Press release
Application Modernization Services Market to Reach $40.2 Billion by 2030
According to this report, the application modernization services market is projected to reach $40.2 billion by 2030, at a CAGR of 17.4% from 2023 to 2030. The growth of this market is driven by the rising need for improved software features due to dynamic business environments, the growing demand for flexibility and scalability in legacy applications and enterprises' rising inclination toward modernizing legacy applications with cloud capabilities. Furthermore, the existence of a large number of legacy and mainframe applications, the increasing focus on omnichannel integration, and the rising adoption of containerization to create and deploy applications faster and more securely are expected to create significant opportunities for market growth.
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However, the high costs and complexities associated with application modernization services are challenges for market growth. Also, security and privacy issues associated with application modernization services and the lack of IT skills among employees restrain the growth of this market.
The application modernization services market is segmented based on type, deployment mode, sector, organization size, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Key Players
The key players profiled in the application modernization services market study are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), HCL Technologies (India), Capgemini (France), Atos (France), Infosys Limited (India), Cognizant (U.S.), Dell Inc. (U.S.), Fujitsu Limited (Japan), Bell Integrator Inc. (U.S.), Kyndryl Holdings, Inc. (U.S.), (Ireland), and Softura (U.S.).
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Based on type, the application modernization services market is segmented into application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services. In 2023, the cloud migration segment is expected to account for the largest share of the application modernization services market. The segment's large share is attributed to the growing need to boost application agility and flexibility, improve scalability and data security, and organizations' rising inclination toward cloud platforms. The cloud migration segment is also expected to record the highest CAGR during the forecast period.
Based on deployment mode, the application modernization services market is segmented into public cloud and private cloud. In 2023, the public cloud segment is expected to account for the larger share of the application modernization services market. The segment's large share is attributed to the easy accessibility and cost-effectiveness of public clouds and small and medium-sized enterprises' increasing migration to public clouds. However, the private cloud segment is expected to record the higher CAGR during the forecast period.
Based on sector, the application modernization services market is segmented into BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors. In 2023, the IT & telecom segment is expected to account for the largest share of the application modernization services market. The segment's large share is attributed to IT & telecom companies' rising need to increase operational efficiency, improve customer experience, and move from mainframe to cloud platforms. However, the BFSI segment is expected to record the highest CAGR during the forecast period.
Based on organization size, the application modernization services market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the application modernization services market. The segment's large share is attributed to large enterprises' utilization of a vast number of legacy applications and their growing need to increase the flexibility and scalability of legacy applications.
Based on geography, the application modernization services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the application modernization services market. North America's large share is attributed to the region's robust IT infrastructure, investments in digital infrastructure, and the existence of large enterprises. However, Asia-Pacific is expected to record the highest CAGR during the forecast period, mainly due to regional enterprises' increasing adoption of cloud-based technologies, their need to optimize legacy applications, and growing digital transformation initiatives.
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Key Questions Answered in the Report:
Which are the high-growth market segments based on type, deployment mode, sector, organization size, and geography?
What is the historical market size for application modernization services across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the global application modernization services market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape in the global application modernization services market?
What are the recent developments in the global application modernization services market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global application modernization services market, and how do they compete with the other players?
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