Application Transformation Market Size Worth $17.9 Billion By 2027: Grand View Research, Inc.
SAN FRANCISCO, July 16, 2020 /PRNewswire/ -- The global application transformation market size is expected to reach USD 17.95 billion by 2027, expanding at a CAGR of 10.4%, according to a new study conducted by Grand View Research, Inc. Growing digitalization initiatives among industries, rising penetration of cloud computing technology, and increasing demand for scalability are aiding the market growth. Moreover, the constant need to keep the applications updated with upcoming technologies and improve the Return on Investment (ROI) will also increase the utility of these services in coming years.
Application transformation helps enterprises to reduce the number of applications within an enterprise and move applications to the cloud so as to meet government regulations and update compliance. Moreover, application transformation solutions aid IT departments to address the social media usage in enterprises and growing use of mobile computing. Presently, the IT companies and vendors are collaborating and partnering to offer digital transformation solutions to the industries worldwide. For instance, in April 2020, Tech Mahindra Ltd., an IT services provider company, collaborated with IBM to form technology innovation centers to help digital transformation for its customers. The innovation centers will help address complex business problems across industries, including financial services, insurance, telecommunication, manufacturing, retail and healthcare. Moreover, Tech Mahindra Ltd. will assists its clients migrate its main business applications to the IBM public cloud utilizing IBM Cloud Paks.
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Read 109 page research report with ToC on "Application Transformation Market Size, Share & Trends Analysis Report By Type (UI Modernization, Cloud Migration), By Enterrise Size, By End Use (BFSI, Retail, IT & Telecom), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/application-transformation-market
Prominent vendors in the market such as IBM Corporation, Microsoft Corporation, and Accenture Plc., are instrumental in helping clients to plan their transformation journey with in-house services capabilities, application portability, and flexible pricing options. Moreover, the evolving technologies will aid in automating the operational and managerial processes, seamless integration capabilities, and improve overall customer experience. However, high implementation and management costs are some of the challenges that might impede the growth of the market over the forecast period. Besides, recent outbreak of COVID-19 disease across the world is likely to slow down the growth of the market temporarily.
Grand View Research has segmented the global application transformation market based on type, enterprise size, end use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc.
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