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Application Modernization Services Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Application Modernization Services Market Share
As per the report, the application modernization services market size has grown rapidly in recent years. It will grow from $18.37 billion in 2023 to $21.58 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The application modernization services market size is expected to see rapid growth in the next few years. It will grow to $42.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%.
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Businesses Embrace Digital Trends Is Fuelling The Application Modernization Services Market
A rising number of businesses deploying digital technologies and applications is expected to drive the application modernization services market going forward. Digital technologies refer to electronic technologies, systems, devices, and resources that generate store, or process data. Application modernization services enable businesses to modernize their IT infrastructure and application using cutting-edge technologies. For instance, in June 2021, according to a survey conducted by Accentur*e plc, an Ireland-based IT company, 81% of healthcare executives say the pace of digital transformation for their organization is accelerating and 93% report that they are innovating with a sense of urgency and call to action this year. Digital Health Technology Vision surveyed 399 healthcare executives across six countries to learn from their perspectives. Therefore, the rising number of businesses deploying digital technologies and applications drives the application modernization services market.
Technological Advancements Drive Innovation In The Application Modernization Services Market
Technological advancements are a key trend in the application modernization services market. Major companies operating in the market are integrating new technologies such as the SMART Modernization service that works on AI, machine learning, and accelerate digital transformation technology to gain a competitive edge in the market. For instance, in June 2021, Cloudreach, USA based multi-cloud services company, launched SMART Modernization, a new service that includes components such as Sunstone, a unique software platform that uses AI and machine learning, to identify opportunities for application modernization and actively recommends action plans, and DevOps as a Service makes Cloudreach's broad cloud expertise available through a simple and flexible monthly subscription, for modernizing their applications by developing, launching, and maintaining a cloud modernization strategy.
The application modernization services market covered in this report is segmented -
1) By Type: Cobol, ADA, PL/1, RPG, Assembler, PowerBuilder, Others Types
2) By Cloud Deployment Mode: Private Cloud, Public Cloud, Hybrid Cloud
3) By Application: Post Modernisation, Application Portfolio Assignment, Ui Modernisation, Cloud Application Mitigation, Application Integration, Application Re Platforming
4) By Vertical: BFSI, Healthcare and Life Sciences, Telecommunications, IT and ITeS, Retail and Consumer Goods, Government and Public Sector, Energy and Utilities, Manufacturing, Others Vertical
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Major companies operating in the application modernization services market report are Accentur*e plc, Aspire Systems Inc., Asysco Inc., Bell Integrator Inc., Blu Age Corp., Capgemini SE, Cognizant Technology Solutions Corporation, Dell Inc., DXC Technology Company, EPAM Systems Inc., HCL Technologies Limited, Hexaware Technologies Limited, IBM Corporation, Infosys Limited, Micro Focus International plc, Microsoft Corporation, Modern Systems Inc., Oracle Corporation, Tata Consultancy Services Limited, Tech Mahindra Limited, The Software Revolution Inc., Wipro Limited, Atos Information Technology Incorporated, Deloitte Touche Tohmatsu LLC, Cuelogic Technologies Pvt. Ltd., Mindtree Consulting Private Limited, Larsen & Toubro Infotech Ltd., Virtusa Consulting Services Private Limited, Nippon Telegraph and Telephone Public Corporation, Trianz Holdings Private Limited, Persistent Systems and Solutions Limited, Sonata Software Ltd.
Contents of the report:
1. Executive Summary
2. Application Modernization Services Market Report Structure
3. Application Modernization Services Market Trends And Strategies
4. Application Modernization Services Market - Macro Economic Scenario
5. Application Modernization Services Market Size And Growth
…..
27. Application Modernization Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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