What is the global market size of the Application Modernization Services Market?

Global Application Modernization Services Market size was valued at USD 13.02 Billion in 2021 and is expected to grow from USD 15.21 Billion in 2022 to USD 52.27 Billion by 2030, at a CAGR of 16.7% during the forecast period (2023-2030).

Who are the key vendors in the Global Application Modernization Services Market?

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. 'Accenture plc', 'Atos SE', 'Capgemini SE', 'Cognizant Technology Solutions Corp.', 'Fujitsu Ltd.', 'HCL Technologies Ltd.', 'IBM Corporation', 'Infosys Limited', 'Micro Focus International plc', 'Mindtree Limited', 'Mphasis Ltd.', 'NTT Data Corporation', 'Oracle Corporation', 'SAP SE', 'Tata Consultancy Services Limited', 'Tech Mahindra Ltd.', 'Unisys Corporation', 'Virtusa Corporation', 'Wipro Limited', 'Zensar Technologies Ltd.'

What is the key driver of the Global Application Modernization Services Market?

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.

What is the key market trend for the Global Application Modernization Services Market?

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.

Which region accounted for the largest share in the Global Application Modernization Services Market?

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.

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 2025-2032

Report ID: SQMIG45B2045 | Region: Global | Published Date: October, 2024
Pages: 197 | Tables: 95 | Figures: 76

Application Modernization Services Market Insights

Application Modernization Services Market size was valued at USD 17.9 Billion in 2023 and is poised to grow from USD 20.9 Billion in 2024 to USD 72.4 Billion by 2032, growing at a CAGR of 0.168 during the forecast period (2025-2032).

Application modernization is updating, renovating, or converting existing software applications to meet current business requirements, technological trends, and the user expectations. This is frequently done to increase functionality and performance and keep applications relevant in changing technologies. Application modernization services cover various operations to improve and renew software systems.

Additionlly, there is an increased demand for analytics and related technology to enable faster service recognition and delivery. Demand for speedier analytics is expected to drive the growth of the worldwide application modernization services market as cloud computing becomes more widely used in industrial and enterprise applications. Small businesses and organizations rely on legacy applications because they are cost-effective, creating a massive chance for the market to grow shortly.

Regulations directly governing application modernization services are not typically found at the federal level, as application modernization primarily focuses on technological improvements rather than legal compliance. By modernizing analytics applications, organizations can gain a competitive advantage, optimize operations, and identify new revenue opportunities. Application modernization services encompass strategies for integrating advanced analytics, machine learning, and predictive modeling capabilities into applications, enabling the organizations to forecast trends and make data-driven decisions.

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

Application Modernization Services Market Report Snapshots

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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 application modernization services industry is highly competitive, with major players like IBM Corporation, Accenture, Cognizant. IBM leveraging its hybrid cloud and AI capabilities, and cloud providers like AWS, Microsoft Azure and Accenture AI, machine learning, DevOps to enhance its modernization services. It focuses on integrating these two solutions, providing industry-specific offerings that consumers will address areas such as healthcare, BFSI and others. Cognizant emphasizes cloud migration and application transformation, strengthening its market presence by targeting different industries. '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)'

The business agility and innovation requirement drive enterprises to engage in the application modernization services. Legacy systems frequently need more agility for rapid change and innovation, driving firms to upgrade their applications. Companies must be adaptable in a continuously changing business world, responding to market movements, client preferences, and emerging technologies.

Government Initiatives and Compliance Requirement: Governments worldwide understand the need for technology to improve public services, increase efficiency, and maintain regulatory compliance. Government initiatives to promote digital transformation and compliance requirements in many industries drive demand for application modernization services. The European Commission has approved an adjustment to the Digital Europe Programmed Work 2023-2024, which comprises an investment of more than €760 million.

As per the application modernization services market analysis, North America is the most significant global application modernization services market shareholder and is estimated to grow at a CAGR of 14.6% over the forecast period. Rapidly changing IT infrastructure, expanding small and medium-sized organizations (SMEs), and rising cybersecurity solutions drive the North American application modernization services market. Growing IT supply manufacturers and distributors in the United States are replacing physical servers with virtualized environments to cut costs. Canada is experiencing strong demand in a multi-cloud scenario and more significant automation usage. Such approaches benefit the regional application modernization services industry.

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Application Modernization Services Market Insights

Application Modernization Services Market Report Snapshots

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What is the global market size of Application Modernization Services Market?

Who are the key vendors in the Application Modernization Services Market?

What is the key driver of Application Modernization Services Market?

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Which region accounted for the largest share in Application Modernization Services Market?

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