Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Application Development and Maintenance (ADM) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
This comprehensive report on the Global Application Development and Maintenance (ADM) Market highlights significant growth within the industry, projecting an increase with a CAGR of 8.28% through 2028. As businesses worldwide strive for innovation, efficiency, and competitiveness, the ADM market has become a focal point for digital transformation initiatives and modernization of legacy systems.
The report acutely indicates the market has reached a valuation of USD 412.2 Billion in 2022, and due to increasing demands for agile and secure applications, the market stands to witness an upward trajectory. With complexities arising from the integration of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) in business applications, enterprises are seeking external expertise to maintain pace with the competition and to ensure their applications are scalable, compliant, and secure.
Key Market Drivers
- Legacy modernization and cloud migration are cited as leading forces, along with mobile application development driven by the ubiquity of mobile devices.
- Data analytics, AI, and cybersecurity requirements continue to fuel the need for robust ADM services.
- Digital transformation efforts necessitate custom software applications for streamlining operations and enhancing customer engagement.
Industry-specific factors significantly drive the ADM market too. For example, healthcare providers require compliance with HIPAA regulations and development of applications supporting electronic health records (EHRs). Similarly, the financial services industry necessitates applications compliant with intricate financial regulations and capable of supporting digital banking services.
Key Market Challenges
- Rapid technological advancements create compatibility and security complexities.
- The talent shortage, particularly in emergent technologies, presents a hurdle in the industry growth.
- Adhering to industry-specific compliance and maintaining cost efficiency remains a persistent challenge.
Key Market Trends
- The shift to DevOps and agile methodologies is redefining application delivery, enhancing collaboration, and increasing automation within the development process.
- Low-code and no-code development platforms are accelerating application development while reducing associated costs.
- Focus on user experience is paramount, with ADM services ensuring applications fulfill customer satisfaction metrics.
Service Insights
The modernization segment has dominated ADM services in 2022, with maintenance services also experiencing a surge due to the need for businesses to keep applications contemporary and secure.
Regional Insights
North America has taken the lead in the ADM industry, with a substantial market share in 2022. The heightened activity in this region is attributed to a robust presence of ADM vendors providing advanced services. The region’s market benefits from emerging cybersecurity solutions and a rapidly evolving IT infrastructure, particularly supported by growth in SMEs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $412.2 Billion |
| Forecasted Market Value (USD) by 2028 | $697.57 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Capgemini
- IBM
- Accenture
- Infosys
- Cognizant
- Tata Consultancy Services (TCS)
- DXC Technology
- Wipro
- HCL Technologies
- Atos
- Fujitsu
For more information about this report visit https://www.researchandmarkets.com/r/j8xuwh
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