Portland, OR, April 21, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Europe Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Re-platforming, Application Integration, And UI Modernization, and Post Modernization Services), Deployment Mode (Private Cloud, Public Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry Vertical (BFSI, Healthcare, IT & telecommunications, Retail, Government & Public Sector, Energy & Utilities, Manufacturing, and Others): Europe Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the Europe application modernization services industry generated $2.14 billion in 2019, and is estimated to reach $6.60 billion by 2027, witnessing a CAGR of 15.1% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in demand for cloud computing, adoption of big data analytics software for leveraging benefits of big data, and need to replace legacy applications drive the growth of the Europe application modernization services market. However, lack of skilled IT workforce and constantly changing trends hinder the market growth. On the other hand, need for modernized infrastructure and digital transformation present new opportunities in the coming years.
Impact of Covid-19 on Europe Application Modernization Services Market:
- Owing to sudden lockdown imposed by governments, the implementation of application modernization services have been halted or slowed down in the European countries.
- With organizations adopting “work from home” culture, innovative cloud-based solutions have been adopted for ensuring data availability and agility along with updating business processes. So, the demand for application modernization services would increase post-lockdown.
- As businesses have realized the importance of agile methodology and cloud computing to continue business operations during pandemics, the demand would surge post-Covid-19 for business continuity and smooth remote working.
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The application re-platforming segment to maintain its leadership status by 2027
Based on services, the application re-platforming segment accounted for the largest share of the Europe application modernization services market in 2019, holding more than one-fourth of the total market share, and will maintain its leadership status during the forecast period. This is due to rapid application delivery and fast time-to-market along with faster networking speeds, scalability, and flexibility. However, the application portfolio assessment segment is projected to portray the highest CAGR of 19.8% from 2020 to 2027, owing to rise in need to help IT executives in setting effective and business-grounded rationalization programs, improvement in efficiency, and cost reduction.
The public cloud segment to maintain the dominant share throughout the forecast period
Based on deployment mode, the public cloud segment contributed to the highest market share of the Europe application modernization services market, accounting for nearly two-fifths of the total share in 2019, and is expected to maintain the dominant share throughout the forecast period. This is attributed to its lesser expensive nature for vendors to offer services such as data storage and software. However, the hybrid cloud segment is expected to grow at the fastest CAGR of 18.9% during the forecast period. This is due to its scalability, agility, and control over the critical data.
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Austria to grow at the fastest rate
Based on country, Austria is estimated to manifest the highest CAGR of 17.4% from 2020 to 2027, owing to implementation of advanced technologies to raise productivity and remodel existing applications. However, the U.K. contributed for the highest share in terms of revenue in 2019, accounting for more than one-fifth of the total share of the Europe application modernization services market, and will maintain its lead during the forecast period.
Market players grabbing the largest pie
- Accenture
- Aspire Systems
- Atos
- Bell Integrator
- Blu Age
- Capgemini
- DXC Technology Company
- HCL Technologies Limited
- IBM Corporation
- Micro Focus
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