The high cost of maintenance of legacy applications, the ongoing trend of legacy modernization, the advent of cloud technology, and the rise in consumption of big data drive the growth of the global application transformation market.
However, complexity in legacy systems hinders market growth. On the contrary, an increase in the adoption of advanced technologies such as 5G, AI, and ML and an increase in the need for digital transformation is expected to open lucrative opportunities for the market players in the future.
By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to the ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility.
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However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to the rise in demand for the integration of dated legacy applications as well as databases with advanced applications.
By industry vertical, the IT and telecom segment dominated the market in 2019, contributing to around one-fourth of the global application transformation market, due to the rise in adoption of application transformation as the constant innovations in customer products and services are being delivered.
However, the manufacturing segment is projected to manifest the highest CAGR of 17.0% during the forecast period. This is owing to the growth in the adoption of application transformation in the manufacturing sector that delivers manufacturing execution systems (MES), enterprise resource planning (ERP), and analytics services to the manufacturing industry.
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By region, the market across North America held the lion’s share in 2019, accounting for around two-fifths of the market, due to the presence of several key vendors in the region and the rise in investment in R&D activities.
However, the global application transformation market across Asia-Pacific is expected to showcase the highest CAGR of 15.9% during the forecast period, owing to the adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries.
Covid-19 scenario:
- Several organizations moved their operation from traditional IT architecture to cloud-based platforms due to the Covid-19 pandemic.
- The widespread of adoption of work-from-home culture increased the adoption of cloud-based platforms.
- The requirement for infrastructure to meet the organization’s needs surged during the pandemic, which in turn, increased the demand for modernization of older applications to a cloud environment.
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