According to Future Market Insights, the market for application management services is expected to grow at an impressive 8.6% CAGR 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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By industry segment, the BFSI segment had the highest revenue share at the end of 2017 and is predicted to continue expanding. In the BFSI sector, there is an untapped opportunity worth more than US$ 7.4 billion between 2017 and 2022. North America offers the most potential in the BFSI sector, followed by Europe. Healthcare is a crucial industry that will soon need the help of application management services. The healthcare sector is predicted to grow rapidly, and North America may be crucial in the long run due to its aging population and the advanced healthcare system.
Businesses in the application management services market would do well to concentrate on the retail and consumer goods category, which is expected to grow significantly in share during the projected period. By the end of 2022, it is expected to surpass a value of US$ 18.8 billion, making it big enough for all businesses. Strong economic growth in the APEJ area, which is mostly supported by China and India, should result in a boom in retail in these dynamic, populous countries. These nations can also be characterized as “mobile first” or even “mobile only,” making them ideal for firms in the application management service industry to pursue aggressively.
Although IT & Telecom has a small revenue share in the market for application management services, it is expected to lose a substantial amount of market share over the next five years. Even though a greater CAGR is anticipated in both Japan and APEJ, North America is the only region in the IT & Telecom segment that may be worth more than US$ 2.2 billion by the end of 2022. The market for application management services has a single-digit revenue share for both the government and engineering sectors, with the latter being slightly larger. However, the government sector may have modest growth, and businesses with a unique go-to-market approach may be successful.
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.
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.
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Application Management Services Market Taxonomy
Region:
- North America
- Europe
- Japan
- Latin America
- APEX
- META
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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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 based on Source, Application, Sales Channel, and End Use over the next 5 years.
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