To increase the customer base, business organizations need to develop and provide a higher level of services in order to ensure user satisfaction. Therefore, to improve business workflow efficiency and effectiveness, the use, as well as the market for application management services (AMS), is increasing. Market Research Future (MRFR) has published a research report on the global application management services market that estimates expansion for this market at 22% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The most important factor creating the need for the global application management services and thus, the growing market for the same is the need for effective business applications that can improve and support business workflow. Other factors that can help the market growth include rapid development in information technology (IT) infrastructure, increase in mobile applications, increase in Bring Your Own Devices (BYOD) in the business organizations, and increasing demand for management services for the hardware, software, and lastly, services. Lastly, business enterprises are increasingly evolving with advanced business applications that are helpful strategies as per the requirements of end-users. However, the market growth can face hurdles due to high investments in application security and an increase in IT applications expenditure budget.
The global application management services market can be segmented on the basis of deployment, end-user, organization size, service-type, and lastly, region. The deployment-based segmentation segments this market into on-cloud deployment and on-premises deployment. Based on end-users, the market can be segmented into banking, financial services and insurance (BFSI), energy & utilities, government, healthcare, IT & telecom, healthcare & life science, manufacturing, and retail & e-commerce.
Regarding organization size, the market can be segmented into small & medium enterprises (SMEs) and large enterprises. By service-type, the market has been segmented into consulting services, database management, modernization services, support & maintenance, and system integration.
The regional segmentation of Application Management Services Market Covid 19 has segmented the market into regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). During the forecast period, significant growth has been presumed for the market in North America as the USA and Canada are technologically advanced countries. Many key market players are based in North America.
Substantial growth is also expected in the European market due to the presence of many key players in this region and increasing adoption of cloud services. Maximum market growth in this region is expected in France, Germany, and the UK.
During the forecast period, the fastest market growth is expected in the Asia Pacific region due to increased investment from advanced economies to boost SMEs. The key country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
The RoW segment lists Latin countries and the Middle East & Africa (MEA). In the MEA region, the market is limited due to most countries being poor, lack of infrastructure, lack of awareness, lack of advanced technology, lack of education, and lack of skilled professionals. The market comprising of Latin countries is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two vibrant economies that have the potential to rise as lucrative markets in the future.
The key players in the global application management services market include Accenture (Ireland), Atos (France), Capgemini (France), Cognizant (USA), Dell Inc. (USA), Deloitte (USA), DXC (USA), Fujitsu (Japan), HCL (India), IBM (USA), Infosys (India), Neoris (USA), Optimum Solutions (Singapore), Oracle Corporation(USA), SAP(Germany), Sierra-Cedar Inc. (USA), Tech Mahindra (India), and Wipro (India).
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