Application Management Services Market to Experience an Impressive Growth of 21.2% During 2017- 2022

MarketsandMarkets expects the global Application Management Services Market size to grow from USD 10.67 billion in 2017 to USD 27.83 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.2%. The major drivers of the application management services market include the need for business agility and accelerated time-to-market, adoption of cloud computing, emergence of Bring Your Own Device (BYOD), and proliferation of enterprise mobile applications.

The application management services are expected to introduce emerging technologies, such as machine learning, Artificial Intelligence (AI), and a new generation of intelligent application management services, which would be capable of imbibing human-like reasoning while analyzing a problem, and would offer proactive alerts and help with efficient root cause analysis.

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The scope of this report covers the application management services market analysis by service, organization size, vertical, and region. In the services segment, the application security is expected to grow at the fastest rate as vulnerabilities have become more complex and sophisticated, which has further increased the demand for the application security, to cater to the challenges posed by security threats.

In the organization size segment, the Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the fastest rate, owing to the increase in adoption of the lift-and-shift migration strategy that results in decreased Operational Expenditure (OPEX) and improved business efficiency. In the verticals segment, the retail and eCommerce segment is expected to grow at the fastest rate, as the retailers are migrating their application landscapes toward more flexible and scalable platform to bring efficiencies and optimize their operating costs.

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As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to the increased adoption of application management services and cloud computing. Companies in this region are migrating their core business applications to new cloud platforms to save cost. The major countries that are expected to witness high growth rates in this region include China, Japan, Singapore, Australia, New Zealand, and the rest of Association of Southeast Asian Nations (ASEAN) countries.

Key market players profiled in this report are Accenture (Republic of Ireland), Atos (France), Capgemini (France), Cognizant (US), Fujitsu (Japan), DXC (US), HCL (India), IBM (US), Wipro (India), and Tech Mahindra (India). These players offer application management services catering to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships, agreements, and collaborations have been the major growth strategies, followed by mergers and acquisitions.

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