According to Future Market Insights, the application management services market is projected to witness significant growth, with an impressive compound annual growth rate (CAGR) of 8.6% expected between 2017 and 2022.
The expense of maintenance is rising at an alarming rate in the 21st century’s complex, ever-changing IT ecosystem. Specialists in application management possess the secret to overcoming obstacles by enhancing application performance and delivering better business outcomes.
Several different organizations that need to outsource the application management process offer application management services. The businesses offering this service have experience administering comparable applications for businesses in the same industry or in the field of information technology.
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The BFSI segment has the largest revenue share by industry segment at the end of 2017 and is expected to gain a substantial share in the future. An absolute dollar opportunity of more than US$ 7.4 billion is waiting to be tapped in the BFSI segment from 2017 to 2022. The maximum opportunity in the BFSI segment lies in North America, followed by Europe.
Healthcare is a vital segment that should require the services of application management services shortly. A high CAGR is anticipated in the healthcare segment and North America with its geriatric population and well-developed healthcare infrastructure might be critical in the long-run
The retail & consumer goods segment is poised to gain massive share over the forecast period and companies would do well to focus on this industry in the application management services market. Retail & consumer goods are predicted to grow past a value of US$ 18.8 billion by the end of 2022, making it large enough for all companies.
Strong economic growth in the APEJ region, largely riding on the shoulders of China and India, should lead to a retail boom in these dynamic, populous nations. Furthermore, these countries can be considered ‘mobile first’ or even ‘mobile only’ ensuring that they are perfect for application management service players to target with all guns blazing
IT & Telecom has a marginal revenue share in the application management services market but is on track to lose a significant share over the five-year forecast. North America is the only region in the IT & Telecom segment that could be worth more than US$ 2.2 billion by the end of 2022 even though a higher CAGR is estimated in both Japan and APEJ.
The government and engineering segments have a single-digit revenue share in the application management services market with the latter being slightly larger. However, the government segment may show marginal growth, and companies with a customized go-to-market strategy could well achieve success
Application Modernization and Application Testing Key to Success
- Applications need to be constantly updated to ensure that they have all the latest functions and capabilities post which testing is imperative. The application modernization has a revenue share of approx. a sixth of the services type segment in the application management services market at the end of 2017 and should gain a substantial share going forward. The application modernization is predicted to record an exponential growth rate over 10% from 2017 to 2022, making it very lucrative indeed.
- Application testing has a smaller revenue share but is equally if not more important than application modernization to ensure that any and every bug is nipped in the bud. Companies involved in application testing would do well to target North America and Europe as both regions are the largest in the application testing management segment by a considerable margin.
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Companies profiled in the application management services market
report include KPIT Technologies Limited, Hexaware Technologies Limited, Wipro Limited, Infosys Limited, CA Technology Inc., HCL Technologies, Capgemini SE, NTT DATA Corporation, IBM Corporation, and Accenture PLC
Close Battle Between System Integration Management and Application Outsourcing
- The application outsourcing management and system integration management segment have a similar revenue share in the application management services market with the former edging slightly ahead. The application outsourcing management segment is anticipated to have a value of almost US$ 20.5 billion by the end of the forecast period. North America is critical in the application outsourcing management segment.
- The CAGR in the system integration management segment is much lower in comparison and it is poised to lose market share for the foreseeable future. Along with North America, companies would do well to target Europe in the system integration management segment of the application management services market.
Application Management Services Market Taxonomy
Region:
- North America
- Europe
- Japan
- Latin America
- APEJ
- MEA
Services Type:
- System Integration Management
- Application Outsourcing Management
- Application Modernization
- Application Testing Management
- Cloud Application Management
- Other Services (Architecture management & support services)
Industry:
- BFSI
- Healthcare
- Retail & Consumer Goods
- IT & Telecom
- Government
- Engineering
- Automotive
- Manufacturing
- Other Industries
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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