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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