Albany, NY -- (SBWIRE) -- 10/09/2018 -- Managed application services allow to successfully outsource complete application support for in-house installations and related third-party products. Application maintenance and support has become a major challenge owing to the constantly changing regulatory and technology landscape. Budget restrictions and organizational needs have forced several financial institutions to focus strictly on immediate needs. Thus, managed application services help shorten production cycles, reduce downtime and volatility, and improve ability to respond to changing business requirements. The end result is hassle-free application management and support. Application management services are customized to address specific business requirements. They also help evaluate the current environment and recommend best practices to maximize results from in-house installations. Additionally, managed application services comprise the process of registry software to a listed service level, providing upgrades, patching and configuration, performance management, as well as 24/7 monitoring speed issue identification and resolution.

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Rising demand for end-to-end application hosting services and increasing level of application infrastructure are key factors that are expected to drive the managed application service market. Furthermore, managed application services help businesses to operate efficiently under difficult circumstances such as large-scale IT deployments. Moreover, managed application services enable IT organizations to gain experience with outsourcing and help implement more extensive outsourcing strategies in the future. Managed application services help focus resources and efforts on designing and delivering world-class financial products and services to customers, instead of focusing on the management of the administration system. This is expected to boost the managed application service market. However, a lack of trust in third-party service providers and rise in concern about application data security are estimated to hamper the managed application service market.

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The global managed application service market can be segmented based on enterprise size, services, application type, end-use industry, and geography. In terms of enterprise size, the market can be classified into small and medium enterprises and large enterprises. The small and medium enterprises segment is projected to expand at a considerable CAGR due to the availability of cloud-based applications that have lower maintenance charges. Based on services, the managed application service market can be segregated into operational services, application service desk, application security and disaster recovery, application hosting, and application infrastructure. The application infrastructure segment can be further sub-segmented into web server and middleware. Based on application type, the market can be bifurcated into mobile applications and web-based application. The mobile application segment is projected to expand at a significant growth rate due to the increase in deployment and adoption of mobile applications. Based on end-use industry, the managed application service market can be split into telecom and information technology, banking financial services and insurance, healthcare, manufacturing, energy and utilities and others.

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In terms of geography, the global managed application service market can be segmented into North America, South America, Asia Pacific, Europe, and Middle East & Africa. The managed application service market in North America is anticipated to expand at a substantial growth rate during the forecast period. This is due to the increase in adoption of advanced technology and high focus on technology innovation in the region. However, Asia Pacific is expected to be a lucrative market for managed application service. This is due to the fact that governments in this region are adopting a mobile-first strategy to provide their citizens with better services. Additionally, most companies present in Asia Pacific are also encouraging the adoption of mobile applications. This is expected to propel the managed application service market in the region.