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Application Management Services market size will grow by $74.1 billion between 2024 and 2028, demand growth will drive the market, Technavio

Copyright 2024 PR Newswire. All rights reserved
19-06-2024

NEW YORK, June 19, 2024 /PRNewswire/ — The global size of the application management services market is expected to grow even further $74.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 28.81% during the forecast period. Growth in lead demand is driving market growth, with a trend towards widespread adoption of personal devices in the workplace. However, the longer implementation process poses a challenge. Key market players include Accenture Plc, Capgemini Service SAS, Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hexaware Technologies Ltd., Infosys Ltd., International Business Machinery Corp. ., Mercer LLC, Meteoriteinformatics Pte. Ltd., Mindtree Ltd., Mphasis Ltd., Resolute Technology Solutions Inc., Rimini Street Inc., ScienceSoft USA Corp., Tata Consultancy Services Ltd., Unisys Corp. and Wipro Ltd.

Technavio has announced its latest market research report entitled Global Application Management Services Market 2024-2028.

Get detailed analysis of regions, market segments, customer landscape and companies. View the snapshot of this report

Market size of application management services

Report Coverage

Details

Basic year

2023

Historical period

2018 – 2022

Forecast period

2024-2028

Growth momentum and CAGR

Accelerate with a CAGR of 28.81%

Market growth 2024-2028

$74.1 billion

Market structure

Fragmented

Year-on-year growth 2022-2023 (%)

21.99

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Carrying out a market contribution

North America at 41%

Most important countries

USA, China, Germany, Great Britain and India

Key companies profiled

Accenture Plc, Capgemini Service SAS, Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hexaware Technologies Ltd., Infosys Ltd., International Business Machines Corp., Mercer LLC , Meteorite Informatics Pte. Ltd., Mindtree Ltd., Mphasis Ltd., Resolute Technology Solutions Inc., Rimini Street Inc., ScienceSoft USA Corp., Tata Consultancy Services Ltd., Unisys Corp. and Wipro Ltd.

Market manager

The Application Management Services market is witnessing significant growth due to the widespread adoption of Bring Your Own Device (BYOD) policies in organizations. These policies improve connectivity and productivity, but also introduce security risks. To mitigate these risks, companies implement application management services. These systems simplify IT management and secure business information. Strict security policies and guidelines are also essential to ensure employee compliance. By striking a balance between productivity and security, organizations can maximize the benefits of BYOD while protecting their assets.

The application management services market is experiencing significant growth, with a focus on regulation, complexity and performance. Enterprises are looking for applications that can adapt to Devops and be deployed via the cloud. Older systems are being modernized to meet the demands of digital transformation. Microservices and APIs are becoming increasingly popular for building modern applications. Integration and testing are critical components of application management, ensuring seamless functionality and compatibility. Security is a top priority, with an emphasis on providing secure services to customers. Overall, the market is driven by the need for efficient, scalable and secure application solutions.

Research report provides comprehensive data on the impact of trends. For more details- Download a sample report

Market challenges

  • Application management services provide organizations with significant benefits, including improved efficiency and reduced IT costs. However, the investments required for implementation can be substantial and take longer than expected for SMEs. Errors in estimates can lead to failed implementations, which can lead to potential revenue losses. These risks may deter some SMBs from adopting application management services, especially those with limited financial resources. Consequently, longer implementation times could negatively impact market growth for application management service providers during the forecast period.
  • The Application Management Services market is facing several challenges in today’s technology-driven business landscape. A key challenge is the need to keep pace with the continuous evolution of technologies and applications. This requires an in-depth understanding of various technologies such as Microservices, Applicative Programming Interfaces (APIs) and DevOps. Another challenge is ensuring security and compliance with regulations such as HIPAA and GDPR. Furthermore, integrating and managing multiple applications and platforms can be complex. Businesses need expert help to optimize performance, maintain scalability, and deliver seamless user experiences. Using advanced technologies such as artificial intelligence and machine learning can help address these challenges and provide valuable insights for businesses.

For more insights on drivers and challenges – Request a sample report!

Segment overview

This application management services market report extensively covers the market segmentation by

  1. Type
  • 1.1 Discrete AMS
  • 1.2 Built-in AMS
  • End User
    • 2.1 Small and medium-sized enterprises
    • 2.2 Large companies
  • Geography
    • 3.1 North America
    • 3.2 APAC
    • 3.3 Europe
    • 3.4 Middle East And Africa
    • 3.5 South America

    1.1 Discrete AMS Discrete application management services allow organizations to align projects with business strategy and measure their impact on the overall portfolio. These services reduce risks, increase customer satisfaction and contribute to business success. Cost reduction and improved business processes are important market factors. Social media integration is a key trend, enabling real-time customer engagement and improved business results. The market for discrete application management services is expected to continue to grow due to the increasing demand for software applications and the need for enterprise competitiveness.

    To learn more about market segmentation with geographic analysis including forecast (2024-2028) and historical data (2017-2021) – Download a sample report


    Research analysis

    In the dynamic landscape of modern IT, Application Management Services (AMS) have emerged as a critical solution for organizations of all sizes, meeting the growing complexity of mobile applications and the increasing adoption of cloud computing. AMS providers provide expertise in licensing, implementation, and feature recommendation for next-generation technologies, including IoT services and cloud-based solutions. As application performance becomes a top priority, AMS vendors are helping organizations address the challenges of legacy systems and IT requirements. Java developers, skilled in Spring boot And Spring cloud, are often at the forefront of these efforts, ensuring seamless integration with Azure Spring Cloud and other microservices. However, the transition to advanced technologies is not without obstacles. Safety issues, resistance to change and integration issues can hinder the implementation of AMS. Regulatory compliance and minimal personalization are also essential considerations. Despite these challenges, the benefits of AMS such as improved performance, scalability and enhanced security make them an indispensable part of the IT infrastructure for companies embracing the future of technology.

    Market research overview

    The Application Management Services (AMS) market includes a range of offerings designed to help organizations effectively manage and maintain their software applications. These services include application support, enhancement, integration and consulting. AMS providers help customers maximize the value of their applications by addressing technical issues, implementing upgrades, and ensuring compliance with industry standards. Additionally, AMS can support digital transformation initiatives by enabling the integration of new technologies and applications. The market for AMS is driven by the increasing complexity of software applications and the need for organizations to maintain a competitive advantage.

    Table of contents:

    1. Summary
    2 Market landscape
    3 Market size
    4 Historical market size
    5 Five Forces Analysis
    6 Market segmentation

    • Type
    • End User
      • Small and medium-sized businesses
      • Large companies
    • Geography
      • North America
      • APAC
      • Europe
      • Middle East and Africa
      • South America

    7 Customer landscape
    8 Geographic landscape
    9 drivers, challenges and trends
    10 Business landscape
    11 Business analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and consulting company. Their research and analysis focuses on trends in emerging markets and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

    With more than 500 specialist analysts, Technavio’s report library consists of more than 17,000 reports, covering 800 technologies, across 50 countries. Their customer base includes businesses of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s extensive coverage, extensive research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive position within changing market scenarios.

    Contacts

    Technavio research
    Jesse Maida
    Media and marketing manager
    USA: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    Global Application Management Services Market 2024-2028

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    SOURCE Technavio