Application Modernization Services Market Is Anticipated To Increase At A Stable CAGR Over The Forecast 2024-2031 | Atos, Bell Integrator, Capgemini, Cognizant

Market Overview:

Application modernization services help enterprises update legacy applications to more advanced technical architecture like cloud, microservices, and containers in order to enhance functionality, security, scalability, and performance. This includes re-engineering outdated codes and functionality.

Market Dynamics:

The application modernization services market is expected to witness significant growth owing to the rising need among enterprises to adopt advanced technical architecture in order to keep pace with changing business needs and technologies. Another key driver is the growing focus on cost optimization. Migrating legacy applications to cloud helps optimize costs by removing need for on-premise infrastructure and resources. Moreover, modernizing outdated applications makes them agile and scalable for growing data demand. This is important as legacy applications lack flexibility to support business expansion. However, high initial investment associated with application modernization and lack of skilled professionals pose challenges to the market.

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Application Modernization Services Market Drivers:

Rising Need for Improving Operational Efficiency of Legacy Systems:

Many organizations have legacy systems that are outdated and are struggling to keep pace with evolving business and technology needs. Legacy systems often lack flexibility, scalability and security features. Application modernization services help improve the operational efficiency of these legacy systems by migrating them to modern platforms and technologies. This allows organizations to extract more value from their legacy investments while gaining benefits like reduced costs, improved performance, compliance with current standards, better scalability and flexibility to adapt to changing market conditions.

Growing Demand for Cloud and Mobile Technologies:

There is a massive rise in adoption of cloud technologies by organizations across industry verticals for benefits like scalability, agility and lower costs. similarly, the usage of mobile applications and services by both customers and employees is growing significantly. However, older legacy systems often lack capabilities needed to integrate with modern cloud and mobile platforms. Application modernization facilitates migration of these legacy applications to cloud-native platforms and re-platforms them to be mobile-friendly. This enables organizations to leverage capabilities of modern technologies and fulfil the growing demands of digital transformation.

Application Modernization Services Market Restrain:

High Cost of Application Modernization:

Application modernization requires significant investment of both time and money. The process often involves rewriting parts of applications' source code, re-architecting and re-engineering applications to work on new platforms and technologies. It also requires skilled resources with expertise in legacy as well as new technologies. All these factors contribute to make application modernization an expensive undertaking. The high costs deter some organizations, especially smaller ones, from undertaking modernization initiatives which act as a key restrain for the market growth.

Application Modernization Services Market Opportunity:

Growing Utilization of AI and Automation:

Artificial Intelligence (AI) and automation technologies are being increasingly utilized to streamline and automate various stages of the application modernization process. Technologies like AI, machine learning, robotic process automation help assess legacy systems, automate code migration and re-engineering. They also ensure quality and accelerate testing procedures. This significantly reduces manual efforts, costs and timelines involved in modernizing applications. The rising recognition and adoption of AI-driven approaches present a huge opportunity for modernization service providers to develop intelligent solutions that optimize processes and boost customer returns on investment.

Application Modernization Services Market Trends:

Increasing Focus on Cloud-Native Application Modernization:

With widespread availability of cloud infrastructure from major providers, there is a growing industry trend of modernizing legacy applications directly 'to the cloud'. Service providers are developing capabilities around refactoring monolithic architectures as cloud-native microservices, containers and serverless functions. They employ DevOps practices for seamless deployment on cloud platforms. Organizations are also shifting from capital expenditure to operational expenditure models using cloud-based modernization solutions. This cloud-native application modernization approach helps deliver autonomy, elastic scalability and improved developer experiences - key desires of digital businesses. Overall, the market is witnessing higher focus and investment on cloud-native modernization strategies and technologies.

List of the Top Key Players in the Market:

✦ Atos
✦ Bell Integrator
✦ Capgemini
✦ Cognizant
✦ Fujitsu
✦ HCL Technologies
✦ IBM
✦ Macrosoft
✦ Tech Mahindra
✦ TCS
✦ Wipro
✦ Infosys
✦ DXC
✦ TSRI
✦ Modern Systems
✦ Micro Focus
✦ Semantic Designs
✦ Evolveware
✦ Mapador
✦ Fresche Solutions

Segmentation by type:

✦ Cobol
✦ ADA
✦ PL/1
✦ RPG
✦ Assembler
✦ PowerBuilder
✦ Others

Segmentation by Application:

✦ Emulation
✦ Translation
✦ Business Rules Extraction

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Application Modernization Services Market Study Coverage:

✅ It includes major manufacturers, emerging players' growth story, and major business segments of keyword Market Opportunities & Growth Trend to 2031 market, years considered, and research objectives. Additionally, segmentation is based on the type of product, application, and technology.

✅ Application Modernization Services Market Opportunities & Growth Trend to 2031 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, issues, and macroscopic indicators.

✅ Application Modernization Services Market Production by Region Application Modernization Services Market Profile of Manufacturers-players are studied based on SWOT, their products, production, value, financials, and other vital factors.

Major highlights from Table of Contents:

1.1 Application Modernization Services Introduction
1.2 Global Application Modernization Services Market Size Forecast
1.2.1 Global Application Modernization Services Sales Value
1.2.2 Global Application Modernization Services Sales Volume
1.2.3 Global Application Modernization Services Sales Price
1.3 Application Modernization Services Market Trends & Drivers
1.3.1 Application Modernization Services Industry Trends
1.3.2 Application Modernization Services Market Drivers & Opportunity
1.3.3 Application Modernization Services Market Challenges
1.3.4 Application Modernization Services Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives

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Reasons to Purchase Report:

✔️ The Report Provides In-Depth Analysis Of The Global Application Modernization Services Market, And Provides Market Size (US$ Million) And CAGR For The Forecast Period (2024-2030), Considering 2022 As The Base Year.

✔️ The Report Profiles Key Players In The Global Application Modernization Services Market Based On The Following Parameters - Company Details (Found Date, Headquarters, Manufacturing Bases), Products Portfolio, Application Modernization Services Sales Data, Market Share And Ranking.

✔️ This Report Elucidates Potential Market Opportunities Across Different Segments And Explains Attractive Investment Proposition Matrices For This Market.

✔️ This Report Illustrates Key Insights About Market Drivers, Restraints, Opportunities, Market Trends, Regional Outlook.

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