Application Transformation Market is Likely to Surge at a 10% CAGR by 2032

According to Fact.MR, the demand for application transformation services in the United States is set to experience a substantial growth with a 9.8% compound annual growth rate (CAGR) through 2032, presenting an opportunity estimated at US$ 7.4 billion. Furthermore, it is anticipated that this demand will reach a value of US$ 12.2 billion by the conclusion of the forecast period. This growth is primarily attributed to the widespread digitization of professional workspaces, which aims to streamline operations and enhance overall productivity.

On a global scale, the application transformation market was valued at US$ 12.1 billion in 2021 and is expected to exhibit a year-on-year (Y-o-Y) increase of 11.6% in 2022, reaching a valuation of US$ 13.5 billion.

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Key Drivers of Growth:

  1. Digital Transformation: As businesses continue their digital transformation journeys, the need for updated and agile software applications has become paramount. Application transformation enables organizations to align their software with their digital strategy, enhancing operational efficiency and customer engagement.
  2. Enhanced Customer Experience: Modern consumers demand seamless, user-friendly, and accessible digital experiences. Application transformation allows businesses to create customer-centric applications that improve user satisfaction and loyalty.
  3. Cost Efficiency: Legacy applications can be costly to maintain and upgrade. Application transformation can streamline operations and reduce IT costs by optimizing software and infrastructure.
  4. Cloud Adoption: The migration to cloud computing is a central element of application transformation. Cloud-based applications offer scalability, flexibility, and cost-effectiveness, making them a preferred choice for many organizations.
  5. Remote Work: The pandemic forced many businesses to adopt remote work models. Application transformation has been crucial in enabling remote work by providing secure, accessible, and efficient software solutions for remote teams.

Competitive landscape:

The global market for application transformation is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.

  • In April 2022, Fujitsu Limited introduced its Fujitsu Computing as a Service (CaaS) portfolio. This service will accelerate digital transformation and empower customers globally by offering access to some of the world’s most advanced computing technologies via the cloud for commercial use. This encompasses Fujitsu’s Digital Annealer quantum technology and software applications to solve AI and ML issues
  • In December 2021, Cognizant acquired Devbridge, a privately owned software consultancy and product development company in Chicago. The acquisition expanded Cognizant’s software product engineering capabilities and global delivery footprint by adding over 600 engineers, designers and product managers across multiple countries

Prominent Players in The Global Market:

  • Tech Mahindra
  • Fujitsu Limited
  • HCL Technologies
  • Cognizant
  • Unisys Corporation
  • Accenture Plc.
  • IBM Corporation
  • Tata Consultancy Services (TCS)
  • Asysco Software B.V

Key Segments Covered in the Application Transformation Industry Report:

  • By Organization Size :
    • Application Transformation for SMEs
    • Application Transformation for Large Enterprises
  • By Vertical :
    • Retail
    • BFSI
    • Healthcare
    • IT & Telecom
    • Government
    • Manufacturing
    • Other Verticals
  • By Region :
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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Future Trends:

  1. AI and Machine Learning Integration: Integrating AI and machine learning into applications will enhance their capabilities. Predictive analytics, chatbots, and automation will become standard features.
  2. Edge Computing: With the growth of IoT and the need for real-time data processing, edge computing will play a crucial role in application transformation, ensuring low latency and high performance.
  3. Containerization and Microservices: The adoption of containerization and microservices architecture will enable greater scalability, flexibility, and agility in application development and deployment.
  4. Low-Code and No-Code Development: Low-code and no-code platforms will empower non-developers to create and customize applications, reducing development time and costs.

 

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