Allied Market Research published a report titled, “Application Modernization Services Market by Service Type (Application Portfolio Assessment, Cloud Application Migration, Application Re-platforming, Application Integration, and UI Modernization), Deployment Mode (Public Cloud and Private Cloud), Enterprise Size (Large Enterprise and SMEs), and End User (BFSI, IT & Telecom, Energy & Utilities, Manufacturing, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global application modernization services industry generated $15.5 billion in 2022 and is anticipated to reach $69.8 billion by 2032, growing at a CAGR of 16.5% from 2023 to 2032.
Prime Determinants of Growth:
The growth of the global application modernization services market is driven by an increase in the integration of cloud and DevOps technology in application modernization and a rise in demand for improved software functionalities. In addition, the rise in government support for promoting the use of application modernization services is fueling market growth. However, the high implementation cost of application modernization services and the lack of skilled employees with expertise in application modernization hamper the growth of this market. Furthermore, the proliferation of AI and ML technologies and the rise in the trend of microservices architecture are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/11910
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$15.5 Billion |
|
Market Size in 2032 |
$69.8 Billion |
|
CAGR |
16.5 % |
|
No. of Pages in Report |
340 |
|
Segments Covered |
Service Type, Deployment Mode, Organization Size, End User, and Region |
|
Drivers |
Increased integration of cloud and DevOps technology in application modernization Rise in demand for improved software functionalities |
|
Opportunities |
Proliferation of AI and ML technologies Increase in the trend of microservice architecture |
|
Restraints |
High implementation costs of application modernization services Lack of skilled employees with expertise in application modernization |
COVID-19 Scenario
- The application modernization services market has witnessed stable growth during the COVID-19 pandemic, Due to the increasing number of people working remotely and relying on online communication tools, the risk of cyber-attacks increases, making application modernization services solutions more essential for businesses to protect against these threats during the pandemic.
- Moreover, several companies are now investing to incorporate advanced and innovative solutions as well as advanced security operations for seamless transfer of condition-based and predictive cyber security requirements, which, in turn, is contributing to the growth of the market.
Buy Complete Report (340 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/application-modernization-services-market/purchase-options
The application portfolio assessment segment to maintain its leadership status throughout the forecast period-
Based on service type, the application re-platforming segment held the highest market share in 2022, accounting for more than one-fourth of the global application modernization services market revenue, as it helps to update the application’s underlying architecture and technologies, such as upgrading from a monolithic architecture to a microservices-based architecture, adding new features, improving the user experience, and improving security and compliance. Furthermore, the application portfolio assessment segment to maintain its leadership status throughout the forecast period. On the other hand, the same segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032, owing to the rising need to improve business performance and reduce operational costs to boost demand for the application portfolio assessment services.
The large enterprise segment to maintain its lead position during the forecast period-
Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global application modernization services market revenue, owing to the rising adoption of advanced software functionalities in business applications to increase business efficiency. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, owing to an increase in adoption of application modernization services among SMEs across the globe.
The healthcare segment to maintain its dominance by 2032-
Based on end user, the BFSI segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global application modernization services market revenue. Due to the increase in usage of integrated AI and automation features, businesses can automate routine tasks such as data entry and customer service. On the other hand, the healthcare segment is expected to maintain its dominance by 2032. However, the IT and telecom segment is expected to portray the most prominent CAGR of 19.8% from 2023 to 2032. , owing to the high rate of technological adoption and increasing demand for high-end security among enterprises.
North America to rule the roost by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global application modernization services market revenue, and is projected to rule the roost by 2032. owing to the development of infrastructure and the rise in investments in the application modernization service market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% from 2023 to 2032. Due to the rise in the adoption of new technology among leading companies.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/11910
Leading Market Players: –
- Infosys Limited
- Accenture
- IBM Corporation
- Cognizant
- HCL Technologies Limited
- Atos SE
- Wipro
- Tata Consultancy Services Ltd.
- Oracle Corporation
- DXC Technology Company
The report provides a detailed analysis of these key players in the global application modernization services market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in ICT & Media Industry:
Post Production Market Expected to Reach $46.5 Billion by 2031
Warranty Management System Market Expected to Reach $16.1 Billion by 2032
AI Text Generator Market Expected to Reach $2.2 Billion by 2032
5G Smartphone Market Expected to Reach $13633.3 Billion by 2032
Digital Asset Management Market Expected to Reach $20.6 Billion by 2032
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
