Application Transformation Market Insights, Trends | Global Industry Report, 2024 | MarketsandMarkets™
The global application transformation market size to grow from USD 9.7 billion in 2019 to USD 16.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.6% during 2019–2024. The emergence of cloud and big data technologies has taken the transformation process to a new and advanced level. The enterprises are striving to achieve a competitive advantage, which can be achieved with the application transformation process in place. The constant need to be updated with new technologies and enhance the Return on Investment (ROI) requires a scientific approach and agile methodology to mitigate the key risks and challenges involved in the existing legacy applications. These factors are expected to drive the global application transformation market.
The major application transformation market vendors include Atos (France), Tech Mahindra (India), Fujitsu (Japan), HCL (India), Cognizant (US), Pivotal Software (US), Accenture (Ireland), IBM (US), TCS (India), Asysco (Netherlands), Unisys (US), Hexaware (India), Oracle (US), Micro Focus (UK), Bell Integrator (US), and Microsoft (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global application transformation market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.
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Fujitsu is one of the leading players in the global application transformation market. The company is well-versed with current market trends and dynamics, and has aligned its services accordingly. Its partners include Original Equipment Manufacturers (OEMs), technology providers, cloud service providers, and system integrators. The partners enable the company to deliver its services across the globe. Additionally, the company adopts both organic and inorganic growth strategies, such as partnerships and new product launches, to enhance its solutions and expand its global presence. In line with its organic growth strategies, in December 2018, Fujitsu announced a new end-to-end enterprise transformation offering.
HCl is one of the major players in the application transformation market. HCL is well-versed with organizations’ need for reinventing their core legacy applications to achieve business excellence. The company focuses on advanced technologies, such as digitalization, analytics, cloud, security, Internet of Things (IoT), and automation, to deepen its breadth of offerings. To enhance organizations’ competitiveness in the digital transformation era, HCL has adopted the Mode 1-2-3 strategy. Mode 1 focuses on core services in a lean and agile manner. Mode 2 offers advanced technology services, such as cloud, IoT, and automation, to tap the high-growth opportunities in the market. Mode 3 ensures future-proof business by building innovative alliances within an ecosystem of strategic partners.
Related Reports:
Application Transformation Market by Service (Cloud Application Migration, Application Replatforming, Application Integration), Organization Size, Vertical (Retail, IT & Telecom, Government, Healthcare, Manufacturing), and Region - Global Forecast to 2024
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