WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 29, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Application Transformation Market By Service Type, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027,” the global application transformation market size was valued at $9,214 million in 2019, and is projected to reach $25,370 million by 2027, registering a CAGR of 13.2% from 2020 to 2027.
The growth of the global application transformation market is mainly driven by factors such as emergence of cloud technology and increase in consumption of Big Data; high cost associated with the maintenance of legacy applications; and technological development & advancement in application transformation. In addition, ongoing trend of legacy modernization fuels the demand for application transformation. However, difficulty in application transformation due to complexities in the legacy systems is anticipated tohamper the market growth to some extent. On the other hand, rise in adoption of advanced technologies such as 5G, AI, ML, and IoT is expected to provide lucrative opportunities for the market growth during the forecast period., emerging need for digital transformation is anticipated to be opportunistic for the application transformation market growth during the forecast period.
𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A10593
In 2019, the application integration segment exhibited the highest growth in the application transformation market in 2019, and is expected to maintain its dominance in the upcoming years due to rise in demand for integration of dated legacy applications as well as databases with advanced applications. However, the application modernization segment is expected to witness the highest growth, due to the factors such as increase in focus among businesses on modernizing and transforming the legacy systems, surge in demand to provide the scalability and agility to business, and growth in demand for modernizing the infrastructure to ensure business continuity.
By enterprise size, the global application transformation market share was dominated by the large enterprises segment in 2019 and is expected to maintain its dominance in the upcoming years. This is attributed to the growth in adoption of application transformation by large enterprises due to various benefits such as improved flexibility, lower operating costs, better collaboration, and improved time to market.
However, the small and medium enterprise segment is expected to witness the highest growth, owing to the ongoing trend of digital transformation in SMEs for generating new revenue streams and compete with their larger competitors.
The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. Due to the pandemic, increase in number of organizations across the globe are moving their operations from traditional IT architecture to cloud-based platforms. In addition, there is emerging need for infrastructure to be reconfigured to meet the organization’s needs. This has led to the surge in demand for older applications to be modernized to operate in a cloud environment. This factor primarily drives the growth of the application transformation market.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/application-transformation-market/purchase-options
In addition, the market players have introduced innovative application transformation products during the pandemic to ensure better application transformation services. This factor drives the market growth. For instance, in June 2020, TIBCO Software, one of the leading providers of application integration services launched TIBCO Responsive Application Mesh, a blueprint and capabilities for modern application architecture. It guides customers toward architecture modernization.
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :
By service type, in 2019 the application integration dominated the application transformation market size. However, the application modernization segment is expected to exhibit significant growth during the forecast period.
By enterprise size, the large enterprises generated the highest revenue in 2019. However, the small & medium enterprises segment is expected to witness highest growth rate in the near future.
By industry vertical, the IT & telecom segment accounted for the highest revenue in 2019, however, the manufacturing segment is expected to witness highest growth rate in the forecasted period.
By region, the application transformation market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A10593
Some of the key application transformation industry players profiled in the report include Accenture, Atos, Cognizant, Fujitsu, HCL Technologies Ltd., Hexaware, IBM Corporation, Micro Focus International PLC, Microsoft Inc., and TCS. This study includes application transformation market trends, application transformation market analysis, and future estimations to determine the imminent investment pockets.
𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :
Co-working Space Market
https://www.alliedmarketresearch.com/co-working-space-market-A08860
Storage as a Service Market
https://www.alliedmarketresearch.com/storage-as-a-service-market
Virtual Event Platforms Market
https://www.alliedmarketresearch.com/virtual-event-platforms-market-A204076
Automation Testing Market
https://www.alliedmarketresearch.com/automation-testing-market-A07460
𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :
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" 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. 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.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
