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Evolving Market Trends In The Application Modernization Services Industry: Technological Advancements Drive Innovation In The Application Modernization Services Market
Application Modernization Services
What Is the Expected Application Modernization Services Market Size During the Forecast Period?
The market size of application modernization services has undergone quick expansion in the recent past. The market value is forecasted to rise from $21.13 billion in 2024 to $24.58 billion in 2025, with a compound annual growth rate (CAGR) of 16.3%. The historic period growth is due to factors such as optimisation of business processes, cost-effectiveness, improvement in user experience, challenges in data management, market competition, and the need for innovation.
The market for application modernization services is slated for a substantial escalation in size in the coming years. It is projected to reach a valuation of $51.92 billion by 2029, registering a compound annual growth rate (CAGR) of 20.6%. The projected expansion during the forecast period can be linked to factors such as the adoption of mobile-first strategies, changes in remote work dynamics, evolving customer expectations, demand for elastic scalability, data privacy and compliance requirements, and a focus on environmental sustainability. Key trends expected during the forecast period encompass cloud-native adoption, the use of microservices architecture, containerization and orchestration, integration of DevOps, an API-first strategy, as well as security and compliance measures, and hybrid and multi-cloud strategies.
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What Are the High-Growth Segments in the Application Modernization Services Market?
The application modernization services market covered in this report is segmented -
1) By Type: Cobol, ADA, PL Or 1, RPG, Assembler, PowerBuilder, Others Types
2) By Cloud Deployment Mode: Private Cloud, Public Cloud, Hybrid Cloud
3) By Application: Post Modernization, Application Portfolio Assignment, Ui Modernization, 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
Subsegments:
1) By Cobol: Cobol To Java Migration, Cobol To .NET Migration
2) By ADA: ADA Code Conversion, ADA Integration Services
3) By PL Or 1: PL Or 1 Modernization, PLOr 1 To Java Migration
4) By RPG: RPG To Java Migration, RPG Web Enabling
5) By Assembler: Assembler Code Conversion, Assembler Modernization Solutions
6) By PowerBuilder: PowerBuilder Migration To Web, PowerBuilder Application Reengineering
7) By Other Types: Legacy Application Modernization, Database Modernization, Custom Application Development
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What Key Drivers Are Expected to Influence Future Application Modernization Services Market Growth?
The forecasted growth in the application modernization services market is influenced by the increasing number of businesses employing digital technologies and applications. Digital technologies encompass electronic systems, devices, and tools that generate, store, or manipulate data. These services allow businesses to renovate their IT infrastructure and applications using advanced technologies. As an example, Whatfix, an Indian SaaS-based digital adoption platform, reported in October 2023 that global IT spending is predicted to reach $5 trillion in 2024, an 8.6% rise from 2023. This surge underscores the growing importance businesses assign to digital technologies to enhance their operations and accommodate varying market needs. Consequently, the expanding number of businesses utilizing digital technologies and applications stimulates the market growth for application modernization services.
Which Companies Hold the Largest Share Across Different Application Modernization Services Market Segments?
Major companies operating in the application modernization services market are accenture* 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.
What Trends Are Driving Growth in The Application Modernization Services Market?
The growing use of modern technology is a dominant pattern seen in the application modernization services market. The primary organizations in the industry are incorporating emerging technologies such as the SMART Modernization service, which relies on AI and machine learning to kickstart digital transformation efforts and gain a strategic advantage in the market. As an illustration, AVEVA, a UK-based industrial software company, introduced an updated strategy in October 2023 featuring a novel Hybrid Cloud Manufacturing Execution System. This groundbreaking system bolsters real-time data processing and analytics capabilities, allowing manufacturers to enhance operations and decision-making processes. This launch emphasizes AVEVA's dedication to backing digital transformation in the manufacturing field, offering a resilient solution that harnesses the strength of hybrid cloud technology.
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What Are the Emerging Geographies for The Application Modernization Services Market Growth?
North America was the largest region in the application modernization services market in 2024. The regions covered in the application modernization services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Application Modernization Services Market?
2. What is the CAGR expected in the Application Modernization Services Market?
3. What Are the Key Innovations Transforming the Application Modernization Services Industry?
4. Which Region Is Leading the Application Modernization Services Market?
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