New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The Global Application Modernization Services Market Size is to Grow from USD 16.84 Billion in 2023 to USD 76.29 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.31% during the projected period.
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Modernizing application services are used within a company to transition new applications. Application modernization is the integration of new capabilities and application design into business processes. It is most typically utilized in cloud-based re-platforming, re-engineering, and re-hosting. Modernization services help businesses generate new business value by using their existing business application software. A new version of the program, which is compatible with recently upgraded operating systems and hardware, helps to increase application performance. In addition, Due to the growing popularity of online meal delivery services, modernizing application services is becoming more and more common in the restaurant and hotel sectors. Furthermore, application modernization services are commonly used for food ordering and delivery, allowing customers to browse menus, place orders, and pay for meals right from the app. Application modernization services can also connect with a variety of meal delivery systems, allowing users to easily access different food delivery options from one location. However, organizations should start the process with an application review and choose the best solution for software modernization based on business goals, taking into account the costs and obstacles associated with the modernization operations. The global market for application modernization services is constrained by rising costs and complexity.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Application Modernization Services Market Size, Share, and COVID-19 Impact Analysis, By Type (Application Portfolio Assessment, Cloud Application Migration, Re-Platforming, Application Integration, UI Modernization, Post-Modernization), By Deployment (Hybrid Cloud, Private Cloud, Public Cloud) By Application (BFSI, Healthcare, Telecommunication, Retail & Consumer Goods, Automotive, IT & Telecom, Manufacturing, Government & Public Sector, Oil & Energy, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The re-platforming segment is expected to hold the largest share of the global application modernization services market during the anticipation timeframe.
Based on the type, the global application modernization services market is categorized into application portfolio assessment, cloud application migration, re-platforming, application integration, UI modernization, and post-modernization. Among these, the re-platforming segment is expected to hold the largest share of the global application modernization services market during the anticipation timeframe. In order to connect with their outdated systems and overcome obstacles, a multitude of small, medium, and large-scale businesses across multiple industry verticals are searching for application modernization services. The demand for cloud migration services, which move applications to cloud environments, is also increasing.
The private cloud segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the deployment, the global application modernization services market is categorized into hybrid cloud, private cloud, and public cloud. Among these, the private cloud segment is expected to grow at the fastest CAGR during the anticipation timeframe. Organizations might use application modernization services to update and cloud-enable obsolete programs. Major telecom providers desire different cloud concepts, such as containerization and microservices, to support their operations.
The IT & telecom segment is expected to hold a significant share of the global application modernization services market during the anticipation timeframe.
Based on the application, the global application modernization services market is categorized into BFSI, healthcare, telecommunication, retail & consumer goods, automotive, IT & telecom, manufacturing, government & public sector, oil & energy, and others. Among these, the IT & telecom segment is expected to hold a significant share of the global application modernization services market during the anticipation timeframe. Most IT companies have already started app migrations, fast DevOps processes, and cloud-hosted software-as-a-service (SaaS) usage because they recognize how important it is to protect programs and underlying data.
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North America is anticipated to hold the largest share of the global application modernization services market over the anticipation timeframe.
North America is projected to hold the largest share of the global application modernization services market over the anticipation timeframe. Companies in the United States are adopting cloud-based services because of their great flexibility, scalability, and cheap maintenance costs. Accenture, ATOS, Capgemini, HCL, Cognizant, IBM, and TCS, among other small and large modernization service providers, are headquartered in the United States and are key drivers of the country's application modernization services market growth. FedRAMP is a standardized approach to security evaluation, authorization, and continuous monitoring of cloud products and services created in the United States.
Asia Pacific is expected to grow at the fastest CAGR growth of the global application modernization services market during the anticipation timeframe. Asia-Pacific application modernization is driven by expanding populations, significant technological breakthroughs, and sophisticated technologies to address the growing demand for software services in countries like Australia, China, Japan, and India. Many Asian countries are likely to present excellent opportunities for implementing application modernization technologies. The presence of numerous well-known providers, as well as government investments in technology-related services, promote application modernization.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global application modernization services market are Nutanix, Cognizant, IBM Corporation, TATA Consultancy Services Limited, Tech Mahindra Ltd, Oracle Corporation, Deloitte, Dell Inc, Wipro, EPAM Solutions Hub, HCL Technologies Limited, Softura, Ernst & Young Global Limited, Accenture, LTIMindtree Limited, Microsoft Corporation, Infosys Limited, Atos SE, and Others.
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Recent Developments
- In April 2023, Infosys and LexisNexis began working together to deliver information services for content, enterprise, and product applications. These services will encompass content and application modernization, life cycle updates, application maintenance and support, and application development and validation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global application modernization services market based on the below-mentioned segments:
Global Application Modernization Services Market, By Type
- Application Portfolio Assessment
- Cloud Application Migration
- Re-Platforming
- Application Integration
- UI Modernization
- Post-Modernization
Global Application Modernization Services Market, By Deployment
- Hybrid Cloud
- Private Cloud
- Public Cloud
Global Application Modernization Services Market, By Application
- BFSI
- Healthcare
- Telecommunication
- Retail & Consumer Goods
- Automotive
- IT & Telecom
- Manufacturing
- Government & Public Sector
- Oil & Energy
- Others
Global Application Modernization Services Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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