Application Modernization Services Market Size, Share, Growth Analysis, By Service Type(Application Portfolio Assessment, Cloud Application Migration, Application Re-Platforming, Application Integration), By Deployment Mode(Public Cloud, Private Cloud), By Organization Size(Small and Medium-Sized Enterprises, Large Enterprises), By Vertical(BFSI, Healthcare and Life Sciences, Telecommunications, IT and ITEs), By Region - Industry Forecast 2024-2031

Global Application Modernization Services Market size was valued at USD 15.3 billion in 2022 and is poised to grow from USD 17.87 billion in 2023 to USD 61.9 billion by 2031, growing at a CAGR of 16.80% during the forecast period (2024-2031).

The global application modernization services market is highly competitive with the presence of a large number of players. The market is characterized by the presence of both established players and new entrants offering a wide range of services. These companies are focusing on various strategies such as mergers and acquisitions, partnerships, and collaborations, to expand their market presence and gain a competitive edge. For instance, in 2020, Accenture announced the acquisition of Sentelis, a data science and machine learning company, to enhance its artificial intelligence and machine learning capabilities. 'IBM (US) ', 'Accenture (Ireland) ', 'HCL Technologies (India) ', 'Atos (France) ', 'Capgemini (France) ', 'Cognizant (US) ', 'TCS (India) ', 'Bell Integrator (US) ', 'Oracle (US) ', 'Microsoft (US) ', 'Innova Solutions (US) ', 'Epam Systems (US) ', 'Aspire Systems (India) ', 'NTT Data (Japan) ', 'Dell Technologies (US) ', 'DXC Technology (US) ', 'Infosys (India) ', 'Wipro (India) ', 'Fujitsu (Japan) ', 'Softura (US) ', 'Hexaware Technologies (India) ', 'Mongodb (US) ', 'CloudHedge (India) ', 'D3V Technology Solutions (US) ', 'Bayshore Intelligence Solutions (US) ', 'Opinov8 (UK) ', 'One Six Solutions (US) ', 'Cleveroad (Ukraine) ', 'Techahead (India) ', 'Geomotiv (Belarus) ', 'Soft Suave (India)'

Legacy applications can be complex and difficult to maintain, update, and integrate with modern technologies. Application modernization services can help simplify and streamline legacy applications and make them more compatible with modern platforms.

Cloud Migration: Cloud migration is a major trend in the application modernization services market, as more and more organizations are looking to move their legacy applications to the cloud. Cloud migration enables organizations to improve scalability, agility, and cost-efficiency, while also enhancing security and reliability.

North America holds the dominant position in the market for application modernization services. The expansion of the application modernization services market in the region will also be aided by the rise in infrastructure adoption, favorable infrastructure conditions, and an increasing number of application modernization projects throughout the course of the forecast period.