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Application Transformation Market Is Expected to Reach $25.37 Billion by 2027: Says AMR

High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data fuel the growth of the global application transformation market.

/EIN News/ -- Portland, OR, June 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global application transformation market was estimated at $9.21 billion in 2019 and is expected to hit $25.37 billion by 2027, registering a CAGR of 13.2% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.

High cost of maintenance of legacy applications, ongoing trend of legacy modernization, advent of cloud technology, and rise in consumption of big data fuel the growth of the global application transformation market. On the other hand, complexity in legacy systems impedes growth to some extent. However, surge in adoption of advanced technologies such as 5G, AI, and ML and increase in need for digital transformation are projected to pave the way for lucrative opportunities in the industry.

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COVID-19 scenario-

  • The COVID-19 pandemic made most organizations across the world move their operation from traditional IT architecture to cloud-based platforms. The growing drift of work from home culture increased the adoption of cloud-based platforms.
  • The requirement for proper infrastructure to cater to the needs of organizations witnessed a steady leap, which in turn augmented the demand for modernization of older applications to cloud set-ups.

Get detailed COVID-19 impact analysis on the application transformation market:

The global application transformation market is analyzed across service type, enterprise size, industry vertical, and region. By service type, the cloud application segment is projected to cite the fastest CAGR of 16.5% during the forecast period. At the same time, the application integration segment held the major share in 2019, contributing to more than one-fourth of the global market.

On the basis of industry vertical, the IT and telecom segment accounted for around one-fourth of the total market share in 2019, and is anticipated to dominate by 2027. Simultaneously, the manufacturing segment would cite the fastest CAGR of 17.0% from 2020 to 2027.

On the basis of region, the market across North America generated the major share in 2019, accounting for around two-fifths of the global market. The Asia-Pacific region, on the other hand, is anticipated to cite the fastest CAGR of 15.9% throughout the forecast period. The other two provinces covered in the report include Europe, and LAMEA.

The key market players analyzed in the global application transformation market report include Atos, Cognizant, Accenture, HCL Technologies Ltd., TCS Fujitsu, Hexaware, IBM Corporation, Micro Focus International PLC, and Microsoft Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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