The global application transformation market reached a value of US$ 12.65 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26.71 Billion by 2027, exhibiting at a CAGR of 13.47% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Application transformation refers to the process of updating existing business-critical applications to meet the current requirements of the organizations. It involves assessing the software and application platforms and migrating to cloud and hybrid environments. Some of the commonly used application transformation solutions include cloud application migration, user interface (UI) modernization, application portfolio assessment and post-modernization services. These transformation solutions are also utilized for optimizing the applications to meet the government and compliance requirements. Application transformation can aid in enhancing the overall operational reliability, automating delivery and minimizing the cost of maintaining the infrastructure. As a result, it finds extensive applications across various industries, including banking, financial services and insurance (BFSI), manufacturing, healthcare, retail, information technology (IT) and telecommunication.

Application Transformation Market Trends:
Significant growth in the IT industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of cloud computing and big data technologies in small, medium and large-sized organizations is providing a thrust to the market growth. Organizations are extensively utilizing application transformation solutions for operating in agile environments and mitigating the risks and challenges associated with the existing systems. In line with this, the rapid modernization of brick-and-mortar retail stores is also contributing to the growth of the market. Retailers are increasingly utilizing digital and social media solutions to reach a wider consumer base and attract more customers. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), 5G and edge computing solutions, for real-time analytics, improved collaboration, data consistency and process flexibility is favoring the market growth. Other factors, including the increasing penetration of high-speed internet, along with the emerging trend of legacy modernization, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global application transformation market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service type, enterprise size and end use industry.

Breakup by Service Type:

Cloud Application Migration
Application Integration
Application Replatforming
Application Portfolio Assessment
UI/UX Modernizations

Breakup by Enterprise Size:

Large Enterprises
Small and Medium-sized Enterprises

Breakup by End Use Industry:

IT and Telecom

Breakup by Region:

North America
United States
South Korea
United Kingdom
Latin America
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Atos SE, Capgemini SE, Cognizant, Fujitsu Limited, HCL Technologies Limited (HCL Enterprise), Infosys Limited, International Business Machines Corporation, Micro Focus International plc, Microsoft Corporation, Oracle Corporation, Tata Consultancy Services Limited and Unisys Corporation. Key Questions Answered in This Report:
How has the global application transformation market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global application transformation market?
What are the key regional markets?
What is the breakup of the market based on the service type?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global application transformation market and who are the key players?
What is the degree of competition in the industry?