The global application transformation market size will progress from US$ 9.7 billion in 2019 to $ 16.8 billion in 2024, garnering a compound annual growth rate (CAGR) of over 12% during the conjecture period from 2020 to 2025.
Application transformation is the process of updating outdated applications to today's demands, introducing business application into modern infrastructure and the use of technology. It enables the business application to meet user expectations by taking control of technologies like the cloud and big data. To a large extent, you discover that your application remains flexible as systems change, maintain a competitive advantage, and accelerate improvements.
The advent of novel cloud and big data technologies has altered the transformation process to its next level. Businesses strive for a competitive advantage, which can be achieved through the application transformation process. The constant need to update with new technologies and improve the return on investment (ROI) requires a scientific approach and an agile methodology to mitigate the main risks and challenges related to existing applications.
Recent developments:
Growth and market trends:
Application integration is the process of integrating data or the process of one or more application programs with other application programs. The traditional applications are combined into novel products that use the Internet, e-commerce and other technologies. Application integration aids in the maintenance and presentation of data across multiple, synchronized application systems. It can be connected to back-end application systems to retrieve and insert data. Application integration has become crucial for enterprises to optimize their functionality, obtain agility, and access information from social networks.
The retail vertical is going through a major transformation phase. Retailers are modernizing their physical stores to better serve their customers. Also, most retail stores go online to increase their income. Retailers are adopting latest techniques like cloud computing, big data analytics, social media, and so on to improve visibility and their market presence. The companies are implementing an omni-channel strategy to offer a seamless experience for its users. For this, retailers are migrating their application environments to a more flexible and scalable platform to achieve efficiency gains and optimize their operating costs.
Market Drivers and Restraints:
The need to introduce various software development approaches to augment the existing application is the main driver of market growth. Another factor responsible for accelerating market growth is the high cost of the existing application. In addition, due to the development of technologies and the increased efficiency of applications, the market is bringing positive prospects. However, the complexity of the legacy system limits the growth of the market.
The augmenting need for a robust and agile environment to improve overall scalability and efficiency, along with the high cost of maintaining existing applications and leveraging emerging technologies and rising effectiveness of existing applications are deemed to accelerate the global application transformation market.
Market segmentation:
Depending on the type of service, the market is segmented in application integration, cloud application migration, application portfolio assessment, application reformatting, modernization of the user interface, etc. Among these, the application integration service will have the largest size during the foreseen period
Depending on the size of the organization, the market is segmented into large companies and small and medium enterprises.
Based on the end-user, the market is segmented into retail, health and life sciences, manufacturing, public and public and legal sectors, telecommunications and IT, BFSI and others. The retail trade across the world is currently undergoing a huge transformation. Retailers are shifting from tradition brick and mortar stores to digital platforms to offer better service to their users. There is an increasing call for customized applications in verticals like IT and telecommunications, which is foreseen to accelerate this business growth.
Regional Analysis:
Based on the Region, the global market is categorized in North America, Europe, Asia-Pacific and LAMEA. North America includes developed nations like the United States and Canada. These countries have invested considerably in research and development (R&D) activities, contributing to the development of innovative technologies. The application transformation market in North America is extremely competitive, as countries in this are concentrating on R&D and new innovations. These countries are the first to adopt technologies in various verticals. The United States and Canada are also the main countries in the retail, financial services, banking and other sectors such as transportation and manufacturing. The United States is considered to hold the most substantial share over the conjecture period. It is among the most technologically advanced countries with stringent regulations for various vertical sectors.
Key market players:
The research report covers the analysis of the main players in the worldwide market. The main companies included in the report are IBM Corporation, Oracle Corporation, SAP SE, Adobe Systems Inc., Asysco B.V., Bell Integrator, Inc., Accenture PLC, Unisys Corporation, Cognizant Technology Solutions Corporation and Dell Technologies, Inc.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Application Transformation Market, By Service
6.1.1 Cloud Application Migration
6.1.2 Application Replatforming
6.1.3 Application Integration
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Application Transformation Market, By Organization Size
6.2.1 SMEs
6.2.2 Large
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Application Transformation Market, By Vertical
6.3.1 Retail
6.3.2 IT & Telecom
6.3.3 Government
6.3.4 Healthcare
6.3.5 Manufacturing
6.3.6 Market Size Estimations & Forecasts (2019-2024)
6.3.7 Y-o-Y Growth Rate Analysis
6.3.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Service
7.2.3 By Organization Size
7.2.4 By Vertical
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Service
7.3.3 By Organization Size
7.3.4 By Vertical
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Service
7.4.3 By Organization Size
7.4.4 By Vertical
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Service
7.5.3 By Organization Size
7.5.4 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Service
7.6.3 By Organization Size
7.6.4 By Vertical
8. Key Player Analysis
8.1 IBM Corporation
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Oracle Corporation
8.3 SAP SE
8.4 Adobe Systems Inc
8.5 Asysco B.V
8.6 Bell Integrator, Inc
8.7 Accenture PLC
8.8 Unisys Corporation
8.9 Cognizant Technology Solutions Corporation
8.10 Dell Technologies, Inc
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
