Europe Application Modernization Services Industry Report: Key Players, Trends, and Forecasts

According to the report, the Europe application modernization services industry generated $2.14 billion in 2019, and is estimated to reach $6.60 billion by 2027, witnessing a CAGR of 15.1% from 2020 to 2027.

Rise in demand for cloud computing, adoption of big data analytics software for leveraging benefits of big data, and need to replace legacy applications drive the growth of the Europe application modernization services market. However, lack of skilled IT workforce and constantly changing trends hinder the market growth. On the other hand, need for modernized infrastructure and digital transformation present new opportunities in the coming years.

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Impact of Covid-19 on Europe Application Modernization Services Market:

• Owing to sudden lockdown imposed by governments, the implementation of application modernization services have been halted or slowed down in the European countries.

• With organizations adopting "work from home" culture, innovative cloud-based solutions have been adopted for ensuring data availability and agility along with updating business processes. So, the demand for application modernization services would increase post-lockdown.

• As businesses have realized the importance of agile methodology and cloud computing to continue business operations during pandemics, the demand would surge post-Covid-19 for business continuity and smooth remote working.

Based on services, the application re-platforming segment accounted for the largest share of the Europe application modernization services market in 2019, holding more than one-fourth of the total market share, and will maintain its leadership status during the forecast period. This is due to rapid application delivery and fast time-to-market along with faster networking speeds, scalability, and flexibility. However, the application portfolio assessment segment is projected to portray the highest CAGR of 19.8% from 2020 to 2027, owing to rise in need to help IT executives in setting effective and business-grounded rationalization programs, improvement in efficiency, and cost reduction.

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As per industry vertical, the Europe application modernization services market size was dominated by BFSI segment in 2019. Factors such as major investments made by the banking and financial sector for cloud services in Europe region and significant need to update the legacy systems in the organizations of BFSI industry are the major drivers for the Europe application modernization services market growth. In addition, the need of financial companies to mitigate risks is further propelling the market demand in this region. The adoption of application modernization services has increased in BFSI sector to save the overall costs in core banking processes, document management system, and more.

Based on deployment mode, the public cloud segment contributed to the highest market share of the Europe application modernization services market, accounting for nearly two-fifths of the total share in 2019, and is expected to maintain the dominant share throughout the forecast period. This is attributed to its lesser expensive nature for vendors to offer services such as data storage and software. However, the hybrid cloud segment is expected to grow at the fastest CAGR of 18.9% during the forecast period. This is due to its scalability, agility, and control over the critical data.

Based on country, Austria is estimated to manifest the highest CAGR of 17.4% from 2020 to 2027, owing to implementation of advanced technologies to raise productivity and remodel existing applications. However, the U.K. contributed for the highest share in terms of revenue in 2019, accounting for more than one-fifth of the total share of the Europe application modernization services market, and will maintain its lead during the forecast period.

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UK, Germany, and France garnered significant share in Europe application modernization services market in 2019, owing to increase in trend of automation in various industries such as manufacturing, BFSI, and automobiles. Furthermore, need for low-cost data storage & business agility and increase in cloud migration are boosting the demand of application modernization services, which is notably contributing toward the growth of the overall market.

Market players grabbing the largest pie:

• Aspire Systems
• Atos
• Bell Integrator
• Blu Age
• Capgemini
• DXC Technology Company
• HCL Technologies Limited
• IBM Corporation
• Micro Focus

The report focuses on the growth prospects, restraints, and application modernization services market trends in Europe. Moreover, the study includes Porter's five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the Europe application modernization services market.

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