Westford, USA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, the global application modernization services market is poised for significant growth, primarily propelled by the escalating need for enhanced business agility and expedited time-to-market solutions. This demand stems from the ever-evolving business landscape, where adaptability and swiftness are paramount.
Browse in-depth TOC on the "Application Modernization Services Market"
- Pages - 157
- Tables - 95
- Figures – 76
Several key factors are driving the application modernization services market growth. The evolving business environment has increased demand for enhanced software functionalities to stay competitive and meet evolving customer expectations. This necessitates the modernization of existing applications to incorporate new features and capabilities.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 15.21 Billion |
| 2030 Value Projection | USD 52.27 Billion |
| CAGR | 16.7% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Application Modernization Services Market
- Accenture plc
- Atos SE
- Capgemini SE
- Cognizant Technology Solutions Corp.
- Fujitsu Ltd.
- HCL Technologies Ltd.
- IBM Corporation
- Infosys Limited
- Micro Focus International plc
- Mindtree Limited
- Mphasis Ltd.
- NTT Data Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Tech Mahindra Ltd.
- Unisys Corporation
- Virtusa Corporation
- Wipro Limited
- Zensar Technologies Ltd.
Telecommunications Segment is Expected to Grow in the Market Due to Rising Deployment of Modernization Services
Telecommunications sector, which spearheaded market expansion in 2022, is poised to continue its remarkable trajectory with the fastest anticipated growth in the application modernization services market. Several key factors underpin this projection.
The markets in North America indisputably maintain a commanding position in the application modernization services market. This dominance is poised to continue and potentially even strengthen in the future. Several factors contribute to this scenario, including the increasing adoption of advanced infrastructure, which forms a solid foundation for deploying modernization services.
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Emulation Segment is Expected to Dominate the Market Due to Increasing Recognition of the Critical Role
Emulation segment emerged as the dominant force in the application modernization services market, commanding a substantial share of approximately 45.43%. Nevertheless, the landscape is dynamic, and market dynamics are shifting. The Business rules extraction segment is poised to experience the most significant growth during the forecast period.
Regional markets in the Asia Pacific region are poised to undergo significant growth in the application modernization services market. Projections suggest that several key factors will drive this growth. Notably, substantial government investments in modernizing IT infrastructure within the region are expected to play a pivotal role.
A comprehensive analysis of the major players in the application modernization services market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Application Modernization Services Market
- Cognizant recently made a significant move in digital transformation by revealing its acquisition of TQS Integration, an Irish consulting firm renowned for its expertise in digital transformation services. This strategic acquisition aimed to bolster Cognizant's capabilities, particularly in the highly specialized domains of life sciences and manufacturing. By integrating TQS Integration's deep industry knowledge and digital transformation prowess into its portfolio, Cognizant aimed to offer tailored and innovative solutions to clients within these sectors, facilitating their journey towards greater operational efficiency and competitiveness.
- Recently, Atos unveiled its ambitious initiative with the launch of the Cloud-Native Development Factory. This innovative platform empowered organizations to modernize legacy applications and craft cutting-edge cloud-native solutions.
Key Questions Answered in Application Modernization Services Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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