PUBLISHER: Grand View Research | PRODUCT CODE: 1575220
PUBLISHER: Grand View Research | PRODUCT CODE: 1575220
The global application management services market size is expected to reach USD 121.75 billion by 2030, registering a CAGR of 20.2% during the forecast period, according to a new report by Grand View Research, Inc. The industry is expected to witness a steady growth owing to the increasing demand from the financial services sector and healthcare industry.
Application management services encompass a wide range of implementation and operational services that are vital to application maintenance, optimization, support and modernization, and migration. As the number of applications used and deployed by organizations is increasing continuously, the need to monitor and manage these services for business efficiency and continuity is driving the demand for application services across different industries.
Companies today make use of a myriad set of applications to address client needs, deal with numerous stakeholders in the value chain, and keep abreast with the rapidly evolving technology landscape. These conditions have been augmented with the advent of new trends such as Internet of Things, cloud, and analytics, which are disrupting the traditional system models. Owing to these factors, the application management services are anticipated to witness a steady rise in demand over the years to come.
The application services market is quite mature, which can be attributed to the presence of many traditional service providers who are entrenched firmly in the market. As the technological adoption gains velocity in the industry, delivery models and service scopes are set to exhibit a dramatic change with Software as a Service and cloud deployments playing a significant role in the market.