Application modernization services segment is expected to hold the largest market share during the forecast period
Due to the increasing number of applications and accelerated time-to-market, the enterprises are focusing towards the modernization of their applications. The modern-day application modernization services include reintegration, replatforming, rehosting, reengineering, interoperability, and replacement. The application modernization services offer the enterprises with benefits, such as faster time-to-market, increase in the productivity, higher application performance gain, and increased operational efficiency. Owing to these benefits, the deployment of application modernization services is higher in the application management market.
Banking, Financial Services, and Investment (BFSI) vertical is expected to hold the largest market size during the forecast period
The BFSI vertical is expected to hold the largest market size during the forecast period, owing to the rapid increase in online transactions and trading. The risk level in the BFSI sector is always high as it deals with the critical financial data. This sector is accelerating its digital transformation strategy by implementing new technologies and modernizing its existing applications. The BFSI vertical mainly faces regulatory compliance difficulties, challenges to attract new customers, and increase customer profitability. To address this challenge, the enterprises are emphasizing on application management solutions and services. The major part of the BFSI IT spending is utilized for the IT infrastructure maintenance and running the existing technology; to reduce this expense, the enterprises are adopting the application management services at a higher rate.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of most of the large application management service providers, and stringent data security regulations and compliance. These enterprises are modernizing their legacy applications and migrating to cloud environment. The US and Canada are leading in the number of applications deployed globally.
Major vendors covered in the application management services market include Accenture (Republic of Ireland), Atos (France), Capgemini (France), Cognizant (US), Fujitsu (Japan), DXC (US), HCL (India), IBM (US), Wipro (India), and Tech Mahindra (India).
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