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Application Modernization Services Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2022-2028
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Application Modernization Services market is projected to reach USD 50440 Million by 2028 from an estimated USD 21690 Million in 2022, at a CAGR of 15.1% during 2023 and 2028.
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Popularity Of Cloud-Based Computing And Analytics Tools
Application modernization increases business productivity and agility. Organizations are transitioning from legacy software apps to cloud-based apps. Cloud computing and data analytics tools help businesses through enhanced user experience, faster time to market, flexibility, and reduction in costs. Cloud-native applications are easier to scale and provide no extra burden on a company's existing IT infrastructure. This creates massive revenue for businesses in the long term. These factors will propel the growth of the application modernization services market in the upcoming years.
Updation Of Software Functionalities And Legacy Systems
Companies around the world depend on a range of technologies for smooth functioning. However, these technologies are no longer able to react dynamically to the fast-changing business landscape due to ever-changing client expectations and huge competition. This results in high maintenance costs and creates obstacles in the profit-making process. Agile, smart, and updated infrastructure is crucial for success. Hence organizations are opting for modernization services for updating legacy applications and various software functions. This in turn is expected to propel the growth of the application modernization services market during the forecast period.
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Application Modernization Services Market Share Analysis
Global Application Modernization Services key players include IBM, Atos, Cognizant, etc. Global top four manufacturers hold a share over 55%.
United States is the largest market, with a share about 35%, followed by Europe and China, both have a share about 35 percent.
In terms of product, Cobol is the largest segment, with a share over 60%. And in terms of application, the largest application is Emulation, followed by Translation, Business rules extraction, etc.
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