Application Management Services Market Expected To Reach $ 55.87 Billion By 2026
Application management services market – USD 12.62 billion in 2018, 20.1% CAGR, market trends – The growing demand for managed application hosting.
NEW YORK, NY, USA, December 9, 2021 /EINPresswire.com/ – The growing trend of digitization, coupled with the massive adoption of smartphones and the internet, is propelling the growth of the market.
The global application management services market is expected to reach $ 55.87 billion by 2026, according to a new report from Reports and Data. The increasing trend of digitization, coupled with the massive adoption of smartphones and the internet, will fuel the growth of the market. The growing demand for managed application hosting will also drive the market growth. Application management services reduce an organization’s costs and maintenance intervals by synchronizing design, development, and testing efforts. These services also dramatically increase business performance and revenue streams by improving the availability and performance of critical applications.
Application management services overcome the risk of various forms of downtime, including IT downtime, for both business and customers. The team also uses best practices, which helps them to further increase efficiency when developing and implementing systems. This allows companies to stay focused on their core business. Services drive development through simplified integration and interconnected systems. With the help of DevOps, improved cooperation and knowledge sharing between application operations, service desk, and application development, complexities can be resolved faster. This resolves recurring issues and avoids unnecessary escalation, allowing the application developer to fully focus on development.
The main participants are IBM, Accenture, TCS, Infosys, CSC, Atos Origin, Cognizant, Bourntec Solutions, HP, Deloitte, Ingenuity Technologies, Iblesoft, Fujitsu, Logica, Mahindra Systems, L&T Infotech, NTT Data, Capgemini, Xerox and Wipro, among others. The companies have adopted various strategies including mergers, acquisitions and partnerships to maintain continuous leads and bring new developments to the market.
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Other key findings from the report suggest
â¢ Large organizations account for a larger market share of approximately 64% in 2018, due to increasing investments in application management services. Most large companies prefer to outsource their IT operations to more specialized companies. This reduces their cost and time and gives them better management of the applications.
â¢ The type of on-site deployment represents a larger market share of around 58% in 2018. The on-site deployment of these software and services guarantees the security of confidential business data. In addition, the information deployed on site offers better accessibility and better security to organizations.
â¢ Application maintenance and support services represent the largest market share of around 14% in 2018. Preventive application maintenance and support is an effective way to improve the quality of the software application while reducing maintenance costs. Additionally, the benefits of application maintenance and support include improved data security; improved user experience and improved reliability.
â¢ The retail and e-commerce sector is expected to experience the highest CAGR of 22.7% during the forecast period, attributed to the emergence of advanced technologies to provide full service to their customers via multiple channels. Their investment in end-to-end digital operations has spurred the growth of the industry.
â¢ North America held the largest market share of around 31% in 2018, due to the presence of some of the major market players in the region. The deployment of customized application management services by organizations in the region, to secure their data against various threats, will fuel the growth of the market.
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/application-management-services-market
For the purpose of this report, reports and data have been segmented on the global Application Management Services market on the basis of type, type of deployment, organization size, industry and location. region :
Type Outlook (Revenue, Billions USD; 2016-2026)
â¢ Assessment of the application portfolio
â¢ Application security
â¢ Web application security
â¢ Mobile application security
â¢ Modernization of applications
â¢ Migration of cloud applications
â¢ Application integration
â¢ Reconfiguration of applications
â¢ Modernization of the user interface
â¢ Application maintenance and support
â¢ Application management services
Outlook Deployment Type (Revenue, USD Billion; 2016-2026)
o Cloud on demand
o Hosted cloud
â¢ On the site
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
â¢ Small and medium enterprises
â¢ Large companies
Industry Vertical Outlook (Revenue, USD Billion; 2016-2026)
â¢ Government and defense
â¢ Banking, financial services and insurance (BFSI)
â¢ IT and telecommunications
â¢ Health and life sciences
â¢ Retail and e-commerce
â¢ Energy and utilities
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Regional Outlook (Revenue, USD Billion; 2016-2026)
â¢ North America
â¢ Asia Pacific
â¢ Latin America
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