11 Sep 2020
Posted in Technology
Application management revenue in Asia-Pacific to reach US$21.5bn in 2024, says GlobalData
An increasing number of enterprises are adopting innovative strategies such as digital sales, marketing and services tools to have a differential competitive advantage. These efforts are expected to result in the increased demand for services related to enterprise applications. Against this backdrop, application management revenue across Asia-Pacific (APAC) is estimated to reach US$21.5bn in 2024, says GlobalData, a leading data and analytics company.
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.
Shamim Khan, Senior Technology Analyst at GlobalData, comments: “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.”
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.
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.
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, optimization 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.
Ms Khan concludes: “Digitalization continues to pave the way for the adoption of application technologies and is likely to take center stage for all application development. 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.”