The global application transformation market size is expected to reach USD 17.95 billion by 2027, according to a recent report by Grand View Research, Inc. Application transformation is a process of modernizing dated applications in an organization and move them to the cloud to meet the current standards so that these applications can meet requisite governance and compliance. This transformation helps the IT department tackle the growing use of social media and mobile computing in an organization. Some of the common services under application transformation include cloud application migration, UI modernization, portfolio evaluation of applications, post-modernization among others.
Transformation of applications helps business-critical programs to remain relevant and compatible with current user expectations mainly by incorporating technology such as cloud and big data, as well as DevOps principles and agile development. By switching from “legacy apps” to “always improving apps,” enterprises are able to retain their competitive advantage, drive progress, and stay agile as systems shift.
Application modernization helps to save money and increase operational performance through automation and productivity improvements. Using Smart Automation and Artificial Intelligence (AI) technologies, applications can be created, tested, and managed easily. In addition, the growing adoption of the subscription-based model introduced by the service providers has provided flexibility for various businesses to expand to their full potential.
The application transformation market is segmented on the basis of type, enterprise size, end-use. The application integration segment led the market and accounted for more than 28% of the global revenue share in 2019. This growth can be attributed to the increasing need to merge the obsolete applications and databases with a new version of applications. The application integration enables smooth synchronization between applications which enables them to share data seamlessly. Owing to the increasing need to replace the dated legacy code of enterprise software solutions coupled with harnessing the benefits of technological advancements such as data analytics, and growing adoption of cloud computing is expected to foster the growth of application modernization in the coming years.
The large enterprise segment held the global market share of over 60% in 2019. Earlier large enterprises were using cloud computing to develop applications and rehosting infrastructure. But with the growing popularity of application transformation, these large enterprises are now using the cloud to modernize their business applications’ other processes. These enterprises are the biggest adopters of the application transformation market due to their lower operating costs, increased efficiency, and several other factors.
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Recent Trends and Developments:
- In April 2020, Tech Mahindra Ltd. announced its collaboration with IBM to help businesses transform their operations and accelerate their hybrid cloud strategies. Tech Mahindra will help clients migrate core business applications to the IBM public cloud using IBM Cloud Paks.
- In July 2020, Vanguard an American investment management company announced its partnership with Infosys to digitally transform the company’s operations. According to the company, the partnership would deliver a technology-driven approach to plan administration and fundamentally reshape the corporate retirement plan experience for its sponsors and participants. Through this partnership, Vanguard will provide a cloud-based record-keeping platform to help deliver better outcomes for nearly five million participants and 1,500 sponsors.
In March 2020, Tech Mahindra announced to partner with Innoveo, a Zurich based technology software provider, to drive digital transformation in insurance banking and wealth management. Through this partnership, both companies will leverage No-Code Platforms to accelerate the launch of custom-built applications for their collective network of clients without software coding in real-time across all banking, wealth management, and insurance sectors.
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List of Key Players of Application Transformation Market
HCL Technologies Ltd.
Micro Focus International PLC
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