The application modernization services market size is projected to grow at a compound annual growth rate (CAGR)16.8 of % from 2020 to 2030 to reach USD 24.8 billion by 2030. The primary factors driving the growth of this market include the increasing demand for cloud-based applications, the need for organizations to digitally transform their applications and IT infrastructure, and the growing demand for automated and secured applications.
The increasing demand for cloud-based applications is one of the key factors driving the growth of the application modernization services market. Cloud computing enables organizations to quickly develop, deploy, and maintain applications at a lower cost, which is driving the demand for cloud-based application modernization. Additionally, organizations are increasingly investing in cloud-based applications to reduce their IT costs and improve their operational efficiency.
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The market is poised for massive growth owing to increase in infrastructure spending and shift to cloud by major corporations and enterprises. Need for faster delivery of services and adoption of cloud computing in industrial and enterprise applications can bolster the market demand significantly. Enterprises are moving to the cloud for enabling faster data transformation and enhancements in cloud technology for supporting latest updates of applications and software.
The COVID-19 pandemic has hastened the shift to cloud for enabling remote work and keeping productivity levels high during the lockdown. Migration of advanced technologies and modernization of infrastructure can favor the market.
But lack of skilled personnel capable of handling modernization of services can restrain market growth.
On the basis of type, the market is segmented into application integration, cloud application migration, application re-platforming, application portfolio assessment, user interface modernization, and postmodernization. The cloud application migration segment is likely to gain huge demand in the application modernization services market. This is attributed to the porting of applications to the cloud and flexibility provided by the technology.
On the basis of organization size, the market is segmented into small and medium enterprises, and large enterprises. Small and medium enterprises can be the biggest contributors to the market owing to need for cost optimization and requirement of cloud for solving complex technical issues.
On the basis of industry vertical, the market is segmented into IT telecom, media and entertainment, manufacturing, healthcare, banking and financial services, government, retail and others.
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed for measuring the growth of the global application modernization services market.
APAC is expected to display the strongest growth rate for the market owing to major firms offering modernization services in India and China. The ability of IT firms to keep up with the reach of global consumers can drive demand for application modernization. Demand for better-performing software and opportunities in the region can bolster market demand.
North America is anticipated to command a large market share owing to modernization services offered by vendors across multiple disciplines. Moreover, vendors in the region are offering services that reduce risk and promise high flexibility and agility in processes.
Atos SE, Sensiple, Syntel, Inc, Espire Infolabs Pvt. Ltd, Tech Mahindra Limited, Accenture PLC, Nous Infosystems Pvt. Ltd, Unisys Corporation, Happiest Minds Technologies, Oracle Corporation, HCL Technologies Limited, Infosys Limited, Avanade Inc., Fujitsu Ltd, DXC Technology Company, Bell Integrator, Inc, and Idexcel, Inc are prominent players of the global application modernization services market.
Digital transformation of services is to be leveraged by these companies for offering customized application modernization services. Competition is intense in applications of custom development, application re-hosting, and upgrades.
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Informatica, a U.S. cloud data management provider, has agreed to upgrade its services for increasing the reach and capacity of cloud applications. Moreover, it has launched the 200 Series certification courses for helping its partners understand more cases of cloud application and modernization of applications on the cloud.
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