NEW CASTLE, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Application Outsourcing Market by Type (Application Development Service, Application Maintenance Service, Independent Software Testing Service and Others), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and End User (Automotive, Government, Consumer Electronics, IT & Telecom, BFSI, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the application outsourcing market was valued at $115.7 billion in 2023 and is estimated to reach $244.5 billion by 2032, growing at a CAGR of 8.6% from 2024 to 2032.
Prime determinants of growth
The global application outsourcing market has grown due to several factors such as the need to innovate & expand business processes, growth in digital transformation, and increased adoption of advanced code analysis software. However, the lack of skilled experts in some regions and unawareness of technology act as restraints for the application outsourcing market. In addition, an increase in spending on IT infrastructure in some of the developing countries is expected to provide ample opportunities for market growth during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $115.7 billion |
| Market Size in 2032 | $244.5 billion |
| CAGR | 8.6% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Enterprise Size, End User, and Region. |
| Drivers | The need to innovate and expand business processes |
| Growth in digital transformation | |
| Increased adoption of advanced code analysis software | |
| Opportunities | An increase in spending on IT infrastructure in some of the developing countries |
| Restraints | Lack of skilled experts in some regions |
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The application maintenance service segment held the highest market share in 2023.
By type, the application maintenance service segment held the highest market share in 2023. As software applications become more complex and integral to business operations, the need for continuous maintenance to ensure they function correctly and efficiently increases.
The large enterprises segment held the highest market share in 2023.
By enterprise size, the large enterprises segment held the highest market share in 2023. As large enterprises typically have more complex application needs, higher transaction volumes, and larger budgets, which make outsourcing a more viable option for them. Large enterprises often have diverse supplier networks, operations, and the need for specialized application expertise.
The IT & telecom segment held the highest market share in 2023.
By end user, the IT and telecom segment held the highest market share in 2023. The dominance of the IT and telecom segment in the application outsourcing market is driven by its complex application requirements, such as regulatory compliance, risk management, and cost optimization. The IT and telecom industry relies on robust application solutions to address these specific needs.
North America held the highest market share in 2023.
By region, North America held the highest market share in terms of revenue in 2023 and is expected to lead the market in terms of revenue throughout the forecast period. The market for application outsourcing services in North America has expanded as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: -
- Unisys Corporation
- Wipro Limited
- Hewlett-Packard Development Company, L.P.
- CGI Group
- Accenture plc
- Dell Inc.
- Tata Consultancy Services
- iGATE, Fujitsu Ltd.
- IBM Corporation
The report provides a detailed analysis of these key players in the global application outsourcing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- In June 2024, NTT DATA launched the Tsuzumi through the Microsoft Azure AI Models-as-a-Service (MaaS) offering. The development marks a milestone in a 25-year collaboration committed to pioneering technological solutions that drive sustainability and innovation.
- In July 2023, ITC partnered with PTC to deliver the professional and innovative solutions the customers need to drive value in their product development environment.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
