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“The growing need for business agility and accelerated time-to-market are expected to drive the growth of the application management services market”
The application management services market size is expected to grow from USD 10.67 billion in 2017 to USD 27.83 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period. The need for business agility and accelerated time-to-market, and adoption of cloud computing are some of the major drivers that are expected to increase the demand for application management services. The major restraining factor for the growth of the application management services market is the rising concern over application data security.
“Application security services segment is expected to grow at the fastest rate during the forecast period”
The application security services segment is expected to witness the highest growth rate during the forecast period, as the vulnerabilities have become more complex and sophisticated, the demand for the application security segment is also expected to increase, to cater to the challenges posed by these threats.
“Large enterprises segment is expected to hold a larger market share during the forecast period”
The large enterprises segment is expected to have a larger market share owing to the need to reduce the high Capital Expenditure (CAPEX) and Operating Expenditure (OPEX). Large enterprises have dedicated in-house IT resources and larger IT budgets and therefore consider deploying a variety of application management strategies.
“Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period”
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the application management services market, due to the increased adoption of application management services and cloud computing. Companies in this region are migrating their core business applications to new cloud platforms to save the cost.
The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
- By Designation: C-Level (45%), Director Level (30%), and Manager Level (25%)
- By Region: North America (35%), APAC (30%), Europe (20%), and RoW (15%)
The key application management services market vendors profiled in the report are as follows:
1. Accenture (Republic of Ireland)
2. Atos (France)
3. DXC (US)
4. HCL (India)
5. IBM (US)
6. Capgemini (France)
7. Cognizant (US)
8. Fujitsu (Japan)
9. Tech Mahindra (India)
10. Wipro (India)
The global application management services market has been segmented by service, organization size, vertical, and region. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the strength of service portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the application management services market in the following ways:
- The report segments the application management services market comprehensively to provide the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders understand the competitors and gain more insights to enhance their position in the market.