New York, USA, July 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Application Transformation Market Information By Service, By Organization Size, By Vertical and By Region - Forecast till 2032", The big data market will be soaring from USD 12.4 Billion in 2023 to USD 38.6 billion by 2032, at a rate of 28.20% between 2023 and 2032.
Application Transformation Market Analysis:
The application transformation market is the process of updating and modernizing legacy applications to improve their performance, security, and scalability. This can be done through a variety of methods, such as cloud migration, application re-platforming, and application integration.
The application transformation market is growing rapidly due to the increasing demand for digital transformation. Businesses are looking to modernize their applications in order to stay ahead of the competition and meet the needs of their customers.
Key Players:
Key players profiled in the global application transformation market report include:
- Accenture
- Atos S.E.
- Bell Integrator
- Capgemini
- Cognizant
- Fujitsu
- HCL Technologies Limited
- IBM
- Infosys Limited
- Microsoft
- Micro Focus
- Orcale
- Trianz
- Tech Mahindra Limited
- Hexaware Technologies Limited
- Tata Consultancy Services Limited
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Scope of the Report – Application Transformation Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 38.6 Billion |
| CAGR during 2023-2032 | 28.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Modernization of legacy systems |
| Key Market Dynamics | Rapidly increasing digitalization among industries and growing penetration of internet and mobile devices across the world |
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Drivers:
Increasing Adoption in Healthcare Sector to Boost Market Growth
Due to the growing use of digital technologies in this industry, the healthcare sector is anticipated to see the largest growth in the market for application transformation over the projected period. Additionally, some of the major technological advancements in which the use of the cloud deployments & enterprise applications is likely to fuel the utilization of application transformation products and solutions include blockchain electronic health records, AI-enabled medical devices, and telemedicine. Therefore, it is anticipated that rising application transformation need in the healthcare industry will propel market expansion.
Market Segmentation:
The global application transformation market is bifurcated based on service, organization size, and vertical.
By service, integration will head the market over the forecast period. Due to the rising need for integrating older programs and databases with contemporary applications, the industry is developing. Integration enables rapid and simple communication across applications, enabling seamless data sharing, an automated work flow, & greater IT infrastructure flexibility.
By organization size, large enterprises will domineer the market over the forecast period. Large organizations have been the primary adopters of the application transformation due to their increased flexibility, enhanced cooperation, decreased operating expenses, and quicker time to market. Businesses have always created apps and re-hosted infrastructure on the cloud, yet they are also updating essential business processes and applications. Furthermore, it is anticipated that the major company category will expand in the near future as a consequence of the need to use both common and specialist technology in order to improve performance, security, & agility.
By vertical, BFSI will command the market over the forecast period. The considerable market share of this industry is primarily due to the expanding usage of cloud services by financial organizations for internal operations.
Opportunities:
Privacy and Data Security to offer Robust Opportunities
In organizations where the usage of data transmission, information, and storage must be digitally safeguarded, data security and privacy continue to be the fundamental concerns. About 60% of the data information/data on hard drives is reportedly kept insecurely, according to the poll. As a result, providers of application transformation services offer several crucial security services including integration, data encryption, authorization management, access control, & communication security. The market growth rate is anticipated to be driven by the rising need for application transformation as a consequence.
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Restraints and Challenges:
Data Security Concerns to Act as Market Restraint
Data security concerns, concerns related to application transformation, and lack of awareness may act as market restraints over the forecast period.
COVID-19 Analysis:
Due to the COVID-19 epidemic, an increasing number of companies worldwide are switching from the traditional IT architecture to cloud-based systems. Furthermore, it is becoming more and more important to reconfigure the infrastructure to meet the demands of the organization. The need for older programs to be updated so they can function on the cloud has increased as a result. This aspect is what essentially drives the application transformation market. Additionally, during the pandemic, industry participants developed ground-breaking application transformation product to provide better application transformation services. For instance, in June 2021, TIBCO Software, a well-known supplier of the application integration services, unveiled TIBCO Responsive Application Mesh, a framework and set of features for contemporary application design. It encourages clients to update their buildings.
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Regional Analysis:
North America to Head Application Transformation Market
In 2022, this market was headed by the North American Application Transformation Market (45.80%). This is a result of early adoption of application transformation technologies. The market is anticipated to expand as a result of the presence of several suppliers in the region, including Microsoft Corporation, Oracle Corporation, & International Business Machines Corporation. Businesses are also being forced to search for alternative ways to control expenditure due to the region's sizable outsourcing industry & the growing desire to reduce IT costs. Similar to it, the European Union has developed into a hub for cloud technology development, which is encouraging small and medium-sized firm in the region to pursue application transformation strategies. Additionally, in the North American area, the U.S. Application Transformation market had the greatest market share and the Application Transformation market in Canada had the quickest rate of growth.
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APAC to Have Admirable Growth in Application Transformation Market
From 2023 to 2032, the Asia Pacific market is anticipated to have rapid expansion. As part of its APAC-wide digital transformation strategy in 2018, Alibaba Cloud revealed new products & the ASEAN Partner Alliance scheme, a cooperative scheme. India has grown to become one of the key hubs for IT services & goods. Some of the most important companies in the nation, such as Infosys Ltd. & HCL Technologies Ltd., offer application transformation services both inside and outside the nation. In addition, the Indian market for Application Transformation had the quickest rate of growth in the Asia-Pacific region, while China's Application Transformation market had the greatest market share.
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