Global application transformation market size to grow at a CAGR of 11.6% during the forecast period
The global application transformation market size to grow from USD 9.7 billion in 2019 to USD 16.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.6% during 2019–2024. Major growth factors for the market include the need for a robust and agile environment to increase scalability and efficiency in the existing business landscape, high maintenance cost of existing legacy applications, and leveraging emerging technologies and increasing efficiencies of existing applications. These factors are expected to drive the global application transformation market. However, the complexity of legacy systems may limit market growth.
SMBs segment to grow at a higher CAGR during the forecast period
SMBs are defined as entities with the number of employees below 1,000. The SMBs segment is the faster-growing segment in the organization size. They generally face 3 critical challenges namely, capital, skills and scalability, and management control. To overcome these issues, SMBs adopt the lift-and-shift migration strategy, which enables their businesses to scale and grow faster. As per the Organization for Economic Co-operation and Development (OECD) data, 30%–60% of SMBs in OECD countries bring innovation in their ecosystem to grow faster. Instead of having less research and development (R&D) budget, SMBs are re-engineering their existing business process to meet the market demand.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has the world’s fastest-growing economies, and technology penetration in the region is high. As per the 2016 Cloud Readiness Index released by the Asia Cloud Computing Association (ACCA), APAC would lead the next wave of global innovation and technology. The region is expected to experience the highest growth during the forecast period. The growth is expected to be driven by factors, such as increased spending on improving the infrastructure and the emergence of advanced and secure cloud-based solutions, tax reformation, smart cities initiatives, and the rise of the digital economy. The major countries that are expected to witness the high growth rates in the region include China, Japan, Singapore, Australia, New Zealand, and the rest of the ASEAN countries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the application transformation market.
The following list provides the breakup of primary respondents’ profiles:
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
- By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global application transformation market include Atos (France), Tech Mahindra (India), Fujitsu (Japan), HCL (India), Cognizant (US), Pivotal Software (US), Accenture (Ireland), IBM (US), TCS (India), Asysco (Netherlands), Unisys (US), Hexaware (India), Oracle (US), Micro Focus (UK), Bell Integrator (US), and Microsoft (US).
- The report includes an in-depth competitive analysis of the key players in the application transformation market, along with their company profiles, recent developments, and key market strategies.
- The report segments the global application transformation market by services, organization size, vertical, and region.
Key benefits of buying the report:
- The report would provide the market leaders/new entrants in the application transformation market, information on the closest approximations of the revenue numbers for the overall application transformation market and subsegments.
- The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.