Application Modernization Services Market Synopsis
The global Application Modernization Services Market is predicted to touch USD 20 billion at a 21% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. Application modernization, simply put, is a service that is designed for managing the transformation of legacy into new applications. The transformation takes place for integrating new functionalities and features into the current business. The application modernization takes place with regards to re-platforming in case of re-engineering, re-hosting, cloud, and more for ensuring that the application architecture is ideal for the business.
Various factors are propelling the global application modernization services market share. As per the current MRFR report, such factors include ample benefits of integrating modern technologies with software systems, demand for scalability and flexibility offered by cloud computing scalability, and need for improved software functionalities owing to changing business landscape. Additional factors adding market growth include post-pandemic need for modern infrastructure for continuity of business, the evolution of open standards to develop software, and the existence of huge legacy applications.
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On the contrary, the lack of IT skills among employees, reduction in technology expenditure owing to the COVID-19 outbreak, and complexities high costs associated with application modernization are factors that may limit the global application modernization services industry growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global application modernization services market based on type, organization size, and industry vertical.
By type, the global application modernization services market is segmented into application portfolio assessment, post-modernization, user interface modernization, application integration, application re-platforming, and cloud application.
By organization size, the global application modernization services market is segmented into large enterprises, and small medium enterprises. Of these, large enterprises will lead the market over the forecast period.
By industry vertical, the global application modernization services market is segmented into retail, government, manufacturing, IT and Telecom, banking and financial services, healthcare, media and entertainment, and others. Of these, banking financial services and IT telecom will dominate the market over the forecast period.
Regional Analysis
Based on region, the global application modernization services market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, the Rest of the World (RoW).
Of these, North America will dominate the market over the forecast period. The presence of leading vendors, faster adoption of technology-related services, and the presence of suitable infrastructure are adding to the global application modernization services market growth in the region. The US has the maximum share in the market as key players are concentrated only in this country and offer services all across the world.
The global application modernization services market in Europe is predicted to have the second-largest share over the forecast period followed the APAC region. Emerging and existing enterprises in India offering these services in as well as outside the country and growth of IT service organizations owing to massive government expenditure to augment the IT infrastructure are adding to the global application modernization services market growth in the APAC region.
The global application modernization services market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Eminent players profiled in the global application modernization services market report include Oracle Corporation (U.S.), Tech Mahindra Limited (India), Bell Integrator, Inc (U.S.), Atos SE (France), Unisys Corporation (U.S.), Idexcel, Inc (U.S.), Espire Infolabs Pvt. Ltd (India), Avanade Inc. (U.S.), Fujitsu Ltd (Japan), Syntel, Inc (U.S.), Happiest Minds Technologies (India), DXC Technology Company (U.S.), Nous Infosystems Pvt. Ltd (India), Sensiple (U.S.), HCL Technologies Limited (India), Infosys Limited (India), and Accenture PLC (Ireland).
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