LONDON, Nov. 30, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company's research on the application management services market, the high demand for mobile apps is expected to propel the growth of the application management services market. Mobile apps refer to the kind of software intended for use on a mobile device, like a tablet or smartphone. Application management services help mobile apps provide and control access to internally develop and commercially available mobile apps used in business settings. For instance, in October 2020, according to the data published by Sensor Tower, a US-based technology, information, and internet company engaged in mobile analytics and mobile data, in the third quarter of 2020, on Apple's App Store, consumer spending on in-app purchases, subscriptions, and premium apps increased by 31% to reach $19 billion, from $14.5 billion as compared to the previous year 2019. However, the number of app installations increased by 23.3% from 29.6 billion in 2020 as compared to 2019. Therefore, the high demand for mobile apps is driving the growth of the application management services market.
The global application management services market size is expected to grow from $23.44 billion in 2021 to $28.30 billion in 2022 at a compound annual growth rate (CAGR) of 20.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The application management services market is expected to grow to $59.68 billion in 2026 at a compound annual growth rate (CAGR) of 20.5%.
Strategic partnerships and collaborations are a key trend gaining popularity in the application management services market. The major players in the application management services sector are focused on partnerships and collaborations to sustain their market position. For instance, in May 2021, CapTech Consulting, a US-based IT services and consulting company, partnered with Workday, a software development company, for Workday Application Management Services. This partnership enables advanced technology integration along with data insight and change management. With Workday Financial Management and Workday Human Capital Management, Workday AMS enables Captech to offer continuing functional, technical, and administrative assistance to clients in production (HCM).
The global application management services market segmentation is categorized by services type into application portfolio assessment, application security, application modernization, web and mobile, cloud application migration, other service type; by deployment type into on premise, cloud; by organization size into small and medium enterprises, large enterprises; by industry vertical into telecom and information technology (IT), banking, financial services and insurance (BFSI), healthcare, retail and ecommerce, government and defense, manufacturing, other industry vertical.
Major players in the application management services market are Accenture plc, Fujitsu Limited, IBM Corporation, DXC Technology, HCL Technologies, Wipro Limited, Atos, Capgemini SE, Cognizant, Tech Mahindra, Dell, Infosys Limited, Oracle Corporation, SAP SE, Deloitte Touche Tohmatsu Limited, Amazon Web Services, Google LLC, Larsen & Toubro Infotech Limited, Micro Focus International plc, Optimum Solutions and Neoris.
North America was the largest region in the application management services market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the application management services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Application Management Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide application management services market forecast size and growth, application management services market segments, application management services market trends, drivers and restraints, leading competitors' revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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