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.

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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.

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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