Future Market Insights projects that the application management services market is poised to record a robust CAGR of 8.6% from the period 2017 to 2022.
The expense of maintenance is continuing to rise at an alarming rate in the 21st century’s complex, ever-changing IT ecosystem. Specialists in application management possess the coming obstacles by enhancing application performance and delivering better business outcomes.
Several different firms that need to outsource the application management process provide application management services. The businesses offering this service have experience administering comparable applications for businesses in the same industry or the field of information technology.
- By industry segment, the BFSI segment had the highest revenue share at the end of 2017 and is predicted to continue expanding. Between 2017 and 2022, the BFSI sector will have an absolute dollar potential of more than US$ 7.4 billion. North America has 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 term due to its aging population and the advanced healthcare system.
Application Modernization and Application Testing Key for Success
Applications must be updated often to guarantee that they contain all the newest features, therefore testing becomes crucial thereafter. At the end of 2017, the application modernization market for application management services had a revenue share of almost a sixth of the services type segment and is expected to grow significantly in the future. From 2017 through 2022, the application modernization is expected to see exponential growth rates of more than 10%, making it a very profitable endeavor.
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