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HomeTechKey Factors that are leading the Market Globally

Key Factors that are leading the Market Globally

Application Transformation Market

A surge in demand to provide scalability and agility to businesses, and growth in demand for modernizing the infrastructure to ensure business continuity.

PORTLAND, PORTLAND, OR, UNITED STATES, November 10, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, 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 the emergence of cloud technology and the increase in consumption of Big Data; the high cost associated with the maintenance of legacy applications; and technological development & advancement in application transformation. In addition, the ongoing trend of legacy modernization fuels the demand for application transformation.

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However, difficulty in application transformation due to complexities in the legacy systems is anticipated to hamper the market growth to some extent. On the other hand, the rise in adoption of advanced technologies such as 5G, AI, ML, and IoT is expected to provide lucrative opportunities for market growth during the forecast period. Also, the emerging need for digital transformation is anticipated to be opportunistic for the application transformation market growth during the forecast period.

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.

By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility. However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to rise in demand for integration of dated legacy applications as well as databases with advanced applications.

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By region, the market across North America held the lion’s share in 2019, accounting for around two-fifths of the market, due to presence of several key vendors in the region and rise in investment in R&D activities. However, the global application transformation market across Asia-Pacific is expected to showcase the highest CAGR of 15.9% during the forecast period, owing to adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries.

Asia-Pacific is expected to observe the highest growth rate during the forecast period, due to the emerging adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries, such as Australia, Japan, China, and India to tackle the increased demand for software services. For instance, in August 2018, Alibaba Cloud, the cloud computing division of Alibaba Group launched a digital transformation initiative for the Asia-Pacific region. This initiative comprises of several new products in areas such as cloud architecture, Internet of Things (IoT), machine learning, and security; and ASEAN Partner Alliance Programme, a partnership program to create a sustainable ecosystem to strengthen businesses of technology vendors, system integrators, independent software vendors (ISVs), service providers, and start-ups to accelerate their digital transformation initiatives.

High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data drive the growth of the global application transformation market. However, complexity in legacy systems hinders the market growth. On the contrary, increase in adoption of advanced technologies such as 5G, AI, and ML and increase in need for digital transformation are expected to open lucrative opportunities for the market players in the future.

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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.

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, analysis, and future estimations to determine the imminent investment pockets.

Covid-19 scenario:

• Several organizations moved their operation from traditional IT architecture to cloud-based platforms due to the COVID-19 pandemic.

• The widespread of adoption of work-from-home culture increased the adoption of cloud-based platforms.

• The requirement for infrastructure to meet the organization’s needs surged during the pandemic, which in turn, increased the demand for modernization of older applications to a cloud environment.

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Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Originally published at https://www.einpresswire.com/article/667387545/application-transformation-market-statistics-2027-key-factors-that-are-leading-the-market-globally

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