Managed Application Services Market Is Estimated To Witness High Growth
Market Dynamics:
As mentioned in the heading, rising demand for cloud-based application management services is a key driver of market growth. Hosting applications through the cloud gives businesses lower upfront costs compared to maintaining in-house servers and IT staff. It also provides services on an as-needed basis, allowing companies to scale resources according to real-time business requirements. Another factor positively impacting the market is the increasing generation of digital data across organizations. Managing these complex data analytics and machine learning applications requires specialized expertise that is more efficiently provided through external managed application service providers. Outsourcing non-core responsibilities to managed service vendors has enabled businesses to focus on innovation. These dynamics are expected to rapidly expand demand in the forecast period.
Key Takeaways
The Global Managed Application Services Market Size is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of 21%.
North America currently dominates with a major share owing to advanced digital adoption and early vendor presence in the region. However, Asia Pacific is emerging as the fastest growing market led by countries like India, China and Japan that are undergoing massive digital transformation.
Key players operating in the Managed Application Services market are Fujitsu Limited, Mindtree Limited, IBM Corporation, Wipro Limited, Unisys Corporation, CenturyLink Inc., Virtustream Inc. and HCL Technologies Limited. The market sees increased merger and acquisition activities as large providers look to bolster capabilities and gain scale in fast evolving application management domains like enterprise resource planning, customer relationship management and unified communication. Service providers are enhancing offerings around new platforms such as cloud, mobility, analytics and internet of things to tap expanding commercial opportunities.
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