise in adoption of application transformation as the constant innovations in customer products and services are being delivered. However, the manufacturing segment is projected to manifest the highest CAGR of 17.0% during the forecast period. This is owing to growth in adoption of application transformation in the manufacturing sector that delivers manufacturing execution systems (MES), enterprise resource planning (ERP), and analytics services to the manufacturing industry.
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By region, the market across North America held the lion's share in 2019, accounting for around two-fifths of the market, due to presence of several key vendors in the region and rise in investment in R&D activities. However, the global application transformation market across Asia-Pacific is expected to showcase the highest CAGR of 15.9% during the forecast period, owing to adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries.
Major market players:
• Accenture
• Cognizant
• Atos
• HCL Technologies Ltd.
• Fujitsu
• IBM Corporation
• Hexaware
• Micro Focus International PLC
• TCS
• Microsoft Inc.
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