Insights Into The Application Transformation Market’s Growth Opportunities Through 2023-2032 – Includes Application Transformation Market Analysis
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An increase in big data consumption across industries are expected to drive innovation in application transformation manufacturing, thus driving the market during the forecast period.
The global application transformation market is expected to grow from $12.95 billion in 2022 to $14.79 billion in 2023 at a compound annual growth rate (CAGR) of 14.2%. The application transformation market size is expected to grow to $24.56 billion in 2027 at a CAGR of 13.5%.
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- By Service Type: Cloud Application Migration, Application Integration, Application Replatforming, Application Portfolio Assessment, UI/UX Modernizations, Other Service Types
- By Enterprise Size: Large Enterprises, Small and Medium Enterprises
- By End Use: Banking, Financial Services and Insurance (BFSI), Retail, Healthcare, IT and Telecom, Government, Manufacturing, Other End Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global application transformation market in 2021.
Major Market Players in the application transformation market include Accenture PLC, Atos SA, Cognizant, Fujitsu Ltd., HCL Technologies Ltd., International Business Machines Corporation, Microsoft Corporation.
Technological advancement is a key trend gaining popularity in the application transformation market. Recently, the market has witnessed the implementation of advanced technologies such as big data and real-time analytics, the internet of things, 5G, cloud technologies. Major companies operating in the market are using and developing advanced technologies to sustain their position in the application transformation market. For instance, in June 2022, Siemens, a Germany-based technology company, launched Siemens Xcelerator, an open digital business platform to accelerate digital transformation. It offers a curated portfolio of IoT-enabled hardware, software, and digital services from Siemens and certified third parties. It aids in the transition to more open applications, with more cloud-based and as-a-service solutions and IoT-enabled gear.
The Application Transformation Global Market Report 2023 provides a application transformation market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The application transformation market forecast analyzes application transformation market size, application transformation market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Application transformation refers to the procedure of updating out-of-date software to satisfy present needs. Application transformation helps to achieve resilience and empowers the business to run more efficiently.
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