Application Modernization Services Market Analysis
The global application modernization services market is predicted to touch USD 24.8 billion at a 16.8% CAGR between 2020- 2030 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.
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.
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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 worldwide application modernization services market report covers the new patterns and potential learning experiences across North America, the Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Of these, North America will rule the market over the gauge time frame. The presence of driving merchants, quicker reception of innovation-related services, and the presence of appropriate foundations are adding to the worldwide application modernization services market development in the district. The US has the greatest offer in the market as central members are moved uniquely in this nation and deal services all over the world.
The worldwide application modernization services market in Europe is anticipated to have the second-biggest offer over the conjectured time frame followed by the APAC district. Arising and existing endeavors in India offering these services in as well as outside the nation and the development of IT administration associations attributable to enormous government consumption to increase the IT foundation are adding to the worldwide application modernization services market development in the APAC locale.
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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