Application Modernization Services Market to Grow at a Robust CAGR During Forecast Period
Optimal use of big data
technologies and adoption of cloud computing to drive global application
modernization services market
According to
TechSci Research, “Global Application
Modernization Services Market By Services (Integration
Solution, Re-platforming, Portfolio Assessment, Cloud Application Migration,
Modernization and Others), By Organization Size (Small & Medium Enterprises,
Large Enterprises),By Cloud Deployment Mode (Public Cloud, Private Cloud and
Hybrid Cloud), By End User (BFSI, Telecom & IT, Government, Healthcare,
Manufacturing, Retail & Consumer Goods, and Others), By Region, Forecast
& Opportunities, 2025”, the global application modernization
services market is expected to grow at a robust rate during the forecast period
on account of growing demand for cloud computing services. The application
modernization is the process of rewriting, refactoring, and converting the
legacy software programming to arrange it more precisely with the existing
business models. Application modernization services are used to migrate legacy
to applications or platform. The system is used in integration of new functionalities
in offering latest functions to the business. Open source technology offers
opportunity while application modernization is a time intensive process and has
operational complexities, which act as a challenge for application
modernization services market. Large investment made on legacy systems, which
is delaying the application modernization plans and shortage of skilled
resources, might further hamper the growth of the market.
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The global
application modernization services market is segmented based on services, organization
size, end user and region. Based on organization size, large enterprises
segment is expected to hold the dominant market share in the forecast period as
large enterprises have large IT-budgets and they can used for variety of
application strategies. In terms of end-user, manufacturing segment is expected
to hold the dominant market share in the forecast period. There is high
penetration of technologies such as cloud computing, big data analytics and
artificial intelligence which are transforming the manufacturing vertical and
contributing to the significant share of the segment.
Wipro
Ltd., Accenture Plc., Cognizant Corporation, Hewlett Packard Enterpise (HPE)
Company, Fujitsu Limited, IBM Corporation, Oracle Corporation, Microsoft Inc.,
Micro Focus International Plc., NTT Data corporation are some of the leading
players operating in global application modernization services market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“Asia Pacific is expected to account
for significant share of global application modernization services market during
the forecast period due to improving infrastructure, growing adoption of big
data and cloud computing technologies. Following Asia Pacific, North America is
expected to hold the dominant market share which can be attributed to the early
adoption of application modernization services and high penetration of advanced
cloud technologies. Big data analytics and artificial intelligence are gaining
popularity, which are also major factors for the growth of market in the
region.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Application Modernization Services Market
By Services (Integration Solution, Re-platforming, Portfolio
Assessment, Cloud Application Migration, Modernization and Others), By Organization
Size (Small & Medium Enterprises, Large Enterprises),By Cloud Deployment
Mode (Public Cloud, Private Cloud and Hybrid Cloud) ,By End User (BFSI, Telecom
& IT, Government, Healthcare, Manufacturing, Retail & Consumer Goods
and Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global application
modernization services market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global application
modernization services market.
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