Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Overview:
Market Research Future (MRFR) has published a research report on the global application modernization services market that anticipates growth for this market during the forecast period between 2017 and 2023. In terms of cash, this market is expected to be worth US $ 20 bn.
The global Application Modernization Services Market was analyzed by Market Research Future (MRFR) and projected to experience notable CAGR will be attained by the market over the forecast period of 2018 to 2023
Factors Inspiring the Market
In the bid to stay competitive in today’s tech-driven economy, numerous companies strive create new value from existing applications, where application modernization comes into play. In other words, application modernization is a savvy way to modernize existing applications in a cost-effective and efficient way. As companies encounter issues maintaining outdated systems which is both time-consuming and expensive, growing number of businesses are choosing to make the move to this service. The benefits offered by this system include network being more productive and responsive, easy migration, re-engineering and re-hosting. Adoption of cloud computing in the application modernization strategy has given the global market the necessary push, resulting in massive market expansion globally. Another factor affecting the market size is the growing realization amongst businesses across the globe that legacy applications have huge amounts of knowledge embedded in them and cannot be just thrown away. This fact has primarily fuelled the demand for application modernization services across the globe.
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Key Players:
Some of the other highlighted players in the global application modernization services market include Cognizant Technology Solutions Corp (U.S.), Micro Focus International Plc. (U.K), Apps Associates LLC (U.S.), IBM Corporation (U.S.), Capgemini SE (France), NTT DATA, Inc. (U.S.), BDO IT Solution (Canada), Wipro Limited (India), Dell Inc. (U.S.), Macrosoft Inc. (U.S.), Cyber Infrastructure Pvt. Ltd (India), Asysco Software B.V (The Netherlands), DSRC Private Limited (India), and others.
Segmentation:
The global application modernization services market has been segmented on the basis of industry vertical, organization size, type, and lastly, region. Based on industry vertical, this market has been segmented into banking & financial services and insurance (BFSI), government, Information Technology (IT) & Telecom, healthcare, manufacturing, media & entertainment, retail, and others. On the basis of organization size, the market has been segmented into small and medium enterprises. By type, the market has been segmented into application integration, application portfolio assessment, application re-platforming, cloud application migration, post-modernization, and user interface modernization.
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Mapping the Global Market:
The regional segmentation of the global application modernization services market segments the market into the continent-based regional markets namely North America, Europe, Asia Pacific and rest of the world (RoW). According to the report, the biggest regional market is in North America, and it will retain its crown during the forecast period. North America has the highest technological advancement, faster implementation of cloud services, and the fastest internet that can boost the market growth. In this region, the key country-specific markets are the United States of America (USA), Canada, and Mexico.
After North America, Europe has the highest technological advancement. And its population is more than North America. Therefore, it is an important market. The most important country-specific markets in this region are France, Germany, and the United Kingdom (UK). During the forecast period, the Asia Pacific is likely to witness the highest growth rate due to many existing and emerging enterprises in India which is one of the leading hubs for IT services and solutions. Therefore, many Indian enterprises are also providing application modernization services in and outside the country. Other significant country-specific markets in this region are China and Japan, followed by the rest of the Asia Pacific region.
RoW segment covers Latin America and Middle East & Africa (MEA) region. In Latin America, the market may not be as big as North America, but it is stable. The stable economies in this region that have the potential to emerge as lucrative markets are Argentina and Brazil. In the MEA region, the market is small and limited. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability.
Head-to-Head
The General Services Administration (GSA), has issued a notice seeking contractors for application moderniazation services. The GSA is looking to upgrade the payroll systems which serve over 2 million civilian federal employees. GSA hopes to shift it's operations and maintenence of payroll functions , work schedule and leave managment systems to an innovative commercial solutions by using Software as a Service (SaaS).
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