Dublin, June 17, 2019 (GLOBE NEWSWIRE) -- The "Application Transformation Market by Service (Cloud Application Migration, Application Replatforming, Application Integration), Organization Size, Vertical (Retail, Telecom, Government, Healthcare, Manufacturing) & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Global Application Transformation Market Size to Grow from USD 9.7 Billion in 2019 to USD 16.8 Billion By 2024, at a CAGR of 11.6%.

Major growth factors for the market include the need for a robust and agile environment to increase scalability and efficiency in the existing business landscape, high maintenance cost of existing legacy applications, and leveraging emerging technologies and increasing efficiencies of existing applications. These factors are expected to drive the global application transformation market. However, the complexity of legacy systems may limit market growth.

Major vendors in the global application transformation market 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).

SMBs segment to grow at a higher CAGR during the forecast period

SMBs are defined as entities with the number of employees below 1,000. The SMBs segment is the faster-growing segment in the organization size. They generally face 3 critical challenges namely, capital, skills and scalability, and management control. To overcome these issues, SMBs adopt the lift-and-shift migration strategy, which enables their businesses to scale and grow faster.

As per the Organization for Economic Co-operation and Development (OECD) data, 30%-60% of SMBs in OECD countries bring innovation in their ecosystem to grow faster. Instead of having less research and development (R&D) budget, SMBs are re-engineering their existing business process to meet the market demand.

Asia Pacific (APAC) to grow at the highest growth rate during the forecast period

APAC has the world's fastest-growing economies, and technology penetration in the region is high. As per the 2016 Cloud Readiness Index released by the Asia Cloud Computing Association (ACCA), APAC would lead the next wave of global innovation and technology. The region is expected to experience the highest growth during the forecast period.

The growth is expected to be driven by factors, such as increased spending on improving the infrastructure and the emergence of advanced and secure cloud-based solutions, tax reformation, smart cities initiatives, and the rise of the digital economy. The major countries that are expected to witness the high growth rates in the region include China, Japan, Singapore, Australia, New Zealand, and the rest of the ASEAN countries.

Key Topics Covered

1 Introduction

1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Competitive Leadership Mapping Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Application Transformation Market
4.2 Global Market Share of Top 2 Services and Regions
4.3 Market By Region
4.4 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for a Robust and Agile Environment to Increase Scalability and Efficiency in the Existing Business Landscape
5.2.1.2 High Maintenance Cost of Existing Legacy Applications
5.2.1.3 Leveraging Emerging Technologies and Increasing Efficiencies of Existing Applications
5.2.2 Restraints
5.2.2.1 Complexity of Legacy Systems
5.2.3 Opportunities
5.2.3.1 Modernization of Legacy Systems Offering Revenue Opportunities
5.2.3.2 Digital Transformation Driving Application Transformation
5.2.4 Challenges
5.2.4.1 Long Planning Process and Time Investment Required for Application Transformation
5.3 Use Cases
5.3.1 Fujitsu
5.3.2 Tech Mahindra
5.3.3 Atos
5.3.4 Micro Focus
5.3.5 HCL
5.3.6 Unisys

6 Application Transformation Market By Service
6.1 Introduction
6.2 Application Portfolio Assessment
6.2.1 Application Portfolio Assessment to Provide Important Information for Making Better Decision on Application Transformation Strategy
6.3 Cloud Application Migration
6.3.1 Increased Scalability and Business Agility, and Reduced Capital and Operating Costs to Drive the Growth for Cloud Application Migration Services
6.4 Application Replatforming
6.4.1 Application Replatforming to Grow at the Fastest Rate as Transforming of Applications Requires New Platforms
6.5 Application Integration
6.5.1 Application Integration Necessary for Organizations to Optimize Their It Landscapes and Gain Business Agility
6.6 UI Modernization
6.6.1 UI Modernization Service Gives A New and Better Experience to Legacy Applications
6.7 Post Modernization
6.7.1 24/7 Assistance and Relevant Skills to Address the Risk Application Replatforming to Drive the Growth of Post Modernization

7 Application Transformation Market By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Businesses
7.2.1 High Adoption of Lift-and-Shift Migration Strategy Leading to A Faster Growth Rate of the Small and Medium-Sized Businesses Segment
7.3 Large Enterprises
7.3.1 Large Enterprises Spending Significant Amounts to Migrate Their Legacy Applications to the Cloud

8 Application Transformation Market By Vertical
8.1 Introduction
8.2 Retail
8.2.1 Retailers to Adopt Innovative Technologies for Increasing Their Visibility and Presence in the Market
8.3 IT and Telecommunication
8.3.1 Need for Tailored Applications to Deliver A Hyper-Personalized Experience in IT and Telecom Vertical to Drive the Market Growth
8.4 Healthcare
8.4.1 Healthcare Vertical to Upgrade and Migrate Its Existing Applications to New Platforms and Technologies
8.5 Banking, Financial Services, and Insurance
8.5.1 BFSI Vertical to Accelerate Its Digital Transformation Strategy By Implementing New Technologies and Transforming Its Existing Applications
8.6 Government
8.6.1 Governments to Adopt New Technologies and Upgrade Their Legacy Applications By Migrating Them to New Environments and Open-Source Middleware Platforms
8.7 Manufacturing
8.7.1 Manufacturing Vertical to Migrate Its Existing Applications to New Open-Source Infrastructure for Getting Rid of Vendor Lock-Ins, Improving Agility, and Bringing Innovation in the Ecosystem
8.8 Others

9 Application Transformation Market By Region
9.1 Introduction
9.2 North America
9.2.1 Strong Government Vision and Huge It Spending in North America is Driving the Demand of Market
9.3 Europe
9.3.1 Strong Technical Expertise and Bigger It Budget is Driving the Market in Europe
9.4 Asia Pacific
9.4.1 APAC Growing Economies, and High Technology Penetration is Expected to Drive the Market
9.5 Middle East and Africa
9.5.1 MEA is Witnessing A High Technology Adoption and Strong Investments in the Ict Sector, Which is Expected to Drive the Application Transformation Market in Forecast Period
9.6 Latin America
9.6.1 Companies in the Region are Transforming Their Legacy Applications and is Expected to Drive the Market in the Forecast Period

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Dynamic Differentiators
10.2.3 Innovators
10.2.4 Emerging Companies
10.3 Ranking of Key Players
10.4 Competitive Scenario
10.4.1 New Product Launches and Product Enhancements
10.4.2 Partnerships, Collaborations, and Agreements
10.4.3 Mergers and Acquisitions

11 Company Profiles
11.1 Introduction
11.2 Atos
11.3 Tech Mahindra
11.4 Fujitsu
11.5 HCL
11.6 Cognizant
11.7 Pivotal Software
11.8 Accenture
11.9 IBM
11.10 TCS
11.11 Asysco
11.12 Unisys
11.13 Hexaware
11.14 Oracle
11.15 Micro Focus
11.16 Bell Integrator
11.17 Macrosoft

For more information about this report visit https://www.researchandmarkets.com/r/bl1el9

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