Global Application Modernization Services Market Is Likely to Experience a Tremendous Growth by 2028

The global Application Modernization Services market is anticipated to grow at a CAGR of 16.6 % during the forecast period (2022-2028). Increased demand for enhanced software functionalities due to changes in the business landscape, increased demand for flexibility and scalability provided by cloud computing scalability, and the benefits of combining modern technologies with software systems are a few of the factors driving the application modernization services market growth. However, the increase in prices and complexities associated with application modernization is expected to further stymie market growth. Furthermore, the presence of a large number of legacy applications, software expansion, and the post-pandemic need for modern infrastructure to ensure business continuity will all provide growth opportunities in the application modernization services market.
Customers are increasingly using cloud-native architectures, particularly microservices, as they migrate their workloads to the cloud. Microservice-based architectures help improve scalability and velocity, but they can be difficult to implement. Spring Boot and Spring Cloud have helped many Java developers address these challenges by providing a robust platform with well-established patterns for developing and operating micro service applications. For instance, in October 2019, Microsoft launched Azure Spring Cloud in collaboration with Pivotal to make it easier to deploy and manage Spring Cloud applications.

Due to the presence of major key players in the North American region, the region is expected to hold a considerable share in the market during the forecast period. Furthermore, the increase in adoption and favourable infrastructure, as well as the increasing number of application modernization projects, will drive the growth of the market during the forecast period. Due to the increasing start-ups in the Asia-Pacific region, the region is expected to be the fastest-growing region during the forecast period. Furthermore, the rise of IT services organisations as a result of large government expenditure to improve IT infrastructure is expected to drive the growth of the application modernization services market in the region over the forecast period.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Service
o By Cloud Deployment Mode
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Atos SE, Bell Integrator, Capgemini SE, Cognizant, Fujitsu Ltd., HCL Technologies, IBM Corp., Macrosoft Inc., Tech Mahindra, TCS, Wipro Ltd., Infosys Ltd., among others.

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Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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Global Application Modernization Services Market Report by Segment

By Service
• Application Portfolio Assessment
• Cloud Application Migration
• Application Re-platforming
• Application Integration
• UI Modernization
• Post Modernization

By Cloud Deployment Mode
• Private Cloud
• Public Cloud
• Hybrid Cloud

By Application
• BFSI
• Healthcare
• IT & Telecommunications
• Retail and Consumer Goods
• Government and Public Sector
• Energy and Utilities
• Manufacturing
• Others

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Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.