New York, USA, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Application Modernization Services Market Information by Vertical, Deployment Type, Application, and Region – Forecast till 2030”, Application Modernization Services Market could thrive at a rate of 16.80% between 2022 and 2030. The market size will be reaching around USD 24.9 billion by the end of the year 2030.
As companies increasingly rely on digital technologies to operate, the need to modernize their legacy systems and applications has become a critical aspect of their digital transformation journey. Application modernization services refer to the process of updating and upgrading existing applications to align them with current business needs, improve performance, and increase efficiency. The services can include various techniques, such as refactoring, rehosting, rearchitecting, and rebuilding applications.
The application modernization services market has been growing rapidly in recent years, driven by the need to optimize legacy applications, reduce costs, and enhance the customer experience. Companies across various industries are adopting modernization services to improve their agility and competitiveness in the digital era. Additionally, the increasing adoption of cloud-based technologies and the rise in demand for digital transformation initiatives have further boosted market growth. The application modernization services market is expected to continue growing in the coming years as organizations seek to modernize their IT infrastructure and leverage emerging technologies, such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), to drive innovation and growth.
Get a Free Sample PDF Brochure –
Market Competitive Landscape:
The affluent companies in the Application Modernization Services industry include:
- Aspire Systems
- DXC Technology
- NTT Data
- Bell Integrator
- Blu Age
Scope of the Report – Application Modernization Services Market:
|Market Size by 2030||USD 24.9 Billion|
|CAGR during 2022-2030||16.80%|
|Key Market Opportunities||The existence of large legacy systems can lead to high growth opportunities.|
|Key Market Dynamics||The need for enhanced software will drive demand for the application modernization services market.|
Buy Now Premium Research Report – Get Comprehensive Market Insights.
- By Vertical – The verticals in the market include Healthcare, IT, Telecommunications, Energy and utilities, Manufacturing and Consumer goods, and retail.
- By Deployment Type – By Deployment Type, the segment includes Hybrid cloud, Private cloud, and Public Cloud
- By Application – By Application, the segment includes Post modernization, Application portfolio assignment, UI modernization, Cloud application mitigation, Application integration, and Application re-platforming.
Market USP Covered:
The increasing demand for cloud-based solutions is one of the primary driving factors for the application modernization services market. The adoption of cloud-based solutions has increased significantly in recent years, owing to their cost-effectiveness, scalability, and flexibility. Application modernization services help businesses in transforming their legacy systems into cloud-based solutions, enabling them to achieve better efficiency, security, and agility. Additionally, with the growing trend of remote work and digitalization, businesses are increasingly shifting their focus towards cloud-based solutions, driving the growth of the application modernization services market.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Application Modernization Services Market –
The application modernization services market also faces certain restraints that could hinder its growth. One of the major challenges is the complexity of legacy applications, which can make the modernization process time-consuming and expensive. Moreover, the lack of skilled professionals with expertise in modern technologies can also pose a challenge for organizations seeking to adopt these services. Additionally, concerns related to data security and privacy could also impact the market growth, as companies need to ensure that their modernized applications comply with data protection regulations and standards.
COVID 19 Analysis:
The COVID-19 pandemic has accelerated the adoption of digital technologies and increased the demand for application modernization services, as companies look to optimize their IT infrastructure and support remote workforces. The pandemic has highlighted the importance of agile and scalable IT systems that can support business continuity and enable digital transformation. Post-COVID, the application modernization services market is expected to continue growing, as companies seek to maintain their digital momentum and invest in modernization initiatives to drive growth and innovation.
Ask for Customization – Get a customized version of the report by submitting a customization request.
North America dominates the application modernization services market, owing to the presence of key market players, high technology adoption rate, and the increasing focus on digital transformation initiatives. The region is expected to continue leading the market in the coming years, with businesses across various industries increasingly adopting application modernization services to enhance their competitiveness and agility.
Additionally, Europe and Asia-Pacific regions are also expected to witness significant growth, driven by the increasing adoption of cloud-based technologies, the need to optimize legacy applications, and the growing demand for digital transformation initiatives. The market growth in these regions is expected to be further boosted by the rising trend of remote work and the increasing need for flexible and scalable IT systems.
Browse the Japanese language version of the Application Modernization Services Market
Latest Industry Updates (April 2021) – The application modernization services market is the acquisition of Wipro’s Salesforce business by Alight Solutions, a provider of cloud-based HR and financial solutions. It aimed at strengthening Alight’s position in the cloud solutions market and expanding its capabilities in digital transformation and application modernization. The deal includes Wipro’s Salesforce practice, which provides consulting, implementation, and support services for Salesforce applications.
- Remote Sensing Technology Market– The Remote Sensing Technology market is predicted to reach from USD 14.4 Billion in 2023 to USD 33.3 Billion by 2030, at a CAGR of 12.72% during the forecast period (2023 – 2030).
- Retail Analytics Market– The retail analytics market size is projected to reach USD 7 billion by 2030, at a CAGR of 17% from 2022 to 2030.
- Customer Experience Analytics Market– Customer Experience Analytics Market is projected to reach at the CAGR of 16.4% during the forecast period 2020 and 2030.
Browse through more Information And Communications Technology Research Reports.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Follow Us: LinkedIn | Twitter
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow