Covina, June 15, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of “Application Transformation Market accounted for US$ 10.8 billion in 2022 and is estimated to be US$ 44.7 billion by 2032 and is anticipated to register a CAGR of 15.3%”
Application Transformation is the process of modernizing outdated applications to meet current demand of business by bringing the business-critical legacy applications to utilization of modern technology.
Wide variety of applications in various end-use industries such as retail, manufacturing, healthcare, BFSI and others has given positive impact on target market growth. Growing demand from healthcare sector has further expected to boost the demand for Application Transformation market growth in coming years.
What are the recent news in the Application Transformation Market?
- In September 2022, Newgen strengthens NewgenONE Digital Transformation Platform ‘NewgenONE’ with new integrated RPA (Robotic Process Automation) offering. New launched Robotic Process Automation helps in complementing low-code application development capabilities and also help in empowering customers to achieve its end to end process automation.
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Accounted in 2022 | US$ 10.8 Billion |
| Estimated to be in 2032 | US$ 44.7 |
| CAGR | 15.3% |
| Market Segmentation | By Type - UI Modernization, Application Integration, Application Portfolio Assessment, and Others By Enterprise Size - Small & Medium Enterprises, Large Enterprises By End-Users - Retail, Manufacturing, Healthcare, BFSI and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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What is Prophecy’s Analyst View on Application Transformation Market?
Rapid growth in industrialization has provided lucrative opportunities in target market growth. Adoption of digital technology in every sector with surge in demand for smartphones and internet usage has further enhanced the market growth. Growing concern towards data privacy and security is expected to provide lucrative opportunities in Application Transformation market growth.
What are the key drivers and challenges in the application transformation market?
Key drivers in the application transformation market:
➣Digital transformation initiatives
➣Adoption of cloud computing
➣Legacy system modernization needs
➣Agile methodologies and development practices
➣Focus on enhancing customer experience
Challenges in the application transformation market:
➣Complexity of transforming legacy systems
➣Data migration and integration complexities
➣Resource and skills gaps
➣Security and compliance concerns
➣Cost and return on investment considerations
➣Cultural resistance to change within organizations
What are the emerging trends in the application transformation market?
In the application transformation market, several emerging trends are reshaping the industry. These include the adoption of containerization and micro services architecture for flexible and scalable applications. Low-code and no-code development platforms are gaining popularity, enabling faster application creation without extensive coding knowledge. Cloud-native technologies are being embraced, leveraging cloud resources for enhanced agility and efficiency. The integration of artificial intelligence and machine learning is driving automation and improved user experiences.
Automation and DevOps practices are being widely adopted to streamline development and deployment processes. Lastly, the use of data analytics and business intelligence is increasing to optimize application performance and drive data-driven decision-making. These emerging trends highlight the industry's focus on agility, automation, and leveraging advanced technologies to transform applications effectively.
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Who are the Top Key players operating in the application transformation market?
- Capgemini SE*
- Accenture PLC.
- Cognizant
- Infosys Limited
- Fujitsu Limited
- Bell Integrator
- Atos SA
- Microsoft Corporation
- HCL Technologies Ltd.
- Oracle Corporation
What are the key benefits of Application Transformation Market?
- Enhanced scalability to handle increasing workloads and user demands.
- Improved agility for faster response to market changes and accelerated time-to-market.
- Cost optimization through reduced maintenance efforts and streamlined processes.
- Enhanced user experience with modern interfaces and personalized interactions.
- Increased operational efficiency and reduced downtime.
- Seamless integration with other systems and APIs.
- Enhanced security measures and compliance with regulations.
- Future-proofing by embracing emerging technologies and staying competitive.
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- Comprehensive market analysis.
- Industry insights and expertise.
- Competitive intelligence.
- Market forecast and trends.
- Risk assessment and mitigation.
- Business expansion and investment planning.
- Decision-making support.
- Stay updated and competitive.
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Key Questions Answered in Report:
- What is the current size and projected growth of the application transformation market?
- What are the primary drivers and challenges influencing the adoption of application transformation?
- What are the key trends and emerging technologies shaping the application transformation market?
- How does the market segment based on organization size, industry vertical, and geographic regions?
- What are the different approaches and strategies organizations are using for application transformation?
- How does the market landscape look in terms of competition, and who are the key players?
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