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Businesses Embrace Digital Trends Is Fueling The Application Modernization Services Market: A Key Catalyst Accelerating Application Modernization Services Market Growth in 2025
Application Modernization Services
Application Modernization Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for application modernization services has seen exponential growth in recent years. The market is projected to expand from $21.13 billion in 2024 to $24.58 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 16.3%. Factors contributing to this historic growth include business process optimization, cost efficiency, user experience improvements, management challenges related to data, market competitiveness, and the necessity for innovation.
Application Modernization Services Market Size Forecast: What's the Projected Valuation by 2029?
The market size for application modernization services is forecasted to experience remarkable growth in the forthcoming years, swelling to $51.92 billion by 2029 with an impressive compound annual growth rate (CAGR) of 20.6%. Among the factors contributing to the growth during this forecast period are mobile-centric strategies, the dynamics of remote work, evolving customer expectations, requirements for elastic scalability, considerations about data privacy and compliance, and environmental sustainability. Key developments projected during the forecasting period encompass emerging trends like the adoption of cloud-native solutions, architecture using microservices, incorporation of containerization and orchestration, integration of DevOps, shift to API-first approaches, measures related to security and compliance, and the hybrid and multi-cloud strategies.
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What Are the Drivers Transforming the Application Modernization Services Market?
The application modernization services market is poised for growth, buoyed by an increasing array of companies implementing digital technologies and apps. These digital technologies encompass electronic systems, devices, and resources that create, hold, or manipulate data. Businesses are equipped with application modernization services which allow them to revamp their IT infrastructure and apps through advanced technologies. For example, data from Whatfix, an Indian SaaS-based digital adoption platform, indicates that global IT spending is set to hit $5 trillion by 2024, an uptick of 8.6% from 2023's figures, set in October. This surge underscores the escalating importance companies are assigning to digital technologies in order to enhance operations and be receptive to shifting market requirements. Consequently, the burgeoning number of corporations leveraging digital technologies and apps propels the application modernization services market.
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What Long-Term Trends Will Define the Future of the Application Modernization Services Market?
Advancements in technology constitute a prominent trend in the market for application modernization services. Leading organizations in this sector are integrating modern technologies like AI, machine learning, and speed up digital transformation technology to create a market advantage. AVEVA, a UK corporation specializing in industrial software, demonstrated this trend in October 2023, when they unveiled a new strategy featuring a Hybrid Cloud Manufacturing Execution System. This state-of-the-art system features advanced functionalities for processing data in real-time and analytics, equipping manufacturers with the tools necessary to streamline operations and enhance decision-making processes. This introduction showcases AVEVA's dedication to fostering digital transformation in manufacturing with a versatile solution powered by hybrid cloud technology.
Which Segments in the Application Modernization Services Market Offer the Most Profit Potential?
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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Which Firms Dominate the Application Modernization Services Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Application Modernization Services Market?
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.
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