Meticulous Research®, has unveiled its latest research report titled 'Application Modernization Services Market.' The report forecasts that the application modernization services market is poised to reach an impressive $40.2 billion by 2030, showcasing a robust CAGR of 17.4% from 2023 to 2030.
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This significant market growth is underpinned by a rising demand for enhanced software features due to dynamic business environments, a surge in the need for flexibility and scalability in legacy applications, and a growing trend among enterprises to modernize legacy applications with cloud capabilities. Additionally, the prevalence of a substantial number of legacy and mainframe applications, an increasing focus on omnichannel integration, and a growing adoption of containerization for faster and more secure application creation and deployment are anticipated to present substantial opportunities for market expansion.
However, the market faces challenges stemming from the high costs and complexities associated with application modernization services. Issues related to security and privacy, coupled with a lack of IT skills among employees, are identified as potential restraints for market growth.
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The report segments the application modernization services market based on type, deployment mode, sector, organization size, and geography, providing a comprehensive analysis at both regional and country levels.
Key Players:
The key players featured in the study include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), HCL Technologies (India), Capgemini (France), Atos (France), Infosys Limited (India), Cognizant (U.S.), Dell Inc. (U.S.), Fujitsu Limited (Japan), Bell Integrator Inc. (U.S.), Kyndryl Holdings, Inc. (U.S.), Accenture (Ireland), and Softura (U.S.).
The application modernization services market is segmented into four key types: application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services. In 2023, the cloud migration segment is expected to dominate the market, driven by the growing need for enhanced application agility, flexibility, and data security.
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In terms of deployment mode, the market is categorized into public cloud and private cloud. The public cloud segment is projected to hold a larger share in 2023, owing to the accessibility and cost-effectiveness of public clouds, with the private cloud segment expected to exhibit a higher CAGR during the forecast period.
Sector-wise segmentation includes BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors. The IT & telecom segment is expected to lead in 2023, driven by the sector's increasing need for operational efficiency and a transition from mainframe to cloud platforms. The BFSI segment is anticipated to record the highest CAGR during the forecast period.
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Organizational size segmentation comprises large enterprises and small & medium-sized enterprises. The large enterprises segment is poised to dominate the market in 2023, given their extensive use of legacy applications and the growing demand for increased flexibility and scalability.
Geographical Review:
Geographically, North America is expected to secure the largest share in the application modernization services market in 2023, owing to its robust IT infrastructure, digital infrastructure investments, and the presence of large enterprises. However, Asia-Pacific is forecasted to exhibit the highest CAGR during the forecast period, driven by the increasing adoption of cloud-based technologies and regional enterprises' imperative to optimize legacy applications in line with growing digital transformation initiatives.
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