New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Application Modernization Services Market Information by Vertical, Deployment Type, Application, and Region - Forecast till 2030”, Application Modernization Services Market could thrive at a rate of 16.80% between 2022 and 2030. The market size will be reaching around USD 24.9 billion by the end of the year 2030.
Market Synopsis:
As companies increasingly rely on digital technologies to operate, the need to modernize their legacy systems and applications has become a critical aspect of their digital transformation journey. Application modernization services refer to the process of updating and upgrading existing applications to align them with current business needs, improve performance, and increase efficiency. The services can include various techniques, such as refactoring, rehosting, rearchitecting, and rebuilding applications.
The application modernization services market has been growing rapidly in recent years, driven by the need to optimize legacy applications, reduce costs, and enhance the customer experience. Companies across various industries are adopting modernization services to improve their agility and competitiveness in the digital era. Additionally, the increasing adoption of cloud-based technologies and the rise in demand for digital transformation initiatives have further boosted market growth. The application modernization services market is expected to continue growing in the coming years as organizations seek to modernize their IT infrastructure and leverage emerging technologies, such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), to drive innovation and growth.
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Market Competitive Landscape:
The affluent companies in the Application Modernization Services industry include:
- Wipro
- Virtusa
- IBM
- Capgemini
- Software
- Aspire Systems
- Oracle
- DXC Technology
- NTT Data
- Accenture
- HCL
- Bell Integrator
- Dell
- Cognizant
- Blu Age
Scope of the Report - Application Modernization Services Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 24.9 Billion |
| CAGR during 2022-2030 | 16.80% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | The existence of large legacy systems can lead to high growth opportunities. |
| Key Market Dynamics | The need for enhanced software will drive demand for the application modernization services market. |
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Market Segmentation:
- By Vertical - The verticals in the market include Healthcare, IT, Telecommunications, Energy and utilities, Manufacturing and Consumer goods, and retail.
- By Deployment Type - By Deployment Type, the segment includes Hybrid cloud, Private cloud, and Public Cloud
- By Application - By Application, the segment includes Post modernization, Application portfolio assignment, UI modernization, Cloud application mitigation, Application integration, and Application re-platforming.
Market USP Covered:
Market Drivers:
The increasing demand for cloud-based solutions is one of the primary driving factors for the application modernization services market. The adoption of cloud-based solutions has increased significantly in recent years, owing to their cost-effectiveness, scalability, and flexibility. Application modernization services help businesses in transforming their legacy systems into cloud-based solutions, enabling them to achieve better efficiency, security, and agility. Additionally, with the growing trend of remote work and digitalization, businesses are increasingly shifting their focus towards cloud-based solutions, driving the growth of the application modernization services market.
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Market Restraints:
The application modernization services market also faces certain restraints that could hinder its growth. One of the major challenges is the complexity of legacy applications, which can make the modernization process time-consuming and expensive. Moreover, the lack of skilled professionals with expertise in modern technologies can also pose a challenge for organizations seeking to adopt these services. Additionally, concerns related to data security and privacy could also impact the market growth, as companies need to ensure that their modernized applications comply with data protection regulations and standards.
COVID 19 Analysis:
The COVID-19 pandemic has accelerated the adoption of digital technologies and increased the demand for application modernization services, as companies look to optimize their IT infrastructure and support remote workforces. The pandemic has highlighted the importance of agile and scalable IT systems that can support business continuity and enable digital transformation. Post-COVID, the application modernization services market is expected to continue growing, as companies seek to maintain their digital momentum and invest in modernization initiatives to drive growth and innovation.
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Regional Insights
North America dominates the application modernization services market, owing to the presence of key market players, high technology adoption rate, and the increasing focus on digital transformation initiatives. The region is expected to continue leading the market in the coming years, with businesses across various industries increasingly adopting application modernization services to enhance their competitiveness and agility.
Additionally, Europe and Asia-Pacific regions are also expected to witness significant growth, driven by the increasing adoption of cloud-based technologies, the need to optimize legacy applications, and the growing demand for digital transformation initiatives. The market growth in these regions is expected to be further boosted by the rising trend of remote work and the increasing need for flexible and scalable IT systems.
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Latest Industry Updates (April 2021) - The application modernization services market is the acquisition of Wipro's Salesforce business by Alight Solutions, a provider of cloud-based HR and financial solutions. It aimed at strengthening Alight's position in the cloud solutions market and expanding its capabilities in digital transformation and application modernization. The deal includes Wipro's Salesforce practice, which provides consulting, implementation, and support services for Salesforce applications.
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