As per the report, the global application transformation market was pegged at $9.21 billion in 2019, and is estimated to reach $25.37 billion by 2027, growing at a CAGR of 13.2% from 2020 to 2027.
High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data drive the growth of the global application transformation market. However, complexity in legacy systems hinders the market growth. On the contrary, increase in adoption of advanced technologies such as 5G, AI, and ML and increase in need for digital transformation are expected to open lucrative opportunities for the market players in the future.
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The cloud application segment to portray the highest growth through 2027
By service type, the cloud application segment is estimated to register the highest CAGR of 16.5% from 2020 to 2027, due to ability of the cloud application migration to offer advanced technology, scalability, cost savings, and real-time accessibility. However, the application integration segment dominated the global application transformation market in 2019, accounting for more than one-fourth of the market, owing to rise in demand for integration of dated legacy applications as well as databases with advanced applications.
The IT and telecom segment held the lion’s share
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 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 growth in 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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North America dominated the industry
By region, the market across North America held the lion’s share in 2019, accounting for around two-fifths of the market, due to presence of several key vendors in the region and 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 adoption of innovative technologies as well as ongoing digital transformation initiatives in Asian countries.
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Leading Market Players –
- Accenture
- Cognizant
- Atos
- HCL Technologies Ltd.
- Fujitsu
- IBM Corporation
- Hexaware
- Micro Focus International PLC
- TCS
- Microsoft Inc.
Key Findings of the Study –
- By service type, in 2019 the application integration dominated the application transformation market size. However, the application modernization segment is expected to exhibit significant growth during the forecast period.
- By enterprise size, the large enterprises generated the highest revenue in 2019. However, the small & medium enterprises segment is expected to witness highest growth rate in the near future.
- By industry vertical, the IT & telecom segment accounted for the highest revenue in 2019, however, the manufacturing segment is expected to witness highest growth rate in the forecasted period.
- By region, the application transformation market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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