Redding, California, June 26, 2023 (GLOBE NEWSWIRE) -- Meticulous Research®—leading global market research company, published a research report titled ‘Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography - Forecast to 2030.’ According to this latest publication, the application modernization services market is projected to reach $40.2 billion by 2030, at a CAGR of 17.4% from 2023 to 2030.
Application modernization is the practice of updating older software for newer computing approaches, including newer languages, frameworks, and infrastructure platforms. This practice is also sometimes called legacy modernization or legacy application modernization.
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The growth of this market is driven by enterprises’ growing need for improved software features due to dynamic business environments, the rising demand for flexibility and scalability in legacy applications, and organizations’ growing inclination toward modernizing legacy applications with cloud capabilities. However, security and privacy issues associated with application modernization services and the lack of IT skills among employees restrain the growth of this market.
In addition, the existence of a large number of legacy and mainframe applications, the increasing focus on omnichannel integration, and the rising adoption of containerization to create and deploy applications faster and more securely are expected to create significant opportunities for market growth.
The application modernization services market is segmented based on type, deployment mode, sector, organization size, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
The key players profiled in the application modernization services market study are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), HCL Technologies (India), Capgemini (France), Atos (France), Infosys Limited (India), Cognizant (U.S.), Dell Inc. (U.S.), Fujitsu Limited (Japan), Bell Integrator Inc. (U.S.), Kyndryl Holdings, Inc. (U.S.), Accenture (Ireland), and Softura (U.S.).
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Based on type, the application modernization services market is segmented into application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services. In 2023, the cloud migration segment is expected to account for the largest share of the application modernization services market. The segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the benefits of cloud migration services, such as increased scalability, flexibility, remote collaboration, task automation, mobility, and data protection. Furthermore, growing networks of connected devices have led to massive data growth. As a result, the rising need for low-cost data storage solutions is projected to increase the use of cloud migration services.
Based on deployment mode, the application modernization services market is segmented into public cloud and private cloud. In 2023, the public cloud segment is expected to account for the larger share of the application modernization services market. The segment’s large share is attributed to the easy accessibility and cost-effectiveness of public clouds and small and medium-sized enterprises’ increasing migration to public clouds.
However, the private cloud segment is expected to record the higher CAGR during the forecast period. This segment's high growth is driven by organizations’ increased inclination toward private clouds due to enhanced data security and control over data backup and recovery and the rising adoption of private clouds among SMEs.
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Based on sector, the application modernization services market is segmented into BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors. In 2023, the IT & telecom segment is expected to account for the largest share of the application modernization services market. The segment’s large share is attributed to IT & telecom companies’ rising need to increase operational efficiency, improve customer experience, and move from mainframe to cloud platforms.
However, the BFSI segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the benefits of modernizing applications for BFSI organizations, such as fast and convenient transactions, reduced task complexity, Improved security and compliance, clients’ demand for speed and advanced capabilities, and rising concerns over data security and privacy.
Based on organization size, the application modernization services market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the application modernization services market. However, the small & medium-sized enterprises segment is expected to record the higher CAGR during the forecast period. The growth in this segment is driven by the rising need to modernize outdated applications, the ongoing digital transformation of SMEs, and the growing need for business agility, security, and scalability.
Based on geography, the application modernization services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the application modernization services market. North America’s large share is attributed to the region’s robust IT infrastructure, investments in digital infrastructure, and the existence of large enterprises.
However, Asia-Pacific is expected to record the highest CAGR during the forecast period. The growth of this market is primarily driven by rising investments in digital transformations, increasing acceptance of emerging technologies, rising IT spending across the region, increasing technology adoption across regional countries such as China, South Korea, Japan, India, and growing urbanization in developing countries in Asia-Pacific.
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Scope of the Report
Application Modernization Services Market, by Type
- Application Modernization Consulting Services
- Cloud Migration Services
- Application Replatforming Services
- Application Rehosting Services
- Application Rearchitecting Services
- UI/UX Modernization Services
- Application Containerization Services
Application Modernization Services Market, by Deployment Mode
- Public Cloud
- Private Cloud
Application Modernization Services Market, by Sector
- BFSI
- IT & Telecom
- Retail
- Media & Entertainment
- Healthcare & Life Sciences
- Government
- Manufacturing
- Transportation & Logistics
- Energy & Utilities
- Other Sectors
Application Modernization Services Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Application Modernization Services Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
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