Press release
Application Modernization Services Market Expected to Reach USD 81.24 Billion by 2034, Growing at a CAGR of 16.5%
Application Modernization Services Market
Market Summary:
Application modernization is a process of taking legacy applications and updating their platform infrastructure, internal architecture and features. It typically involves translating monolithic, internally developed applications, often maintained using traditional waterfall development methodologies, into modern cloud-based architectures, most notably using microservices and DevOps practices.
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While the public cloud is an important part of any modernization blueprint, private cloud, hybrid cloud, and multi-cloud strategies are also crucial for security, latency, and architectural basis. In many cases, organizations may not be ready to transition directly from on-premise data centers to the public cloud. In such scenarios, alternative cloud models can help address architectural challenges and policy constraints, enabling workloads to operate in the environments best suited to their specific requirements.
Market Drivers:
The microservices-based architectures and containerized applications are gaining momentum due to their increased flexibility, ease of use, and resilience in application development. For instance, in April 2024, the Department of Veterans Affairs instigated VA Platform One (VAPO), a platform normalizing the usage of containers and microservices to maximize cloud functions, thereby accelerating growth in the application modernization services market.
The market is also undergoing rapid transformation driven by the adoption of AI-propelled automation, low-code/no-code platforms, and DevOps. Businesses are growingly capitalizing on AI-fueled instruments to mechanize application transfiguring procedures, controlling human mediation, and enhancing preciseness. Speedy advancements and scalability of enterprises are powering the low-code/no-code platforms, contributing to market growth.
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Key Market Players:
The market is highly competitive, with prominent players capitalizing on their hybrid cloud and AI potential. Major companies are noted below:
• Capgemini
• Cognizant
• DXC Technology
• HCL Technologies
• IBM
• Infosys
• NTT DATA Corporation
• Tata Consultancy Services
• Wipro
Application Modernization Services - Recent Developments
• January 2024 - AveriSource launched AveriSource Platform 2.0, an enhanced version of its modernization platform tailored for mainframe and midrange systems. Leveraging advanced AI technologies, the platform supports the full application modernization lifecycle, enabling organizations to convert legacy systems into agile, cloud-ready solutions efficiently.
• January 2024 - IBM strengthened its mainframe modernization capabilities through the acquisition of application modernization assets from Advanced. This strategic move enhances IBM Consulting's ability to support clients' modernization initiatives and reinforces IBM's focus on hybrid cloud and AI-driven transformation.
• November 2024 - Kyndryl and Microsoft introduced a suite of innovative services focused on modernizing applications for mainframe customers migrating to the Microsoft Cloud. These new offerings incorporate generative AI to optimize system performance, streamline integrations, and improve operational efficiency across legacy infrastructures.
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Segment Categorization:
The report includes the segmentation of the application modernization services market based on service type, enterprise size, deployment, industry vertical, and region. Based on service type, the application re-platforming segment accounted for the largest market share in 2024 due to enterprises growingly organizing application re-platforming to update legacy application modernization without sizeable code moderation.
Based on industry vertical, the BFSI segment dominated the market in 2024 due to growing regulatory conformity, cybersecurity worries, and the requirement for real-time transaction processing.
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Regional Analysis:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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