The
global 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,
according to a new report by MarketsandMarkets™. The
benefit of modernizing apps is that they won't just function with the newest
technology, they will continue to function as the technology changes. This
enables fast updates and modifications to satisfy present and upcoming business
requirements.
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List of Leading Companies in Application Modernization Services Market:
·
IBM (US)
·
Accenture (Ireland)
·
HCL Technologies (India)
·
Atos (France)
·
Capgemini (France)
·
Cognizant (US)
·
TCS (India)
·
Bell Integrators (US)
·
Innova Solutions (US)
·
Oracle (US)
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Additionally, application modernization services
enable automatic scaling, which helps applications to immediately lower
expenses in response to abrupt drops in demand while maintaining good
performance in the event of rapid demand spikes. Modernizing existing
applications can sometimes be simpler than developing brand-new ones from
scratch. Instead of integrating fully new apps into present operations, app
modernization services help to preserve many current processes and maintain
business continuity.
As per vertical, IT and ITeS segment to
grow at the highest CAGR during the forecast period
The application modernization services market, by
vertical, BFSI, healthcare and life sciences, telecommunication, IT & ITeS,
retail & consumer goods, government and public sector, energy &
utilities, manufacturing, and other verticals. As per vertical, IT and ITeS
industry is expected to grow at the highest CAGR of 17.8% during the forecast
period. Application modernization services are designed to lower the ongoing
expenses associated with maintaining old apps, enhance their functionality,
performance, and security, and ensure that the improved solutions are long-term
scalable and simple to manage. Vendors provide end-to-end app modernization
services to assist businesses in deriving new value from their old applications
while adhering to established software modernization and risk management
procedures in IT and ITeS industry. Various software systems are utilized by a
lot of software companies to manage resources and improve output. IT and ITeS
organizations must stay current with the newest applications in this industry
since they operate in highly competitive environments. There are many SMEs and
a small number of very large businesses in the IT and ITeS area. Depending on
an organization's size and the complexity of its business processes,
application modernization services may be required. This industry is constantly
keen to seize digital opportunities. It is updating its old software to support
digital client experience. The rising subscriber count and rising usage of
various media and digital content technologies are driving the demand for
application modernization services throughout this vertical. Compared to
conventional, capital-intensive, and cloud-based services, these more agile and
adaptable application modernization services are provided through scalable,
cost-effective methods. Since the IT and ITeS sector employs a sizable
workforce, particularly in North America and Asia Pacific, it requires strong
inter-organizational communication to boost organizational agility and
efficiency.
As per organization size, SMEs are to
grow at the highest CAGR during the forecast period
The application modernization services market has
been segmented by organization size into large enterprises and SMEs. As per
organization size, SMEs is expected to grow at the highest CAGR of 18.8% during
the forecast period. With the increasing number of SMEs worldwide, the
requirement for application modernization services is also increasing. These
organizations frequently employ aggressive strategic planning to back up and
grow their business. They must apply cutting-edge technology solutions and the
most recent fashions in their business. Application modernization enables these
companies to develop and grow their operations affordably. SME development affects
the development of developing economies since they have a large impact on Gross
Domestic Product (GDP). SMEs now hold a reduced market share as they lack the
proper decision-making structures and resources to choose the best framework
and strategy for adopting modernization services. Furthermore, due to
considerations including insufficient funding, difficulties maintaining company
continuity due to supply chain and travel limitations, a drop in regular
demand, and an increase in debts, the current state of the global recession is
also anticipated to influence their growth in the future. Therefore, it is
anticipated that these firms will use application modernization services to
improve agility and substantially lower TCO. In the SMEs category, this is
anticipated to accelerate the development of application modernization.
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As per cloud deployment mode, private
cloud segment to capture a large market share during forecast period
The application modernization services market has
been segmented by cloud deployment mode into public cloud and private cloud. As
per cloud deployment mode, the private cloud is expected to grow at the highest
CAGR of 17.9% during the forecast period. Private cloud use is anticipated to
increase during the projection period as a result of growing security concerns
and cyberattacks. Private cloud deployment enables fast IT resource
transformation by maintaining services and infrastructure on a private cloud
network. Private clouds that offer high levels of scalability, security, and
flexibility are adopted by businesses. Many large-scale enterprises with higher
investment and resource availability also adopt the private cloud deployment
approach. Furthermore, the private cloud is protected by a firewall; there is
less risk of internet security breaches. The advantages of a private cloud
cannot be overstated because they offer greater security, dependability,
usability, and efficiency for companies looking to have complete control over
their application modernization services. Adopting the private cloud lowers the
risks, security concerns, and regulatory barriers involved. It is also
well-liked by businesses that need a safe environment to keep mission-critical
data. Therefore, efficiency and good performance are ensured by the deployment
of the private cloud inside the firewall of an organization's intranet.
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).
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