Application Transformation Market Overview
Application Transformation Market Size was valued at USD 10.8 Billion in 2022. The Application Transformation market is projected to grow from USD 12.4 Billion in 2023 to USD 38.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.20% during the forecast period (2023 - 2032). sectors are digitalizing quickly, and internet and mobile devices are becoming more widely used worldwide, are the key market drivers enhancing the market growth.
Organization Size: Secondary Research, Primary Research, MRFR Database and Analyst Review
Application Transformation Market Trends
Rapidly increasing digitalization among industries is driving the market growth
The main drivers of market growth are the quickly rising digitalization of many industries, the global increase in internet and mobile device adoption, and the rise in big data consumption. Businesses are increasingly looking for ways to transform their business models and provide business value more cheaply in the age of digital transformation. Next-generation industrial solutions will be cloud-enhanced and need a platform to demonstrate their capabilities for digital business.
Enterprises will be able to speed up digital transformation activities with the aid of application transformation, improve the developer experience, and automate deployments that will boost productivity. Application transformation necessitates adjustments to numerous organisational components, including design, procedure, culture, and technology. A product-oriented mindset for innovation, the adoption of DevOps throughout the organisation, and the integration of intelligent automation throughout the application life cycle are also necessary. Therefore, the market is anticipated to have considerable growth over the forecast period due to the increase in digital transformation projects and increased reliance of organisations on intelligent automation.
Through automation and productivity improvements, application transformation aids in cost savings and organisational efficiency. The way the apps are created, tested, and maintained will be improved through the use of intelligent automation and AI techniques. Additionally, the pay per use or subscription-based business models provided by service providers have given a variety of businesses the opportunity to develop to their fullest potential. In spite of a few small obstacles including security worries and connection with other legacy systems, the market is anticipated to continue expanding quickly in the years to come. Thus, driving the Application Transformation market revenue.
Application Transformation Market Segment Insights
Application Transformation Service Insights
The Application Transformation Market segmentation, based on service, includes portfolio assessment, cloud migration, replatforming, integration, UI modernization, and post modernization. Integration segment dominated the global market in 2022. The market is expanding as a result of the growing demand for the integration of old legacy programmes and databases with modern applications. Integration allows seamless data sharing, automated work flow, and increased IT infrastructure flexibility by enabling quick and simplified connectivity between applications.
Application Transformation Organization Size Insights
The Application Transformation Market segmentation, based on organization size, includes small and medium-sized businesses and large enterprises. Large enterprises segment dominated the global market in 2022. Due to their greater flexibility, improved teamwork, lower operational costs, and shortened time to market, large corporations have been the main adopters of application transformation. Companies have always used the cloud to create applications and re-host infrastructure, but they are also modernising key business applications and procedures. Additionally, the large business segment is projected to grow in the near future as a result of the requirement to adopt both mainstream and specialised technologies to increase performance, security, and agility.
Application Transformation Vertical Insights
The Application Transformation Market segmentation, based on vertical, includes retail, IT and telecommunication, healthcare, banking, financial services, and insurance, government, and manufacturing. Banking, financial services, and insurance segment dominated the Application Transformation Market in 2022. The significant market share of this sector is primarily attributable to the growing use of cloud services for internal operations by banking organisations. The market is divided into BFSI, retail, healthcare, IT and telecom, government, and manufacturing based on end-use. In order to stay competitive in the market, financial technology companies (fintechs) have started to disrupt the sector with cryptocurrencies, blockchain, and other technologies. A large role is also going to be played in the banking industry by services like online payments, digital wallets, payment gateways, and excellent customer care, which will facilitate the entire transition to application transformation solutions.
The manufacturing sector is anticipated to expand significantly in the upcoming years. Manufacturing industries are being digitally transformed, which has helped businesses connect with their clients more successfully. Additionally, the industry's application revolution will significantly contribute to the democratisation and enablement of new production systems like the Industrial Internet of Things (IIoT), 3D printing, and generative design. Additionally, with the introduction of telemedicine and e-health facilities, the healthcare sector will also profit from application transformation solutions.
Figure 1: Application Transformation Market, by Vertical, 2022 & 2032 (USD Billion)
Organization Size: Secondary Research, Primary Research, MRFR Database and Analyst Review
Application Transformation Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Application Transformation Market dominated this market in 2022 (45.80%). This is a result of application transformation solutions' early adoption. Due to the presence of multiple vendors in the area, including Oracle Corporation, Microsoft Corporation, and International Business Machines Corporation, the market is projected to grow. Additionally, the region's substantial outsourcing industry and the mounting demand to cut IT expenses are forcing businesses to look for other ways to manage spending. Similar to this, the European Union has become a centre for the development of cloud technology, which is motivating small and medium-sized businesses in the area to adopt application transformation strategies. Further, the U.S. Application Transformation market held the largest market share, and the Canada Application Transformation market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL AI IN IOT MARKET SHARE BY REGION 2022 (USD Billion)
Organization Size: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Application Transformation market accounted for the healthy market share in 2022. This is because there are more suppliers in this area and more people are using application transformation solutions. The market growth in this region will also be boosted by the expansion of technical innovation and the market for application transformation. Further, the German Application Transformation market held the largest market share, and the U.K Application Transformation market was the fastest growing market in the European region
The Asia Pacific Application Transformation market is expected to register significant growth from 2023 to 2032. In 2018, Alibaba Cloud unveiled new products and the ASEAN Partner Alliance Programme, a cooperation programme, as part of its digital transformation initiative in the APAC area. India has also emerged as one of the major centres for IT services and products. Application transformation services are provided both inside and outside the country by some of the key businesses in the nation, including Infosys Ltd. and HCL Technologies Ltd. Moreover, China’s Application Transformation market held the largest market share, and the Indian Application Transformation market was the fastest growing market in the Asia-Pacific region.
Application Transformation Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Application Transformation market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Application Transformation industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Application Transformation industry to benefit clients and increase the market sector. In recent years, the Application Transformation industry has offered some of the most significant advantages to medicine. Major players in the Application Transformation market, including Accenture, Atos S.E., Bell Integrator, Capgemini, Cognizant, Fujitsu, HCL Technologies Limited, IBM, Infosys Limited, Microsoft, Micro Focus, Orcale, Trianz, Tech Mahindra Limited, Hexaware Technologies Limited, and Tata Consultancy Services Limited, are attempting to increase market demand by investing in research and development operations.
A provider of technologically enhanced business solutions is Infosys Ltd (Infosys). The company provides a wide range of services, such as business consulting, outsourcing, and technology-related services like application services, management consulting, product engineering, systems integration, and custom software development, maintenance, and validation services. Numerous industries, including aerospace and defence, agriculture, automotive, consumer packaged goods, financial services, healthcare, high technology, industrial manufacturing, information services and publishing, insurance, life sciences, media and entertainment, mining, oil and gas, professional services, public sector, retail, travel, hospitality, and utilitaria Market presence for the company is present throughout the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The headquarters of Infosys are in Bengaluru, Karnataka, India. Infosys Ltd. announced in March 2020 that it was joining up with IBM to create a global partnership to support businesses as they undergo digital transformation.
Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT infrastructure, IT management, cybersecurity, and software development tools are all part of IBM's product range. The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The industries it supports include those in the automobile, banking and financial markets, electronics, energy and utilities, healthcare, insurance, life sciences, manufacturing, metals and mining, retail and consumer goods, and telecommunication sectors. IBM introduced a variety of cutting-edge artificial intelligence (AI)-powered services and capabilities in May 2020 to assist chief information officers (CIOS) in automating various IT development, operations, and infrastructure processes.
Key Companies in the Application Transformation market include
- Accenture
- Atos S.E.
- Bell Integrator
- Capgemini
- Cognizant
- Fujitsu
- HCL Technologies Limited
- IBM
- Infosys Limited
- Microsoft
- Micro Focus
- Orcale
- Trianz
- Tech Mahindra Limited
- Hexaware Technologies Limited
- Tata Consultancy Services Limited
Application Transformation Industry Developments
June 2022: To aid in the advancement of technology elements and enhance the service, Accenture opened its new Advanced Technology Centre in India.
Application Transformation Market Segmentation
Application Transformation Service Outlook
- Portfolio Assessment
- Cloud Migration
- Replatforming
- Integration
- UI Modernization
- Post Modernization
Application Transformation Organization Size Outlook
- Small and Medium-Sized Businesses
- Large Enterprises
Application Transformation Vertical Outlook
- Retail
- IT and Telecommunication
- Healthcare
- Banking, Financial Services, and Insurance
- Government
- Manufacturing
Application Transformation Regional Outlook
-
North America
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 10.8 Billion |
| Market Size 2023 |
USD 12.4 Billion |
| Market Size 2032 |
USD 38.6 Billion |
| Compound Annual Growth Rate (CAGR) |
28.20% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Service, Organization Size, Vertical, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Accenture, Atos S.E., Bell Integrator, Capgemini, Cognizant, Fujitsu, HCL Technologies Limited, IBM, Infosys Limited, Microsoft, Micro Focus, Orcale, Trianz, Tech Mahindra Limited, Hexaware Technologies Limited, and Tata Consultancy Services Limited |
| Key Market Opportunities |
Modernization of legacy systems |
| Key Market Dynamics |
Rapidly increasing digitalization among industries and growing penetration of internet and mobile devices across the world |
Application Transformation Market Highlights:
Frequently Asked Questions (FAQ) :
The Application Transformation Market size was valued at USD 10.8 Billion in 2022.
The global market is projected to grow at a CAGR of 28.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Accenture, Atos S.E., Bell Integrator, Capgemini, Cognizant, Fujitsu, HCL Technologies Limited, IBM, Infosys Limited, Microsoft, Micro Focus, Orcale, Trianz, Tech Mahindra Limited, Hexaware Technologies Limited, and Tata Consultancy Services Limited
The Integration Service dominated the market in 2022.
The Large Enterprises Organization Size had the largest share in the global market.
