Application Modernization Services Market 2024 | Market Size, Key Drivers, Industry Developments, Share, Future Growth Prospects And Forecast To 2033

Overview and Scope
Application modernization refers to the technique of modernizing older software for newer computing methodologies. It helps in increasing agility and innovation, lowering costs and risks to streamline business and facilitate growth. The application modernization services are used to update older software that helps in developing new computing approaches, that includes newer languages, frameworks, and infrastructure platforms.

Sizing and Forecast
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..

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Segmentation & Regional Insights

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

Top Major Players
Accenture PLC
Aspire Systems Inc.
Asysco Inc.
Bell Integrator Inc.
Blu Age Corp.

North America was the largest region in the application modernization services market in 2023. The regions covered in the application modernization services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the application modernization services market report are 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.

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
………………………….
31. Global Application Modernization Services Market Competitive Benchmarking
32. Global Application Modernization Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Application Modernization Services Market
34. Application Modernization Services Market Future Outlook and Potential Analysis
35. Appendix

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