An increase in demand for end-to-end application hosting, requirements to secure critical business applications and shift of applications and workload toward the cloud are expected to propel the growth of the managed application services market.
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Moreover, an increase in hybrid model adoption and a rise in demand for outsourcing of repetitive application maintenance activities supplement the market growth.
However, risks associated with the security of application data restrain the growth of the market. Contrarily, the surge in the complexity level of applications would create new lucrative opportunities in the coming years.
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Based on service steps, the application hosting segment accounted for more than one-third of the total share in 2017, and is estimated to maintain its lead position in terms of revenue during the forecast period. However, the application infrastructure segment is estimated to register the highest CAGR of 13.2% from 2018 to 2025.
On the basis of application types, the web-based application segment held more than two-thirds of the total market share in 2017, and is estimated to maintain its dominant position during the forecast period. However, the mobile-based applications segment is estimated to register the highest growth with a CAGR of 13.5% from 2018 to 2025.
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On the basis of industry verticals, the BFSI segment accounted for more than one-fourth of the total share in 2017, and is estimated to maintain its lead status during the forecast period. However, the retail sector is estimated to register the highest CAGR of 14.6% through 2025.
In terms of region, North America held nearly half of the total share in 2017, and is estimated to maintain its dominant share during the forecast period. However, Asia-Pacific is estimated to portray the highest CAGR of 13.3% during the forecast period.
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The leading market players discussed in the report are BMC Software, Inc., DXC. Technology Company, Rackspace US, Inc., HCL Technologies Limited, Fujitsu, Wipro Limited, International Business Management (IBM) Corporation, Virtustream, Navisite (Spectrum Enterprise), and YASH Technologies.
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