Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Application Management Services Market was valued at USD 25.3 Billion in 2023 and is anticipated to reach USD 136.9 Billion By 2032 at a CAGR of 20.7%.
Application management services refer to services that organize and manage apps and include services like security and compliance, performance management, application monitoring and configuration support, and maintenance and support services.
Companies' adoption of various applications and tools has been steady as it allows organizations to complete their tasks better and helps them connect directly with their customers. This enables them to improve their services, know their customer base, and understand the changing needs. This has created a strong demand for businesses to develop their products and services.
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Segmentation Overview:
The global application management services market has been segmented into service, deployment, organization size, application, and region. Based on service, the market segmentation includes system integration, support and maintenance, database management, consulting, modernization, and others. Support & maintenance account for a substantial share. Organizations use various services to cater to their customers, comprising applications and technologies from different vendors and platforms.
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Application Management Services Market Report Highlights:
- The global application management services market growth is anticipated at a CAGR of 20.7% by 2032.
- As the dependence on and complexity of IT systems is rising with the introduction and use of technologies like artificial intelligence and machine learning methods, it has also become necessary for companies to invest in the latest applications rather than being dependent on traditional ones.
- Based on application, BFSI holds a significant share as businesses increasingly switch to offering services to their customers, enabling them to deliver customer services.
- North America holds a significant share of the application management services market, with the United States dominating this region. This is due to the maturity of the IT market and rising investments in automating repetitive tasks.
- Some prominent players in the application management services market report include Accenture Plc., Deloitte, IBM Corporation, Cognizant Technology Solutions Corporation, Wipro Limited, Capgemini, Tata Consultancy Services, DXC Technology, HCL Tech, Fujitsu Limited, and others.
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Application Management Services Market Segmentation:
By Service: System Integration, Support & Maintenance, Database Management, Consulting, Modernization, and Others
By Deployment: On-premise and Cloud
By Organization Size: Small & Medium Enterprises and Large Enterprises
By Application: BFSI, Healthcare, IT & Telecom, Retail, Public Sector, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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