Global Application Modernization Services Market

Application Modernization Services Market Insights

The application modernization services market is expected to grow at a high CAGR during the forecast period. The factors contributing to the growth of the application modernization services include reduced IT operating costs, business agility, staff productivity and adoption of cloud computing. The growing adoption of cloud services, and large scale migration of workloads to cloud-based and Service Oriented Structure (SOA) are driving the market growth. Rising focus towards transforming and modernizing legacy systems, and rise in demand for modern infrastructure to ensure business continuity are also expected to propel the market growth during the forecast period.  

Application Modernization Services Market: By Services

On the basis of services, the market is segmented into application portfolio assessment, cloud application migration and application re-platforming among others. The application re-platforming segment is expected to hold the largest market share during the forecast period. Various factors that contribute to the growth re-platforming segment include: lower capital and operating expenditure, increased scalability, improved software licensing and delivery models. The growing adoption of modernization services and increasing demand for cloud based application migration are driving the market growth. The application portfolio assessment is expected to grow at a high CAGR during the forecast period. It helps IT executives to form effective, business grounded rationalization programs.

 Application Modernization Services Market: By Cloud Deployment Mode

On the basis of the cloud deployment mode, the market is segmented into hybrid, public and private. The hybrid cloud segment is expected to hold the largest market share during the forecast period. Hybrid cloud segment benefit is its agility as it uses both public and private clouds, on-premises resources leading to the growth of the hybrid cloud segment. The public cloud segment is expected to grow at a high CAGR during the forecast period. Public could segment offer economies of scale and run fully automated replacing on-premises data centre.

Application Modernization Services Market: By Vertical

On the basis of vertical, the market is segmented into media and entertainment, healthcare, government, and retail among others. Media and entertainment segment are expected to grow at a high CAGR during the forecast period. Customer viewing experience is driving the market growth for media & entertainment segment. Changing business rules and use cases demand new functionalities to aid business processes efficiently. Businesses need to continuously or periodically improve their business processes due to the changing customer needs, growing technological advancements, and increasing competition are also driving the market growth.

Application Modernization Services Market: By Region

On the basis of region, the market is segmented into North America, Asia-Pacific, Europe, CSA, and Middle East & Africa among others. North America is expected to hold the largest market share during the forecast period. The presence of leading vendors such as IBM, Cognizant, Dell, DXC Technology, and EPAM Systems among others is driving the market growth in the region. Customer satisfaction in the region is set to drive the market towards growth. Asia-Pacific is expected to grow at a high CAGR during the forecast period with rise in market players offering cloud-based service. Many Asian countries, such as Australia, China, Japan, and India, are leveraging intensive technologies, to cater to the increasing software service demand.

Application Modernization Services Market Share and Competitor analysis

Key players operating in the application modernization services market include: Accenture, IBM, Atos, HCL, Capgemini, Bell Integrator, LTI, Microfocus, TCS, Virtusa and Wipro among others.

Please note: This is not an exhaustive list of companies profiled in the report. 

In February 2020, Cognizant partnered with CECONY to modernize its applications, technology infrastructure, and legacy technology platform for enhancing operational efficiencies, enabling greater agility, and improving customer experience in its offices in New York, US, and surrounding areas

In December 2019, Atos acquired Maven Wave to build core solution offerings for the digital transformation of businesses. The partnership comprises utilizing Maven Wave’s strength in advanced technologies and strengthening the application modernization portfolio of Atos

Check the Press Release on Global Application Modernization Services Market Report