The application modernization services market size is expected to grow from USD 15.2 billion in 2022 to USD 32.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 16.7%
NEW YORK, March 16, 2023 /PRNewswire/ -- The application modernization services market size is expected to grow from USD 15.2 billion in 2022 to USD 32.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period. Application modernization services refer to practice of updating older software for newer computing approaches, including newer languages, frameworks, and infrastructure platforms. The automation modernization services helps in achieving developer efficiency, alignment of applications with current business needs, and scalability.
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As per service, the cloud application migration segment to hold the highest CAGR during the forecast period
The application modernization services market by service type is divided into application portfolio assessment, cloud application migration, application re-platforming, application integration, UI modernization, and post-modernization. Cloud application migration is estimated to hold the highest CAGR of 19.4% during the forecasted period of the application modernization services market. A cloud application migration is the process by which a business moves some or all its data center capabilities onto the cloud, typically to use the cloud-based infrastructure offered by public cloud or private cloud services providers such as Oracle, TCS, or Microsoft Azure. As more businesses migrate to the cloud, more migrations within the cloud are also happening as businesses switch between various cloud providers (known as cloud-to-cloud migration). Applications are moved to the cloud by businesses to benefit from lower costs, flexible scaling, and the ability to update software fast in response to demand changes. The process of migrating on-premises or legacy infrastructure to the cloud is known as application migration. It applies when migrating IT processes, databases, and applications between clouds. Organizations need to analyze each application's design, determine whether it could be implemented on the new platform, and make informed decisions if they want to move their apps to the cloud. It is crucial to carefully examine overall application migration criteria, considering all relevant factors such as resource allocation, business continuity, compliance, security, and cost considerations.
As per vertical, BFSI vertical holds the largest market size during the forecast period
The vertical segment is further sub-segmented into BFSI, healthcare and life sciences, telecommunication, IT & ITeS, retail & consumer goods, government and public sector, energy & utilities, manufacturing, and other verticals.As per vertical, the BFSI industry is expected to hold the largest market share during the forecast period.
Financial companies are causing mor and more market disruption with their innovations, making it difficult for banks to keep up.Therefore, the banking industry's modernization of outdated applications offers customers quick and easy transactions.
An outdated platform for vital financial services such as transaction processing, account registration, and loan approval is referred to as a legacy banking system.The compatibility for advanced solution integration is not present in its out-of-date software components.
Modern customers are accustomed to getting solutions quickly, or they will find another vendor. In this aspect, modernizing outdated banking applications speeds up project completion while reducing work complexity. The act of updating, upgrading, or refining current or legacy apps so they may incorporate the newest computing techniques, such as modern languages, cloud infrastructure, and frameworks, is known as legacy application modernization. Due to severe regulations and outdated core platforms that keep them bound to decades-old legacy systems, banks are hesitant to adopt new technological advancements.
As per region, North America holds the largest market share during the forecast period
The application modernization services market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.In terms of global application modernization services market share, North America is anticipated to hold the largest market share in 2022, and this trend is anticipated to last throughout the forecast period.
Top contributors to the market for application modernization services in North America include the US and Canada.North America businesses are leading the way in embracing new technologies and quickly adjusting to the rapidly evolving technology ecosystem.
Businesses may upgrade their outdated applications relative to the region's well-developed digital infrastructure ecosystem and high usage of cloud services.The governments in this region have a clear goal for modernizing their outdated systems, making North America the most developed market for application modernization services.
This area is home to the majority of large application service providers. The majority of the market growth for application modernization services comes from the US. The market for application modernization services in this region is being driven by a number of factors, including robust healthcare and BFSI compliances, increased use of cutting-edge cloud technology, and improved citizen services.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the application modernization services market.
Some of the major application modernization services market vendors are IBM (US), Accenture (Ireland), HCL Technologies (India), Atos (France), Capgemini (France), Cognizant (US), TCS (India), Bell Integrators (US), Innova Solutions (US), Oracle (US), Microsoft (US), EPAM Systems (US), Aspire Systems (India), NTT Data (Japan), Dell Technologies (US), DXC Technology (US), Infosys (India), LTI (India), Wipro (India), Micro Focus (UK), Fujitsu (Japan), Softura (US), Hexaware Technologies (India), Virtusa (US), and MongoDB (US).
The market study covers the application modernization services market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as service, cloud deployment mode, organization size, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying report
The report would provide the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall application modernization services market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the market's pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.
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