Pune, Nov. 22, 2023 (GLOBE NEWSWIRE) -- “The size for Application Modernization Services Market, as per the SNS Insider report, was USD 15.3 billion in 2022, with a projected growth to reach USD 52.9 billion by 2030. The anticipated Compound Annual Growth Rate (CAGR) over the forecast period from 2023 to 2030 is 16.8%.”
Market Overview
Application modernization refers to the process of updating or transforming legacy applications to leverage contemporary technologies, architectures, and methodologies. This evolution is driven by the need to enhance functionality, improve user experience, and align with current business requirements. Modernization can involve various aspects, including but not limited to, re-platforming, re-hosting, re-architecting, or even re-engineering applications.
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Market Analysis
The rapid evolution of technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) is compelling businesses to modernize their applications to harness these capabilities. Organizations recognize the need to stay abreast of technological advancements to remain competitive in the digital era. Application modernization facilitates the optimization of resources, reducing operational costs and enhancing overall efficiency. The shift to cloud-based solutions often results in substantial cost savings, making modernization an attractive proposition for businesses seeking financial prudence. Legacy applications are often vulnerable to security threats, and maintaining compliance with evolving regulations can be challenging. Modernization allows organizations to implement robust security measures and ensures adherence to regulatory requirements, mitigating potential risks. The ability to swiftly adapt to changing market conditions is crucial for sustained success. Application modernization empowers organizations to respond rapidly to application modernization services market demands, launch new products or features quickly, and stay agile in an ever-changing business landscape.
Key Company Profiles Listed in this Report are:
The major players are HCL Technologies Limited, Oracle Corporation, Infosys Limited, DXC Technology Company, IBM Corporation, Cognizant, Accenture, Wipro, Tata Consultancy Services Ltd., Atos SE, and other players.
Application Modernization Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 15.3 Bn |
| Market Size by 2030 | US$ 52.9 Bn |
| CAGR | CAGR of 16.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regions/Countries | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Growing adoption of mobile services is one of the prime factors driving the development and popularity of the application modernization services market • The increasing use of artificial intelligence |
Key Takeaway from Application Modernization Services Market Study
- The Application Portfolio Assessment segment stands out as a pivotal force in the realm of application modernization. APA involves a meticulous evaluation of an organization's existing application portfolio, identifying redundancies, inefficiencies, and opportunities for enhancement.
- While cloud-based solutions have gained substantial traction, the On-Premises segment continues to play a crucial role in the application modernization services market. Many enterprises, especially those with stringent regulatory requirements or specific security concerns, prefer to keep certain applications on-premises.
Recent Developments
- In a strategic move to empower Managed Service Providers (MSPs) and tap into the growing demand for cloud-native applications, Nethopper has officially launched its Partner Program. This initiative is set to provide MSPs with a comprehensive framework and support system to capitalize on the opportunities presented by the flourishing realm of cloud-native applications.
- Kyndryl has introduced a suite of Cloud Native Services. This announcement comes at a time when businesses are actively seeking innovative solutions to transform and optimize their applications for the digital era.
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Market Dynamics Analysis
“Increasing User-Centric Focus and Technological Advancements”
In the rapidly evolving landscape of technology, the application modernization services market is witnessing dynamic shifts driven by a multitude of factors. The primary driver propelling the demand for modernization services is the pressing need for businesses to stay competitive in an increasingly digital world. Companies are recognizing the imperative to upgrade and transform their legacy applications to harness the full potential of emerging technologies such as cloud computing, artificial intelligence, and the Internet of Things. This drive is further fueled by the demand for enhanced scalability, agility, and efficiency in business operations. However, amidst the promising landscape, several challenges and restraints are encountered. Legacy systems often pose a significant hurdle, as their inherent complexity can impede the modernization process. Integration issues and concerns about data security and compliance also contribute to the hesitancy in adopting modernization services.
Application Modernization Services Market Segmentation:
By Deployment Mode
- Public Cloud
- Private Cloud
By Service Type
- Application Integration
- Application Portfolio Assessment
- Cloud Application Migration
- UI Modernization
- Application Re-Platforming
- Post-Modernization
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Industry Verticals
- Energy and Utilities
- IT and ITeS
- Retail and Consumer Goods
- Government and Public Sector
- Manufacturing
- BFSI
- Telecommunication
- Others
Key Regional Developments
The North American region stands at the forefront of the application modernization services market, owing to its robust technological infrastructure and the early adoption of digital transformation strategies by enterprises. In Europe, the market is characterized by a diverse landscape of industries embracing digital transformation. Countries like the United Kingdom, Germany, and France are witnessing a paradigm shift in legacy system upgrades. The Asia-Pacific region is emerging as a key player in the global market. Rapid industrialization, coupled with a burgeoning startup ecosystem, is driving the demand for modernization solutions. Countries like India and China are witnessing significant investments in IT infrastructure, with enterprises looking to modernize their applications to stay competitive on a global scale.
Impact of Recession on Application Modernization Services Market Growth
The ongoing recession has undeniably influenced the dynamics of the application modernization services market. The recession has triggered a reevaluation of IT budgets across industries. Organizations are compelled to prioritize essential services, leading to a strategic shift in their approach to application modernization. Cloud computing has emerged as a pivotal player in mitigating the impact of the recession on application modernization. Organizations are increasingly migrating to cloud-based solutions to reduce capital expenditures and improve operational efficiency. This shift not only facilitates remote work but also ensures scalability, security, and accessibility – crucial factors in the current economic climate.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Application Modernization Services Market Segmentation, By Deployment Mode
9. Application Modernization Services Market Segmentation, By Service Type
10. Application Modernization Services Market Segmentation, By Organization Size
11. Application Modernization Services Market Segmentation, By Industry Verticals
12. Regional Analysis
13. Company profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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