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Europe Application Modernization Services Market Size & Statistics | Industry Analysis, Report 2020 to 2027

05-13-2021 02:46 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Europe Application Modernization Services Market Size &

The Europe application modernization services market size was valued at $2.14 billion in 2019, and is projected to reach $6.60 billion by 2027, growing at a CAGR of 15.1% from 2020 to 2027. Application modernization is the process of taking existing legacy applications and modernizing their platform infrastructure, internal architecture, and/or features. Application modernization aids in improving the velocity of new feature delivery, exposing the functionality of existing applications to be consumed via application programming interface (API) by other services, and re-platforming applications from on-premises to cloud for the purpose of application scale and performance as well as long-term data center & IT strategy.

Europe Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Re-platforming, Application Integration, And UI Modernization, and Post Modernization Services), Deployment Mode (Private Cloud, Public Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry Vertical (BFSI, Healthcare, IT & telecommunications, Retail, Government & Public Sector, Energy & Utilities, Manufacturing, and Others)

Post COVID-19 emergence, application replatforming & cloud application migration services are anticipated to witness growing demand, as companies are seeking for cloud-based solutions to ensure data availability, agility, and update business processes due to adoption of remote working culture.

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Increase in demand for cloud computing, surge in adoption of Big Data analytics software for leveraging advantages of Big Data, and rise in need to replace legacy applications are some of the major factors that are driving the growth of the Europe application modernization services market. However, adopting and managing constant changes in industry trends and lack of skilled IT staff are anticipated to restrict the application modernization services market growth in Europe. On the contrary, need for modern infrastructure and digital transformation is anticipated to provide lucrative growth opportunities for the market in Europe during the analysis period.

On the basis of service, the cloud application migration services segment is anticipated to dominate the overall market in 2027. This is attributed to the fact that cloud technology is gaining traction as an on-demand, self-service environment to move forward in helping businesses outmaneuver uncertainty by providing enhanced scalability and cost efficiencies. Post the outbreak of the COVID-19 pandemic, many companies are accelerating their move to the cloud, reinventing their offerings, and becoming more agile in their businesses operations, which significantly contribute toward the growth of the overall market.

According to deployment mode, the public cloud segment accounted for the highest Europe application modernization services market share in 2019. However, the hybrid cloud segment is expected to witness highest growth rate during the forecast period, owing to the need for scalability, control of critical operations, and less investment cost.

In 2019, the large enterprises segment garnered the major Europe application modernization services market size, as large enterprises have legacy applications installed due to heavy investment capacity. Furthermore, to keep up with the dynamic market trends, large enterprises are realizing the need to transform and modernize their applications, thus driving the growth of this market.

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The Europe application modernization services market is expected to recover till mid-2021, and will be struggling with a slow growth rate. However, it is likely to recover in the upcoming years, owing to rise in adoption of work-from-home culture across Europe. The application modernization services market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, some of the sectors are projected to witness a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The application modernization services market is projected to grow in the upcoming years after the recovery from the COVID-19 pandemic in Europe. Various organizations across the Europe have initiated work-from-home culture for their employees, which is further creating the demand for cloud-based technologies to manage critical information of organizations and ensure business continuity, thus creating lucrative opportunity for the Europe application modernization services market growth.

The report focuses on the growth prospects, restraints, and application modernization services market trends in Europe. Moreover, the study includes Porter’s five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the Europe application modernization services market.

Segment review

The Europe application modernization services market is segmented into service, deployment mode, enterprise size, industry vertical, and country. By service, it is divided into application portfolio assessment, cloud application migration, application re-platforming, application integration, and UI modernization, and post modernization services. Depending on deployment mode, it is categorized into private cloud, public cloud, and hybrid cloud. According to enterprise size, the application modernization services market is segregated into large enterprises and small & medium enterprises. As per industry vertical, it is fragmented into BFSI, healthcare, IT & telecommunications, retail, government & public sector, energy & utilities, manufacturing, and others. Country wise, the market is analyzed across Austria, Germany, Switzerland, the UK, France, and rest of Europe.

The key players operating in the Europe application modernization services market analysis include Aspire Systems, Atos, Bell Integrator, Blu Age, Capgemini, DXC Technology Company, HCL Technologies Limited, IBM Corporation, and Micro Focus.

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Top impacting factors

Rise in need to replace legacy applications

Majority of companies still use legacy systems, which form hurdles in the adoption of new technologies. The reluctance for modernizing the legacy systems and high dependency on existing systems can lead to higher overall costs in the long run. Considering the urgency of the need to modernize legacy environment, enterprises are anticipated to adopt legacy modernization services increasingly during the forecast period, which notably contributes toward the growth of the Europe application modernization services market.

Adopting and managing constant changes in industry trends

Developers need additional time to modernize large and complex legacy apps. In addition, they need to ensure that the app is being modernized without disrupting business processes and operations. Hence, there are high chances that the business requirements and industry trends may keep changing during the modernization process. Enterprises can easily manage frequent changes in business needs and industry trends by switching from waterfall to agile methodology.

However, agile methodology requires them to revamp the existing work environment and deploy cross-functional teams. The challenges in legacy app modernization still differ according to the type and complexity of the legacy application, business needs & goals, and specific modernization scenarios. Thus, such changes in industry trends and business requirements are anticipated to hinder the Europe application modernization services market growth.

Need for modern infrastructure and digital transformation

Varying business rules and use cases demand innovative functionalities to aid business processes efficiently. Organizations need to continuously develop their business processes due to changing customer needs, rapid technological advancements, and increasing competition. Many organizations need business agility to survive and expand in competitive business environments. This is realized by adopting the latest technologies, and developing and delivering modern applications technology, thus driving the growth for application modernization services market. As per consultancy.eu, 75% of European organizations will be completely digitally transformed by 2029 and will become digitally native enterprises.

Thus, these factors collectively are expected to offer remunerative opportunities for the expansion of the Europe application modernization services market during the forecast period.

Key Benefits For Stakeholders

o This study includes the analytical depiction of the market forecast and trends to determine the imminent investment pockets.
o The report presents information related to key drivers, restraints, and Europe application modernization services market opportunity.
o The current market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the Europe application modernization services industry.
o Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

Key Market Segments

By Service

o Application Portfolio Assessment
o Cloud Application Migration
o Application Re-platforming
o Application Integration
o UI Modernization
o Post Modernization Services

By Deployment Mode

o Private Cloud
o Public Cloud
o Hybrid Cloud

By Enterprise Size

o Large Enterprises
o Small & Medium Enterprises (SMEs)

By Industry Vertical

o BFSI
o Healthcare
o IT & Telecommunications
o Retail
o Government & Public Sector
o Energy & Utilities
o Manufacturing
o Others

By Country

o Austria
o Germany
o UAE
o UK
o France
o Rest of Europe

Key Market Players

o Aspire Systems
o Atos
o Bell Integrator
o Blu Age
o Capgemini
o DXC Technology Company
o HCL Technologies Limited
o IBM Corporation
o Micro Focus

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