What Does The Historic and Forecast Market Size Data Indicate About The Application Modernization Services Market?
The global application modernization services market has shown significant growth in recent years, rising from $21.13 billion in 2024 to an estimated $24.58 billion in 2025. This represents a compound annual growth rate (CAGR) of 16.3%. This impressive growth during the historic period can be attributed to factors such as business process optimization, cost efficiency, enhanced user experience, data management challenges, market competition, and innovation requirements.
The market is expected to continue its upward trajectory in the coming years, projected to reach $51.92 billion by 2029 – a CAGR of 20.6%. This anticipated growth for the forecast period can be attributed to factors such as mobile-first strategies, the dynamics of remote work, shifting customer expectations, the need for elastic scalability, data privacy and compliance measures, and environmental sustainability efforts. Major trends during the forecast period include the adoption of cloud-native platforms, microservices architecture, containerization and orchestration, integration of DevOps, an API-first approach, security and compliance measures, and strategies for hybrid and multi-cloud usage.
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What are the Key Drivers in the Application Modernization Services Market?
The rising deployment of digital technologies and applications among businesses is a key driver of growth in the application modernization services market. Digital technologies refer to electronic platforms, systems, and devices that generate, store, or process data. Application modernization services enable businesses to update their IT infrastructure and applications, leveraging cutting-edge technologies. For instance, according to India-based SaaS platform Whatfix, worldwide IT spending is projected to reach $5 trillion in 2024, marking an 8.6% increase from 2023. This represents the growing importance of digital technologies for businesses looking to optimize their operations and adapt to evolving market demands.
How is the Application Modernization Services Market Segmented?
The Application Modernization Services Market segments include:
1) By Type: Cobol, ADA, PL Or 1, RPG, Assembler, PowerBuilder, Others Types
2) By Cloud Deployment Mode: Private Cloud, Public Cloud, Hybrid Cloud
3) By Application: Post Modernization, Application Portfolio Assignment, Ui Modernization, 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
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Who are the Major Players in the Application Modernization Services Market?
Companies such as Accenture PLC, Aspire Systems Inc., Asysco Inc., Bell Integrator Inc., Blu Age Corp., Capgemini SE, Cognizant Technology Solutions Corporation, Dell Inc., DXC Technology Company, EPAM Systems Inc., HCL Technologies Limited, Hexaware Technologies Limited, IBM Corporation, Infosys Limited, Micro Focus International PLC, Microsoft Corporation, Modern Systems Inc., Oracle Corporation, Tata Consultancy Services Limited, Tech Mahindra Limited, The Software Revolution Inc., Wipro Limited, Atos Information Technology Incorporated, Deloitte Touche Tohmatsu LLC, Cuelogic Technologies Pvt. Ltd., Mindtree Consulting Private Limited, Larsen & Toubro Infotech Ltd., Virtusa Consulting Services Private Limited, Nippon Telegraph and Telephone Public Corporation, Trianz Holdings Private Limited, Persistent Systems and Solutions Limited, Sonata Software Ltd dominate the global application modernization services market.
What Trends are Emerging in the Application Modernization Services Market?
Technological advancement is a key trend in the application modernization services market. Major companies are adopting services like AI, machine learning, and accelerating digital transformation to gain a competitive edge. For example, in October 2023, UK-based AVEVA launched a new Hybrid Cloud Manufacturing Execution System. This new system integrates real-time data processing and analytics capacities, enabling manufacturers to enhance operations and decision-making.
Which Region Holds the Largest Market Share in the Application Modernization Services Market?
North America emerges as the largest region in the application modernization services market in 2024. However, the market report covers other regions as well including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Application Modernization Services Market Report 2025 Offer?
Application modernization refers to the process of updating older software for newer computing methodologies. It boosts agility and innovation, lowers costs and risks to streamline business and facilitate growth. The use of application modernization services is rising to update older applications and develop new computing approaches that include newer languages, frameworks, and infrastructure platforms. The Application Modernization Services Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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