PUNE, India, February 13, 2018 /PRNewswire/ --
According to a new research report "Managed Application Services Market by Service (Operational Services, Application Infrastructure and Service Desk, Application Security, Disaster Recovery and Hosting), Application Type, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is estimated to be USD 2.02 Billion in 2017 and is expected to reach USD 5.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period.
Browse 74 tables and 39 figures spread through 129 pages and in-depth TOC on "Managed Application Services Market"
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The major factors driving the growth of the Managed Application Services Market include the increasing demand for end-to-end application hosting services and the rising sophistication level of application infrastructure.
BFSI vertical is estimated to hold the largest market share in 2017
The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to have the largest market share in 2017 and is also expected to grow at the highest CAGR during the forecast period due to the adoption of omnichannel business models. The BFSI vertical's applications are very complex and have to support various third-party applications, complex business workflows, and the growing remote and mobile workforce. Moreover, the emergence of eWallets, unified payment interfaces, and payment gateways are expanding the business coverage.
SMEs segment is expected to grow at a higher rate during the forecast period.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher rate during the forecast period. This segment lacks in IT staff and have a limited IT budget. Hence, to cope with the latest technology trends, SMEs are partnering with managed application service providers for maintaining and developing business-critical applications.
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North America is expected to hold the largest market share during the forecast period.
In the global Managed Application Services Market by region, North America is expected to hold the largest market share, due to the high concentration of managed application service providers in this region. Furthermore, the companies in this region are well-versed with the cost benefits and business values that they would get on partnering with managed application service providers. Owing to such factors, enterprises in this region are growing rapidly and have a high demand for managed application services.
The major vendors covered in the Managed Application Services Market include BMC Software (US), CenturyLink (US), Fujitsu (Japan), HCL (India), IBM (US), SMS Management & Technology (Australia), Unisys (US), Virtustream (US), Wipro (India), YASH Technologies (US), Mindtree (India), and Navisite (US).
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