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Data Bridge Market Research has unveiled a new report called “Application Transformation Market“ which provides an in-depth exploration of growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. The Application Transformation marketing report offers an in-depth investigation of the market driving factors, opportunities, restraints, and challenges for obtaining crucial insight of the market. Such a brilliant report has been prepared by a team of enthusiastic analysts, skilled researchers, and experienced forecasters who work meticulously for the same. The wide-ranging market research report presents intelligent solutions to versatile business challenges and instigates an effortless decision-making process.
Data Bridge Market Research analyses that the application transformation market is expected to reach USD 33.93 billion by 2030, which is USD 10.94 billion in 2022, at a CAGR of 15.20% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Application Transformation Market
Drivers
- Increasing concern regarding data privacy and security
Data security and privacy remain the major apprehension among organizations where use of data transmission, information and storage must be digitally protected. According to the survey, approximately 60 percent of the data or information on hard drives is stored in an unsecured manner. Thus, application transformation services vendors provide some important security services such as integration, authorization management, data encryption, access control, communication security. As a result of this, the demand for the application transformation increases which is expected to drive the market growth rate.
Opportunities
- Multiple benefits associated with application transformation
Application transformation aids in incorporating the efficiency of the organization through productivity enhancements and automation. The use of AI techniques and intelligent automation will improve the way development, testing, and maintaining of applications. Furthermore, the subscription-based or pay per use model offered by the service providers has delivered flexibility to various enterprises to grow with their optimum potential. Although, as a result of some factors such as integration with other legacy systems and security concerns will likely to maintain a high growth pace in upcoming years. These all are the major factors which will create immense opportunities for the growth of the market.
Noteworthy Players Operating at Regional and Global Levels:
- Accenture (Ireland)
- Atos S.E. (France)
- Bell Integrator
- Capgemini (France)
- Cognizant (U.S.)
- Fujitsu (Japan)
- HCL Technologies Limited (India)
- IBM (U.S.)
- Infosys Limited (India)
- Microsoft (U.S.)
- Micro Focus (U.K.)
- Orcale (U.S.)
- Trianz (U.S.)
- Tech Mahindra Limited (India)
- Hexaware Technologies Limited (India)
- Tata Consultancy Services Limited (India)
Recent Development
In 2020, International Business Machines Corporation and Infosys Ltd. announced to form a global alliance to support enterprises with the use of IBM cloud in their digital transformation journey. This collaboration will aid organization in regulated sector such as financial services, insurance and healthcare to transition, modernize and transform, their workloads and applications by using open innovation, security functions and enterprise capabilities of IBM cloud. Furthermore, Infosys will also provide access to Red Hat’s to its users. The offerings and partnerships provide enterprises a greater level of scale, resources and capabilities to accelerate their cloud-driven transformation.
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Application Transformation Market Segmentations:
Service
- Portfolio Assessment
- Cloud Migration
- Replatforming
- Integration
- UI Modernization
- Post Modernization
Organization Size
- Small and Medium-Sized Businesses
- Large Enterprises
Vertical
- Retail
- IT and Telecommunication
- Healthcare
- Banking, Financial Services, and Insurance
- Government
- Manufacturing
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