The Application Management Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Application Management Services Global Market Report 2024, The application management services market size has grown rapidly in recent years. It will grow from $31.62 billion in 2023 to $36.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to legacy system modernization, cost optimization, focus on core competencies, scalability demands, enhanced performance and reliability.
The application management services market size is expected to see rapid growth in the next few years. It will grow to $73.6 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to focus on user experience, cybersecurity integration, DevOps and agile practices. Major trends in the forecast period include rapid technological changes, shift to outcome-based models, rise of cloud-native application management, application modernization services, automation and intelligent operations.
The high demand for mobile apps is expected to propel the growth of the application management services market. Mobile apps refer to the kind of software intended for use on a mobile device, like a tablet or smartphone. Application management services help mobile apps provide and control access to internally developed and commercially available mobile apps used in business settings. For instance, in May 2023, according to the ‘Business of Apps’, a UK-based B2B media and information platform, in the year 2021, the number of app downloads surpassed 100 billion for the first time, and projections suggest it will reach 200 billion by the year 2025. Therefore, the high demand for mobile apps is driving the application management services market growth.
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The application management services market covered in this report is segmented –
1) By Services Type: Application Portfolio Assessment, Application Security, Application Modernization, Web And Mobile, Cloud Application Migration, Other Service Type
2) By Deployment Type: On Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Telecom And Information Technology (IT), Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And eCommerce, Government And Defense, Manufacturing, Other Industry Vertical
Major players operating in the application management services market are focused on developing innovative solutions such as comprehensive application management. Comprehensive application management (CAM) is a holistic approach to managing the entire lifecycle of an application, from its initial planning and development through deployment, maintenance, and eventual retirement. For instance, in October 2023, Envista Holdings Corporation, a US-based supply chain and enterprise consulting firm announced the launch of ‘The Microsoft Application Management Services’. It offers clients comprehensive application management, ongoing monitoring, health checks, and round-the-clock service desk support. The application management service enables clients to avoid the inconvenience of managing the upgrade on their own.
The application management services market report table of contents includes:
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Global Application Management Services Market Research Report, By Service-Type (System Integration, Consulting Services, Modernization Services, And Others), By Organization Size, By Deployment, And By End-Users - Forecast Till 2023Market Overview:Business organizations generally maintain IT applications to drive their business operations and application services, these application services are creating a huge demand from the end-users.
Application Management Services (AMS) facilitate and support business organizations to maintain high levels of service quality and fulfil the demand for rapidly increasing innovation in the market.
AMS also help to restore existing application service operations and lower negative business impact.
The AMS facilitates a cost effective service solution for the business organization to stabilize their existing services and transform into applications innovation and enhancement.There are many companies in market, such as IBM, Cap Gemini, Infosys, Dell Inc., Cognizant, and others, which provide application management services.
For instance, on January 2018, HCL technologies, one of the leading global IT services company, signed an IT infrastructure services and application management contract with Cadent, an U.K based gas distribution network.
By this contract, HCL will provide support services to Cadent’s business operations, which distributes gas to 11 million homes and business units in different parts of the U.K region, namely North West, Midlands, East, and South East of England.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/5691The application management services market is categorized into service-type, organization size, deployment, and end-user.The service-type of the application management services market is differentiated into system integration, support & maintenance, database management, consulting services, modernization services, and others.
According to research report "Application Management Services Market by Service (Application Portfolio Assessment, Application Modernization, Application Maintenance and Support, and Application Managed Services), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, global application management services market expected to grow from USD 10.67 Billion in 2017 to USD 27.83 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
Major drivers for the application management services market are the increasing need for business agility, accelerated time-to-market, emergence of BYOD, and proliferation of mobile applications.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258834015Browse 68 market data Tables and 43 Figures spread through 126 Pages and in-depth TOC on "Application Management Services Market - Global Forecast to 2022"Application modernization services segment is expected to hold the largest market share during the forecast periodDue to the increasing number of applications and accelerated time-to-market, the enterprises are focusing towards the modernization of their applications.
The risk level in the BFSI sector is always high as it deals with the critical financial data.
This sector is accelerating its digital transformation strategy by implementing new technologies and modernizing its existing applications.
The BFSI vertical mainly faces regulatory compliance difficulties, challenges to attract new customers, and increase customer profitability.
The major part of the BFSI IT spending is utilized for the IT infrastructure maintenance and running the existing technology; to reduce this expense, the enterprises are adopting the application management services at a higher rate.Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=258834015North America is expected to hold the largest market share during the forecast periodAs per the geographic analysis, North America is expected to hold the largest market share during the forecast period.
The global application management services market is expected to reach USD 87.60 billion by 2025.
There have been remarkable technological improvements and changing business models in recent times in addition to optimization of processes that drive the deployment of these applications.Download Full Research Report on Application Management Services Market @ https://www.millioninsights.com/industry-reports/application-management-services-marketApplication management includes various domains such as Application outsourcing as a part of packaged and custom management, Hosted Application Management as a part of Cloud modelling, Customized application management that employ various application factory models and best practices, testing service portfolios provided by cloud providers and traditional systems.Global cloud services market is expected to grow over 16.5 percent to a total above $204 billion up from $175 from 2015.The highest growth is expected to come from cloud system infrastructure services which includes infrastructure as a service and is expected to have a growth rate of over 38.4 percent in the forecast period.
This continuous growth marks a shift away from systems maintaining legacy infrastructure services.IaaS is the strongest growing segment as organizations choose to drift away from infrastructure employing data centers and move their hardware into public oriented cloud based services to store data.
Organizations now focus on micro applications that can be created faster in shorter periods, highly collaborated and deployed spontaneously at the earliest possible.An important component of next generation application services includes techniques that can help developers integrate rapid application updates.
Vendors who offer these next generation services should be carefully assessed for specific quality standards that can optimize agility and responsiveness of the business which account for increased savings and continuous improvements.
Growing needs to maintain confidential data and providing security to clients is crucial and can be handled by application services that include performance monitoring and tuning, databases and maintenance, encryption and decryption and use of private and public keysFinancial institutions and banks have been major clients of IT firms that develop applications that can support these institutions with a secured system.
