Fast Facts: What’s Forcing App Management Market’s Value To Triple?
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
Hey, you’ve got enterprise apps! Congrats! Now it’s time to manage them properly.
According to a new study by MarketsandMarkets, the application management market value is expected to nearly triple in less than half a decade, jumping from $10.67 billion in 2017 to $27.83 billion in 2022, with a CAGR of 21.2%.
See related: Who’s In Charge Of The Mobile App Lifecycle?
But what’s behind the major push?
Several factors, the report showed, including the need for business agility, accelerated time-to-market, emergence of BYOD, and proliferation of mobile devices. Additionally, the Banking, Financial Services, and Insurance (BFSI) industry is expected to grow quickest during the forecast period.
“This sector is accelerating its digital transformation strategy by implementing new technologies and modernizing its existing applications,” the study said. “The BFSI vertical mainly faces regulatory compliance difficulties, challenges to attract new customers, and increase customer profitability. To address this challenge, the enterprises are emphasizing on application management solutions and services. The major part of the BFSI IT spending is utilized for the IT infrastructure maintenance and running the existing technology; to reduce this expense, the enterprises are adopting the application management services at a higher rate.”
Enterprise Mobility Exchange will be hosting a week-long event, March 19 to March 23, titled “What’s Your ‘App’etite? Winning With Enterprise Apps” with individual, daily webinars focused on different subtopics of the mobile application movement. Find out more about the event and how you can take part here.
Have more Fast Facts? Share them with editor Jason Koestenblatt by emailing firstname.lastname@example.org. Get more news and industry analysis directly to your inbox from Enterprise Mobility Exchange by signing up for our newsletters here.