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Application Modernization Services Market to Reach $69.8 Billion, Globally, by 2032 at 16.5% CAGR: Allied Market Research
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COVID-19 Scenario
► The application modernization services market has witnessed stable growth during the COVID-19 pandemic, Due to the increasing number of people working remotely and relying on online communication tools, the risk of cyber-attacks increases, making application modernization services solutions more essential for businesses to protect against these threats during the pandemic.
► Moreover, several companies are now investing to incorporate advanced and innovative solutions as well as advanced security operations for seamless transfer of condition-based and predictive cyber security requirements, which, in turn, is contributing to the growth of the market.
Based on service type, the application re-platforming segment held the highest market share in 2022, accounting for more than one-fourth of the global application modernization services market revenue, as it helps to update the application's underlying architecture and technologies, such as upgrading from a monolithic architecture to a microservices-based architecture, adding new features, improving the user experience, and improving security and compliance. Furthermore, the application portfolio assessment segment to maintain its leadership status throughout the forecast period. On the other hand, the same segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032, owing to the rising need to improve business performance and reduce operational costs to boost demand for the application portfolio assessment services.
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Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global application modernization services market revenue, owing to the rising adoption of advanced software functionalities in business applications to increase business efficiency. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, owing to an increase in adoption of application modernization services among SMEs across the globe.
Based on end user, the BFSI segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global application modernization services market revenue. Due to the increase in usage of integrated AI and automation features, businesses can automate routine tasks such as data entry and customer service. On the other hand, the healthcare segment is expected to maintain its dominance by 2032. However, the IT and telecom segment is expected to portray the most prominent CAGR of 19.8% from 2023 to 2032. , owing to the high rate of technological adoption and increasing demand for high-end security among enterprises.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global application modernization services market revenue, and is projected to rule the roost by 2032. owing to the development of infrastructure and the rise in investments in the application modernization service market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% from 2023 to 2032. Due to the rise in the adoption of new technology among leading companies.
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Leading Market Players: -
► Infosys Limited
► IBM Corporation
► Cognizant
► HCL Technologies Limited
► Atos SE
► Wipro
► Tata Consultancy Services Ltd.
► Oracle Corporation
► DXC Technology Company
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