Published Date: 28-Feb-2022
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According to a new report Global Application Management Services Market, published by KBV research, The Global Application Management Services Market size is expected to reach $57.1 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.
The Small & Medium Enterprises in the Global Application Management Services Market by Organization Size would dominate the market by 2027; thereby, achieving a market value of $30.9 billion by 2027. This is due the rise in the number of digital service provider start-ups that use digital applications to serve their customers. Furthermore, the growth of this segment is attributed to the increased number of small and medium sized enterprises as well as their determination toward fulfilling the demands of their customers.
The BFSI market is expected to witness a CAGR of 17.2% during (2021 - 2027). The growth of this segment is attributed to the increasing convenience in the field of monetary services which is further enhanced by application management services. Moreover, banks are now providing customers with applications that allow the customers to use banking and finance-related services at home. Hence, these factors are expected to fuel the growth of the segment over the forecasting period.
The Cloud market has high growth rate of 19.5% during (2021 - 2027). Cloud are installed on the server or any cloud platform of the service provider and accessed through web browser. It provides the enterprise with a remote access of the application management services while saves the energy cost.
The Application Security market shows high growth rate of 19.7% during (2021 - 2027). Mobile and cloud-based computing technology have drastically changed the business scenario. Currently, most companies use software applications to carry out their business process. For instance, Amazon highly depends on online websites and mobile applications to sell a wide range of products to consumers. This factor would become the key reason for expediting the growth of the application management services market.
The North America market region acquired maximum revenue share in 2020 in Global Application Management Services Market, thereby, achieving a market value of $20,434 million by 2027. The Europe market is expected to witness a CAGR of 17.4% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 20.2% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Accenture PLC, Fujitsu Limited, IBM Corporation, DXC Technology Company, HCL Technologies Ltd. (HCL Enterprises), Wipro Limited, Atos Group, Capgemini SE, Cognizant Technology Solutions Corporation, and Tech Mahindra Limited.
By Organization Size
By Industry Vertical
By Deployment Type
By Services Type
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