Application Modernization Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Services (User Interface (UI) Modernization, Cloud Application Migration, Application Portfolio Assessment, Application Integration, Others), By Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, IT and telecom, Retail, Government, and Others.),
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationApplication Modernization Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Services (User Interface (UI) Modernization, Cloud Application Migration, Application Portfolio Assessment, Application Integration, Others), By Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, IT and telecom, Retail, Government, and Others.),
| Forecast Period | 2023-2028 |
| Market Size (2022) | USD 16.12 Billion |
| CAGR (2023-2028) | 15.31% |
| Market Size (2028) | USD 38.47 Billion |
| Fastest Growing Segment | Hybrid Cloud |
| Largest Market | Asia-Pacific |
Global Application Modernization Services Market
The market for application modernization services is expanding due to the adoption of competitive technologies and the development of contemporary application technologies. The organization's functionality has a significant impact on the cost of application modernisation. High costs and complexity of the infrastructure for application modernization services are the two main issues limiting the market's expansion globally.
Application modernization services are developed to integrate fresh features and functionalities into the existing company while transforming legacy systems into new applications. Re-platforming, hosting, and re-engineering are all parts of the application modernization process to ensure that the application architecture is appropriate for the organisation in the cloud case. The act of rewriting, restructuring, or transforming the legacy software programming paradigms is known as application modernization. Businesses can swap outdated legacy code for modern and better versions. Additionally, it enables cost savings when cloud computing, analytics, and security capabilities are implemented.
The market for application modernization services is expanding as a result of new software functions that help with changing business regulations and business processes. Global businesses must continually or sporadically enhance their operational procedures. The need is rising as a result of evolving consumer demands, technical improvements, and escalating market competition. Application modernization services are in high demand due to the need for businesses to be agile to thrive and grow in highly competitive business environments. Such agility is achieved by implementing the newest technologies, creating, and delivering cutting-edge applications.
Legacy Applications Existence to Offer Growth Opportunities
Governments and investors provide sizeable financial assistance to small and medium-sized businesses who are still using legacy systems due to budgetary restrictions in order to adopt cloud-based application modernization services. Long-term unintended costs may increase due to the resistance to update old systems and significant reliance on the existing systems, especially in developing countries. Therefore, it is expected that businesses will use legacy modernization services in the future to update the environment.
Popularity of tools for cloud-based analytics and computing
Application modernisation boosts organisational effectiveness and productivity. Businesses are switching from legacy software applications to cloud-based applications. Through which they benefit from improved user experiences, quicker time to market, flexibility, and cost savings provided by cloud computing and data analytics capabilities. Applications that are built for the cloud are simpler to grow and put no additional strain on organization's current IT infrastructure. Eventually, this can generate enormous money for businesses. In the approaching years, these factors will fuel the market for application modernization services.
Challenges
Modernizing an application involves expensive implementation and maintenance of advanced features and functionality. Due to the high cost of deploying hybrid cloud-based services, many small businesses continue to use their antiquated systems or conventional on-premise methods. Large and medium-sized businesses are investing in application modernisation to deal with the complexity of old systems. Due to COVID-19, there has been a significant decrease in technology spending, and this impact does not appear to be resilient. According to industry estimates, corporate technology investment will decline as the remainder of 2020.
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Market Segmentation
The Application Modernization Services market is segmented into services, vertical, deployment type. Based on services, the market is segmented into user interface (UI) modernization, cloud application migration, application portfolio assessment, application integration, and others
Market Player
Recent Development
To odernize applications, technological infrastructure, and legacy platforms, the American multinational firm Cognizant teamed up with the energy provider CECONY in February 2020. CECONY provides electric, gas, and steam services. The goal of the alliance was to increase operational effectiveness, enable greater agility, and improve customer experience.
In November 2019, American-managed cloud computing giant Rackspace bought Onica, a Premier Consulting Partner and AWS Managed Service Provider in the Amazon Web Services (AWS) Partner Network (APN). Rackspace may now use Onica's cutting-edge professional services capabilities, including strategic advising, architecture, engineering, and application development, to supplement its current managed cloud offerings.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Services By Vertical By Deployment Type |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Singapore, Malaysia, Germany, United Kingdom, France, Russia, Spain, Belgium, Italy, Brazil, Colombia, Argentina, Peru, Chile, Saudi Arabia, South Africa, UAE, Israel, Turkey |
| Key companies profiled | Accenture plc, Asysco, Inc., Atos SA, Bell Integrator Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Fujitsu Ltd., HCL Technologies Ltd., IBM Corporation, Macrosoft Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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