Application Service Management (ASM) Market Forecast and CAGR
Increasing demand for application management services such as application portfolio assessment, application modernization, web application security, cloud application migration, and application maintenance and support, is estimated to fuel the growth of the application service management (ASM) market during the forecast period.
Application service management (ASM) is offering various benefits such as increased performance, platform stability, business continuity, higher productivity, and better end-user experience, among others. The application service management (ASM) market is expected to enhance at a CAGR of 24.0% during the forecast period 2021-2031.
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What is Driving Demand for Application Service Management (ASM)?
The rising need for business agility and enhanced time to market is one of the major factor that drives the demand for the application service management (ASM) market. Growth in developments of BYOD and growth of mobile apps demand will robust mobile application service management market during the forecast period.
The increasing adoption of cloud computing and open-source technology and growing enterprise mobility developments across several organizations are producing new growth opportunities for application service management (ASM) solution providers.
It also offers different features such as load balancing, application acceleration, application performance monitoring, auto scaling, and others. The reliability of such benefits drives the growth of the application service management (ASM) market.
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What is the Impact of COVID-19 Pandemic Outbreak on Sales of Application Service Management (ASM)?
During the COVID-19 crisis, application service management (ASM) has a positive effect on business processes. The pandemic considerably offers various opportunities for the application service management (ASM) market as it enables industries provides significant platform ASM with industry-leading support and features.
There is an increasing demand for application service management (ASM) solution in various sectors such as banking, financial services, and insurance (BFSI), Government, telecom and IT, healthcare, retail and eCommerce, life sciences, energy and utilities, manufacturing, and others.
It offers various applications such as resource optimization, fast elimination of errors, long-term cost reductions, increased process quality, perfect documentation and reporting, and others.
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North America Application Service Management (ASM) Market Outlook
The US is one of the significant markets for application service management (ASM) globally. North America is expected to capture large market share in terms of revenue, in the application service management (ASM) owing to the rise in adoption of cloud computing technologies and the presence of various application service management providers in the region.
Furthermore, U.S. is the dominant country in the region market accounting for around 20%-30% of the market share in 2021. Governments in U.S. and Canada are focusing on building stronger defense systems for preventing the critical infrastructure from potential cyber-attacks.
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Europe Demand Outlook for Application Service Management (ASM)
The adoption of application service management (ASM) is expected to rise significantly across SMEs businesses across the Europe. Demand for application service management (ASM) solution is increasing due to the existence of a large number of legacy applications and increasing need to mitigate it security risks and advanced application management solutions across the Europe.
Some of the key players such as Atos, Capgemini SE, Accenture plc, and others are focused on increased adoption of web and mobile based application and ASM for business operations. As per analysis, Germany is recognized as a primary market, and is anticipated to continue exhibiting high demand for application service management during the forecast period.
Who are the Key Providers of Application Service Management (ASM)?
Some of the leading providers of Application Service Management (ASM) include
- Fujitsu Limited
- Tech Mahindra
- HCL Technologies
- International Business Machines Corporation
- Wipro Limited
- Capgemini SE
- Accenture plc
Providers of application service management have been focusing on introducing new and innovative Application Service Management solutions with including an advanced feature for different fields such as finance, insurance, retail, and professional services. For instance, in March 2021, HCL Technologies launched ASM 2.0 framework to transform application operations in the digital era.
- Application Modernization
- Application Integration
- Application Portfolio Assessment
- Web Application Security
- Application Security
- Mobile Application Security
By Enterprises Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By End-use Industry
- Banking, Financial Services, and Insurance (BFSI)
- IT and telecom
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- North Africa
- Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Application Service Management (ASM) Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.