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Application Modernization Services Market to Reach USD 50440 Million by 2028 at CAGR 15.1% | Valuates Reports
Maintaining legacy programmes can be a time-consuming and resource-intensive task, especially when the software is so old that it is incompatible with newer versions of the operating system (OS) or system hardware. An application modernisation project's purpose is to extract new business value from current software. The goal of an application modernization project is to create new business value from existing applications.
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The application modernization services market is predicted to expand as the need for cloud services grows due to their scalability and flexibility, as well as the demand for updating older systems and applications, the rise in remote work scenarios, and improved customer experience by applications. With the widespread use of the internet and the scalability given by cloud-native applications, the market for application modernization services appears to be lucrative in the next few years.
The need for improved software functionalities due to changing business landscape is expected to further increase the growth of the application modernization services market. Due to changing client needs, technological improvements, and increased competition, businesses must continuously or periodically improve their business processes. In today's competitive business world, many firms require business agility to survive and grow. This is accomplished through using cutting-edge technologies and developing and providing cutting-edge application technology, resulting in increased demand for application modernization services.
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Based on application, the Emulation segment held the largest application modernization service market share of about 45.43% in 2017. However, the Business rules extraction segment is predicted to witness the highest growth during the forecast period.
Based on type, the Cobol segment held the largest application modernization service market share of about 63.32% in 2017.
Based on region, Asia Pacific is expected to be the most lucrative segment during the forecast period. Enterprises in this region are becoming more competitive as a result of increased internet traffic, cloud usage, and the IT services start-up ecosystem, and are focusing on providing better customer experience services to industries. As a result, global corporations are attracted to the APAC region's untapped potential.
List of Key Market Players
➣AccentureS
➣Atos
➣Bell Integrator
➣Capgemini
➣Cognizant
➣Fujitsu
➣HCL
➣IBM
➣Macrosoft Inc.
➣Tech Mahindra
➣TCS
➣Wipro
➣Infosys
➣DXC
➣Blu Age
➣TSRI
➣Modern Systems
➣Trinity Millennium
➣Micro Focus
➣Software Mining
➣Semantic Designs
➣Evolveware
➣Mapador
➣Fresche Solutions Inc.
➣Asysco
➣Expersolve
➣Metaware
➣MOST Technologies
➣Freesoft
➣Language Portability Solutions
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