The application transformation market is growing at a significant rate of over 12% during the forecast period. Application transformation delivers services to transform applications and enables IT enterprises for digitalization and new market opportunities. Moreover, businesses are continuously implementing the latest changes to keep up with the competition in the market. some of the benefits offered by the application transformation market include a more customer-centric focus with improved customer strategy, increased agility, and innovation.
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The application transformation services are being used in small & medium enterprises and large enterprises. According to the data provided by the Organization for Economic Co-operation and Development (OECD), 30 to 60% of small-medium businesses in OECD countries adopt innovate ideas in their ecosystem to grow faster. Small-medium businesses are re-engineering their existing business processes to meet the market demand instead of having less research and development budgets.
The application transformation market in North America is anticipated growing especially in countries such as the US and Canada due to the presence of well-developed ICT infrastructure. Countries across the region are early adopters of technologies in various verticals including healthcare, retail, BFSI, and other industries such as transportation and manufacturing. The application transformation industry is rapidly expanding in the Asia-Pacific and witnessing significant growth. Based on Cloud Readiness Index (CRI) released by the Asia Cloud Computing Association (ACCA) in 2018, Hong Kong and Singapore have recognized on a global level and performed better than many large economies including UK and Germany.
The major players that contribute to the growth of the market include IBM Corp., Oracle Corp., SAP SE, Asysco B.V., Bell Integrato Inc., Accenture PLC, Cognizant, and others. These market players are contributing to the market by adopting various market approaches including product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market. For Instance, in May 2019, IBM Corp. launched new services in order to advance enterprise transformations with SAP S/4HANA which will provide a smarter and faster way to digital transformations.
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Application Transformation Market- Segmentation
By Service
· Application Integration
· Cloud Application Migration
· Application Re-platforming
· Application Portfolio Assessment
· Others
By Verticals
· BFSI
· Retail
· It & Telecom
· Healthcare
· Government
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
