Application Modernization Services Market to Grow at a Robust CAGR

Optimal use of big data technologies and adoption of cloud computing to drive global application modernization services market

According to TechSci Research, “Global Application Modernization Services Market By Services (Integration Solution, Re-platforming, Portfolio Assessment, Cloud Application Migration, Modernization and Others), By Organization Size (Small & Medium Enterprises, Large Enterprises),By Cloud Deployment Mode (Public Cloud, Private Cloud and Hybrid Cloud), By End User (BFSI, Telecom & IT, Government, Healthcare, Manufacturing, Retail & Consumer Goods, and Others), By Region, Forecast & Opportunities, 2025”, the global application modernization services market is expected to grow at a robust rate during the forecast period on account of growing demand for cloud computing services. The application modernization is the process of rewriting, refactoring, and converting the legacy software programming to arrange it more precisely with the existing business models. Application modernization services are used to migrate legacy to applications or platform. The system is used in integration of new functionalities in offering latest functions to the business. Open source technology offers opportunity while application modernization is a time intensive process and has operational complexities, which act as a challenge for application modernization services market. Large investment made on legacy systems, which is delaying the application modernization plans and shortage of skilled resources, might further hamper the growth of the market.

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The global application modernization services market is segmented based on services, organization size, end user and region. Based on organization size, large enterprises segment is expected to hold the dominant market share in the forecast period as large enterprises have large IT-budgets and they can used for variety of application strategies. In terms of end-user, manufacturing segment is expected to hold the dominant market share in the forecast period. There is high penetration of technologies such as cloud computing, big data analytics and artificial intelligence which are transforming the manufacturing vertical and contributing to the significant share of the segment.

Wipro Ltd., Accenture Plc., Cognizant Corporation, Hewlett Packard Enterpise (HPE) Company, Fujitsu Limited, IBM Corporation, Oracle Corporation, Microsoft Inc., Micro Focus International Plc., NTT Data corporation are some of the leading players operating in global application modernization services market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“Asia Pacific is expected to account for significant share of global application modernization services market during the forecast period due to improving infrastructure, growing adoption of big data and cloud computing technologies. Following Asia Pacific, North America is expected to hold the dominant market share which can be attributed to the early adoption of application modernization services and high penetration of advanced cloud technologies. Big data analytics and artificial intelligence are gaining popularity, which are also major factors for the growth of market in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Application Modernization Services Market By Services (Integration Solution, Re-platforming, Portfolio Assessment, Cloud Application Migration, Modernization and Others), By Organization Size (Small & Medium Enterprises, Large Enterprises),By Cloud Deployment Mode (Public Cloud, Private Cloud and Hybrid Cloud) ,By End User (BFSI, Telecom & IT, Government, Healthcare, Manufacturing, Retail & Consumer Goods and Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global application modernization services market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global application modernization services market.

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