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 anticipated to be driven by the increasing demand for business agility and a quicker time to market, optimum utilization of big data technologies, and the integration of cloud computing into application modernization plans.

Increased demand for enhanced software functionalities brought on by changes in the business environment, increased demand for the flexibility and scalability provided by cloud computing, and the benefits of fusing contemporary technologies with software systems are just a few of the factors fueling the market growth for application modernization services. However, the complexity and price hike associated with application modernization are also anticipated to stall industry expansion. The prevalence of numerous legacy applications, the development of open standards for software expansion, and the post-pandemic need for contemporary infrastructure to ensure business continuity will all further create growth opportunities in the application modernization services market.

However, the decrease in technology expenditures driven on by the COVID-19 pandemic epidemic and the lack of IT skills among the workforce may provide barriers to the expansion of the application modernization services industry.

US Application Modernization Services Market is poised to grow at sustainable CAGR for the next forecast year.