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Application Modernization Services Market Set to Reach $40.2 Billion by 2030
Application Modernization Services Market
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The robust growth in this market is propelled by the escalating demand for enhanced software features, driven by the ever-changing dynamics of business environments. There is a growing need for flexibility and scalability in legacy applications, and enterprises are increasingly inclined towards modernizing legacy applications with advanced cloud capabilities. The presence of a substantial number of legacy and mainframe applications, coupled with a heightened focus on omnichannel integration and the rising adoption of containerization for rapid and secure application development and deployment, presents substantial opportunities for market growth.
Nevertheless, the market faces challenges in the form of high costs and complexities associated with application modernization services. Additionally, security and privacy concerns related to these services, coupled with a shortage of IT skills among employees, act as constraints on the market's growth trajectory.
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The segmentation of the application modernization services market is based on type, deployment mode, sector, organization size, and geography. The report also includes a thorough evaluation of industry competitors and a comprehensive analysis of the market at both regional and country levels.
Key Players in the Industry:
The report profiles key players in the application modernization services market, including 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., and Softura (U.S.).
Segmentation Highlights:
Type:
• Application Modernization Consulting Services
• Cloud Migration Services
• UI/UX Modernization Services
• Application Containerization Services
Deployment Mode:
• Public Cloud
• Private Cloud
Sector:
• BFSI
• IT & Telecom
• Retail
• Media & Entertainment
• Healthcare & Life Sciences
• Government
• Manufacturing
• Transportation & Logistics
• Energy & Utilities
• Other Sectors
Organization Size:
• Large Enterprises
• Small & Medium-Sized Enterprises
Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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In 2023, the cloud migration segment is expected to dominate the market, driven by the imperative need for application agility, flexibility, and improved scalability and data security. The public cloud deployment mode is projected to hold the larger share, owing to its accessibility and cost-effectiveness. However, the private cloud segment is anticipated to record a higher CAGR during the forecast period.
Within sectors, IT & Telecom is poised to command the largest share in 2023, fueled by the sector's pursuit of increased operational efficiency, enhanced customer experience, and the transition from mainframe to cloud platforms. Simultaneously, the BFSI segment is forecasted to achieve the highest CAGR.
In terms of organization size, large enterprises are expected to dominate the market, attributed to their utilization of a vast number of legacy applications and a growing need to enhance the flexibility and scalability of these applications.
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Geographically, North America is predicted to lead in 2023, owing to robust IT infrastructure, digital infrastructure investments, and the concentration of large enterprises. However, Asia-Pacific is poised to record the highest CAGR during the forecast period, driven by regional enterprises' increasing adoption of cloud-based technologies, the imperative to optimize legacy applications, and the surge in digital transformation initiatives.
In conclusion, Meticulous Research®'s report offers an extensive understanding of the Application Modernization Services Market, providing valuable insights for industry stakeholders, investors, and decision-makers. For a more in-depth analysis, the full report is available on Meticulous Research®'s website.
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