Application management revenue to reach $21.5bn across APAC
Application management revenue in the Asia Pacific region is set to reach US$21.5bn in 2024, according to new figures realeased by GlobalData.
An increasing number of enterprises are adopting innovative strategies such as digital sales, marketing and services tools to have a differential competitive advantage. According to the data and analyst firm, these efforts are expected to result in the increased demand for services related to enterprise applications.
GlobalData forecasts growth in process automation, adoption of Industrial IoT amongst enterprises and upscaling of existing applications to drive growth in the revenue of applications management across APAC, primarily led by China, Japan and India, which will account for approximately 68% of the total revenue of the region in 2024.
"With all the applications being sought by enterprises primarily focused around customer-centricity and service efficiency, application management will be among the primary requirements of enterprises," explains Shamim Khan, senior technology analyst at GlobalData.
"With the growing demand of applications like digital payments/digital wallets and e-commerce platforms, the demand for applications across various verticals will, in turn, require discrete management capabilities, as the enterprises continue to pursue agile operating strategies," he says.
According to GlobalData, the banking sector, which is highly customer centric, continues to expand in emerging markets across Asia-Pacific.
With a focus on enhancing customer loyalty and differential brand position to offer seamless customer experience, banks seek enterprise applications that are flawless and regularly track and monitor the enterprise systems, the company says.
For instance, RBL bank in February 2019 selected Finacle Assure on Amazon Web Services (AWS) of Infosys for the management of enterprise-wide information technology (IT) infrastructure and applications.
High productivity, easy installation, optimisation of supply chain management, running efficient administrative work and less human intervention in process management will be more in demand in manufacturing vertical.
With the adoption of the Smart factories approach, application management will be an essential requirement in manufacturing vertical enterprises. For instance, Grasim Industries Ltd Chemical Division Nagda Grasim selected JSM Training Management Software for automating its key training processes like training programs, nomination workflow, TNI and training calendar.
"Digitalisation continues to pave the way for the adoption of application technologies and is likely to take centre stage for all application development, says Kahn.
"It is a noteworthy fact that application adoption, along with management and performance monitoring matrix, will continue to be crucial areas for enterprise-wide acceptance and usage, which will grow and evolve with technology enhancements."