The Business Research Company’s Application Management Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global application management services market is slated for significant expansion, with projections indicating growth from $27.72 billion in 2022 to $32.83 billion in 2023, at a notable compound annual growth rate (CAGR) of 18.4%. Despite the global economic setbacks resulting from the Russia-Ukraine war, the market is expected to surge to $63.93 billion by 2027, driven by the escalating demand for mobile apps and the rapid adoption of application management services across various industries.
Rising Demand for Mobile Apps Propels Market Growth
The substantial demand for mobile applications continues to drive the growth of the application management services market. With the proliferation of mobile devices and the increasing reliance on mobile apps for various business functions, effective application management services have become crucial for providing and controlling access to both internally developed and commercially available mobile apps. Recent data from Sensor Tower highlighted a 31% surge in consumer spending on in-app purchases, subscriptions, and premium apps on Apple’s App Store, reaching $19 billion in the third quarter of 2020. Concurrently, the number of app installations witnessed a 23.3% increase from the previous year. These figures underscore the burgeoning demand for mobile apps, thus propelling the growth of the application management services market.
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Key Players and Market Trends
Distinguished players in the application management services market, including Accenture plc, IBM Corporation, and Wipro Limited, continue to drive market growth through their robust services and strategic collaborations. The emergence of strategic partnerships and collaborations has gained momentum in the market, with leading players actively pursuing partnerships to enhance their market position and extend their service offerings. Notably, the partnership between CapTech Consulting and Workday, announced in May 2021, highlights the focus on advanced technology integration and comprehensive support services, ensuring streamlined functional, technical, and administrative assistance for clients.
Application Management Services Market Segments:
• By Services Type: Application Portfolio Assessment, Application Security, Application Modernization, Web and Mobile, Cloud Application Migration, Other Service Types
• By Deployment Type: On-Premise, Cloud
• By Organization Size: Small and Medium Enterprises, Large Enterprises
• By Industry Vertical: Telecom and Information Technology (IT), Banking, Financial Services and Insurance (BFSI), Healthcare, Retail and eCommerce, Government and Defense, Manufacturing, Other Industry Verticals
Geographical Insights: North America Leads, Asia-Pacific Emerges as Fastest-Growing Region
North America currently holds the largest share in the application management services market, while Asia-Pacific is anticipated to witness the highest growth during the forecast period.
Comprehensive insights into regional dynamics and market trends can be accessed through the complete report:
https://www.thebusinessresearchcompany.com/report/application-management-services-global-market-report
Application Management Services Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Application Management Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on application management services market size, application management services market drivers and trends, application management services market major players, application management services market competitors’ revenues, application management services market positioning, and market growth across geographies. The application management services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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