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  • Application Management Services Market Report | 2023-28

    Application Management Services Market Report | 2023-28

    Application Management Services Market Report | 2023-28
    Report code - SR1832 Delivery - 2 Weeks
    Application management services Market Size, Share, Trend, Forecast, & Industry A See more...

    Market Insights

    The application management services market is projected to grow from USD 16.25 billion in 2022 to USD 51.76 billion by 2028 at a CAGR of 21.20% during the forecast period.

    Application Management Services Market Share

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    What are application management services?

    Application management services are groups of services used by businesses to manage their existing application portfolio. These services begin with an assessment of the application portfolio, after which the necessary actions are summarized: whether the applications need to be migrated, re-platformed, or integrated with new systems. In addition, application security measures are implemented. These services can also be delegated to a managed service provider with experience managing enterprise application portfolios.

    Application management services Market Report Overview

    Market Size in 2028

    USD 51.76 Billion

    Market Size in 2022

    USD 16.25 Billion

    Market Growth (2023-2028)

    CAGR of 21.20%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    COVID-19 Impact Analysis

    The market is expected to grow following the COVID-19 pandemic. This is due to the rapid spread of the coronavirus throughout the world, which forced many businesses to switch to remote working and work-from-home modes during the COVID-19 lockdowns. As a result, organizations have turned to application management services and applications to help them remotely manage their software and cloud applications.

    Furthermore, the growing importance of application management services and solutions in the digitization process of many small and medium-sized businesses is propelling the market during the pandemic.

    Key Players

    Some of the key players operating in the application management services market are-

    • Accenture (Republic of Ireland),
    • Atos (France),
    • Capgemini (France),
    • Cognizant (US),
    • Fujitsu (Japan),
    • DXC (US),
    • HCL (India),
    • IBM (US),
    • Wipro (India),
    • Tech Mahindra (India)

    Market Dynamics

    The market is driven by a host of factors, some of which are noted below:

    • Increase in the use of BOYD (bring your own device) in businesses.
    • High demand for mobile apps, and robust mobile app management services.
    • The increase in the use of cloud computing and companies seeking to derive value from cloud, analytics, social computing, and cognitive computing technologies.
    • High investments in application security offset by IT application budgets.
    • Technological advancements, the presence of a large number of legacy applications, and untapped potential.

    Application management services Market Snapshot

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    Segment Analysis

    Service Trends

    The market has been classified into application portfolio assessment, application security, web application security, mobile application security, application modernization, cloud application migration, and others. Under these, the application portfolio assessment segment held a significant market share in 2022 & is expected to remain dominant during the forecast period. An increase in smartphone penetration globally is a key factor driving the segment's growth.

    End-Use Trends

    The market has been classified into BFSI, telecom and it, government, retail and e-commerce, healthcare and life sciences, manufacturing, & others. Under these, the BFSI segment accounted for the highest market share in 2022 & is & is expected to remain the largest market for application management services during the forecast period.

    Banking services such as core banking, corporate, retail, investment banking, private banking, and cards are included in the BFSI vertical, as are financial services such as payment gateways, stock broking, mutual funds, and insurance services covering both life and general insurance policies. Because it deals with crucial financial data, the risk level in the BFSI sector is usually high.

    This industry is speeding up its digital transformation strategy by deploying new technology and modernizing current applications. Changes in banking laws and an omnichannel strategy to improve customer service drive the BFSI vertical's application management services. The BFSI vertical mainly faces regulatory compliance difficulties, and challenges to attract new customers and increase customer profitability. To address this challenge, enterprises are emphasizing application management solutions and services.

    In the approaching years, the healthcare industry may show an increasing proclivity towards application monitoring and administration, which will be closely followed by the public sector. The growing demand for public-sector application services is being driven by a scarcity of competitive IT employees, an expanding area of operations, and an ongoing need to keep up with the changing technological landscape.

    Regional Insight

    The North American market held the highest market share in 2022 and is projected to grow at the fastest CAGR in the coming years. The presence of well-known application management service providers, stringent data security regulations and compliance, and ongoing projects will drive the North American market. As a mature market for technology solutions and their implementation, North America is likely to lead in terms of application services demand.

    The region's proliferation of developing technologies, including as cloud, social media, analytics, and digitalization, is also to blame for the vast industrial size. Furthermore, the growth of the outsourcing industry, as well as the significant demand to reduce IT expenditures, are forcing businesses to explore alternative strategies to minimize spending.

    Due to rising demand from developing countries like as China and India, the Asia Pacific region is expected to grow the fastest throughout the projection period. The presence of a high number of significant vendors in the region is also beneficial to the region's growth. In terms of growth rate, the Middle Eastern and African region is predicted to trail the Asia Pacific region, growing at a CAGR of 5.87% in the next years.

    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:
    By Services
    • Application Portfolio Assessment
    • Application Security
    • Web Application Security
    • Mobile Application Security
    • Application Modernization
    • Cloud Application Migration
    By Organization Size
    • SME
    • Large Enterprise
    By End Use
    • BFSI
    • Telecom and IT
    • Government
    • Retail and e-commerce
    • Healthcare and Life sciences
    • Manufacturing

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia and ,the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Application management services Market Segmentation

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    Report Features

    This report provides market intelligence in the most comprehensive way. 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the application management services market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Target Audience

    The target audience of the application management services market includes-

    • Application management services companies
    • Application management services distributors
    • Information Technology (IT) companies
    • Application modernization vendors
    • Associations and industry bodies
    • Application security vendors
    • System integrators

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Application management services are groups of services used by businesses to manage their existing application portfolio. These services begin with an assessment of the application portfolio, after which the necessary actions are summarized: whether the applications need to be migrated, re-platformed, or integrated with new systems. In addition, application security measures are implemented. These services can also be delegated to a managed service provider with experience managing enterprise application portfolios.

    The market is projected to grow from USD 16.25 billion in 2022 to USD 51.76 billion by 2028.

    The market is projected to grow at a CAGR of 21.20% during the forecast period.

    The target audience of the market includes Application management services companies, Application management services distributors, Information Technology (IT) companies, Application modernization vendors, Associations and industry bodies, Application security vendors, and System integrators.

    The North American market held the highest market share in 2022 and is projected to grow at the fastest CAGR in the coming years.

    The key players operating in the market are Accenture (Republic of Ireland), Atos (France), Capgemini (France), Cognizant (US), Fujitsu (Japan), DXC (US), HCL (India), IBM (US), Wipro (India), and Tech Mahindra (India).

    Increase in the use of cloud computing and companies seeking to derive value from cloud, analytics, social computing, and cognitive computing technologies fuels the market's growth.