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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. This report spread across 114 Pages, Profiling 16 Companies and Supported with 44 Tables and 28 Figures is now available in this research.
Top Companies profiled in the Application Transformation Market include are 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), Microsoft (US).
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.
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.
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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.
Breakdown of primary participants’ profile:
- By Company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C level Executives: 35%,Director Level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
- To analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of the segments with respect to 5 main regions, namely, North America, Europe, APAC, MEA, and Latin America
- To define, describe, and forecast the application transformation market by services, organization size, vertical, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the application transformation market
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