According to the report published by Allied Market Research, Application Management Services Market Registering a CAGR of 19.1% Projected to Reach USD 94,786 Million by 2030. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
Rise in next-gen tech integration in modern business applications and ease in load of modern business operations drive the growth of the global application management services market. However, plastic nature of application management services and data safety & privacy concerns hinder the market growth. On the other hand, advent of consumer trends presents new opportunities in the coming years.
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The global application management services market size was valued at $17,120 million in 2020, and is projected to reach $94,786 million by 2030, registering a CAGR of 19.1% from 2021 to 2030.
The global application management services industry is segmented on the basis of services, organization size, end use, and region. Based on services, the market is segmented into application portfolio assessment, application security, web application security, mobile application security, application modernization, cloud application migration, and others. On the basis of organization size, it is segmented into SME’s and large enterprises. By end use, it is segmented into BFSI, telecom & IT, government, retail & ecommerce, healthcare & Life science, manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global application management services market. This is due to strong in-app consumer spending, high smartphone penetration, and a relatively greater number of mobile application downloads. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 21.8% from 2021 to 2030. Asia-Pacific is an emerging region for the application modernization services market. Australia, China, Japan, and India are the major countries contributing to the growth of the application modernization services market in APAC.
Some of the key companies mentioned within the application management services industry are Amazon Web Services, Inc., Dell Inc., Google LLC, HCL Technologies, Infosys Limited, International Business Machines Corporation, Micro Focus, Oracle Corporation, SAP SE
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Based on vertical, the BFSI segment held the highest market share in 2020, accounting for nearly one-third of the global application management services market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the use of internet-based security solutions. Moreover, the government segment is projected to manifest the highest CAGR of 20.5% from 2021 to 2030. For the government sector in particular, the pressure to modernize has grown. This led to fastest growth rate of the segment.
Based on organization size, the SMEs segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global application management services industry, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 19.3% from 2021 to 2030, owing to increase in cyber threats at the network point and rise in BYOD policies.
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Covid-19 Scenario
● The outbreak of the Covid-19 pandemic led to the global lockdown, which compelled many business organizations to adopt remote working and work from home modes. As a result, organizations have turned to application management services to assist them in managing their software and cloud applications remotely.
● Moreover, with the increase in importance of application management services and solutions helping in the digitization process of many small and medium level enterprises, the application management services market is growing steadily.
● The application management services market is predicted to grow in the post-Covid era too.
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