The Application Modernization Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Application Modernization Services Global Market Report 2024, The application modernization services market size has grown rapidly in recent years. It will grow from $18.37 billion in 2023 to $21.58 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to business process optimization, cost efficiency, user experience enhancement, data management challenges, market competition, innovation requirements.
The application modernization services market size is expected to see rapid growth in the next few years. It will grow to $42.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to mobile-first strategies, remote work dynamics, customer expectations, elastic scalability requirements, data privacy and compliance, environmental sustainability.. Major trends in the forecast period include cloud-native adoption, microservices architecture, containerization and orchestration, devops integration, api-first approach, security and compliance, hybrid and multi-cloud strategies.
A rising number of businesses deploying digital technologies and applications is expected to drive the application modernization services market going forward. Digital technologies refer to electronic technologies, systems, devices, and resources that generate store, or process data. Application modernization services enable businesses to modernize their IT infrastructure and application using cutting-edge technologies. For instance, in June 2021, according to a survey conducted by Accenture plc, an Ireland-based IT company, 81% of healthcare executives say the pace of digital transformation for their organization is accelerating and 93% report that they are innovating with a sense of urgency and call to action this year. Digital Health Technology Vision surveyed 399 healthcare executives across six countries to learn from their perspectives. Therefore, the rising number of businesses deploying digital technologies and applications drives the application modernization services market.
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The application modernization services market covered in this report is segmented –
1) By Type: Cobol, ADA, PL/1, RPG, Assembler, PowerBuilder, Others Types
2) By Cloud Deployment Mode: Private Cloud, Public Cloud, Hybrid Cloud
3) By Application: Post Modernisation, Application Portfolio Assignment, Ui Modernisation, Cloud Application Mitigation, Application Integration, Application Re Platforming
4) By Vertical: BFSI, Healthcare and Life Sciences, Telecommunications, IT and ITeS, Retail and Consumer Goods, Government and Public Sector, Energy and Utilities, Manufacturing, Others Vertical
Technological advancements are a key trend in the application modernization services market. Major companies operating in the market are integrating new technologies such as the SMART Modernization service that works on AI, machine learning, and accelerate digital transformation technology to gain a competitive edge in the market. For instance, in June 2021, Cloudreach, USA based multi-cloud services company, launched SMART Modernization, a new service that includes components such as Sunstone, a unique software platform that uses AI and machine learning, to identify opportunities for application modernization and actively recommends action plans, and DevOps as a Service makes Cloudreach’s broad cloud expertise available through a simple and flexible monthly subscription, for modernizing their applications by developing, launching, and maintaining a cloud modernization strategy.
The application modernization services market report table of contents includes:
1. Executive Summary
2. Application Modernization Services Market Characteristics
3. Application Modernization Services Market Trends And Strategies
4. Application Modernization Services Market – Macro Economic Scenario
5. Global Application Modernization Services Market Size and Growth
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26. South America Application Modernization Services Market
27. Brazil Application Modernization Services Market
28. Middle East Application Modernization Services Market
29. Africa Application Modernization Services Market
30. Application Modernization Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Accenture PLC
- Aspire Systems Inc
- Asysco Inc
- Bell Integrator Inc
- Blu Age Corp
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