According to a recent report published by Allied Market Research, titled, “Application Management Services Market by Service, Organization Size, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030,” 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
Consumer trends have been evolving over the last few decades, and in recent years with a considerable transition toward online procurement of goods and services. During the COVID-19 lockdowns, the world saw an increase in consumer internet buying needs. E-Commerce retailers noticed their sales rose by more than 15% in the United States alone. Furthermore, compared to the previous year, online retail sales in European nations climbed by more than 30% than in 2019. This growing e-commerce trend is motivating many organizations and enterprises to expand their online services portfolio, which is expected to drive the application management services market analysis as companies employ application management services vendors to help them better manage their applications and provide better services to their customers.
In 2020, the global application management services market size was dominated by the Application Portfolio Assessment, and is expected to maintain its dominance in the upcoming years. Increasing adoption of advanced software functionalities in business applications to increase business efficiency is expected to drive the growth of the application modernization services market. Companies are investing in advanced technologies to maintain their technological growth with changing customer demands.
Within the application management services market trends, application security segment is estimated to emerge as fastest growing segment, Mobile and cloud-based computing technology have drastically changed the business scenario. Currently, most of the company use software applications to carry out their business process, for example, the company’s such as Amazon highly depend on online websites and mobile applications to sell a wide range of products to consumers.
Strong in-app consumer spending, high smartphone penetration, and a relatively greater number of mobile application downloads have collectively ensured a high market share. The U.S. is expected to emerge as a lucrative market for mobile games application in terms of in-app payment, paid mobile games, and rapidly increasing user base of mobile apps in the country.
The COVID-19 pandemic brought a wave of data breaches and cyber-attacks that targeted both SMEs and large enterprises. According to a report published by software firm Constella Intelligence, the healthcare sector alone witnessed a more than 51% increase in the number of reported data breaches in the year 2020. A similar pattern is being noticed in other industrial sectors as well. Many new firms were concerned about upgrading or adopting digital infrastructure for their organizations, which hampered the growth of the application management services market during the period. Key industry players began to create stronger encryption techniques and algorithms in order to provide their consumers with a greater sense of security. IBM, for instance, provides end-to-end visibility for its application management services market forecast via their hybrid-cloud architecture. This provides a better level of openness and security.
Key Findings Of The Study
- By service, in 2020, the application portfolio assessment is expected to be the major shareholder. However, application security is expected to witness highest growth rate during the forecast period.
- On the basis of organization size, the SME accounted for the highest revenue in 2020, however, the large enterprise is expected to witness highest growth rate during the forecast period.
- Depending on end use, the IT and Telecom accounted for the highest revenue in 2020, however, the healthcare segment is expected to witness highest growth rate during the forecast period.
- Region wise, the application management services market trends was dominated by North America. However, Asia Pacific is expected to witness significant growth in the upcoming years.
Some of the key companies mentioned within the application management services industry are Accenture plc, Amazon Web Services, Inc., Dell Inc., Google LLC, HCL Technologies, Infosys Limited, International Business Machines Corporation, Micro Focus, Oracle Corporation, SAP SE