Need for Improved Software Functionalities due to Changing Business Landscapes
The application modernization services market size is expected to grow from USD 15.2 billion in 2022 to USD 32.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period. Application modernization services refer to practice of updating older software for newer computing approaches, including newer languages, frameworks, and infrastructure platforms. The automation modernization services helps in achieving developer efficiency, alignment of applications with current business needs, and scalability.
As per service, the cloud application migration segment to hold the highest CAGR during the forecast period
The application modernization services market by service type is divided into application portfolio assessment, cloud application migration, application re-platforming, application integration, UI modernization, and post-modernization. Cloud application migration is estimated to hold the highest CAGR of 19.4% during the forecasted period of the application modernization services market. A cloud application migration is the process by which a business moves some or all its data center capabilities onto the cloud, typically to use the cloud-based infrastructure offered by public cloud or private cloud services providers such as Oracle, TCS, or Microsoft Azure. As more businesses migrate to the cloud, more migrations within the cloud are also happening as businesses switch between various cloud providers (known as cloud-to-cloud migration). Applications are moved to the cloud by businesses to benefit from lower costs, flexible scaling, and the ability to update software fast in response to demand changes. The process of migrating on-premises or legacy infrastructure to the cloud is known as application migration. It applies when migrating IT processes, databases, and applications between clouds. Organizations need to analyze each application's design, determine whether it could be implemented on the new platform, and make informed decisions if they want to move their apps to the cloud. It is crucial to carefully examine overall application migration criteria, considering all relevant factors such as resource allocation, business continuity, compliance, security, and cost considerations.
As per vertical, BFSI vertical holds the largest market size during the forecast period
The vertical segment is further sub-segmented into BFSI, healthcare and life sciences, telecommunication, IT & ITeS, retail & consumer goods, government and public sector, energy & utilities, manufacturing, and other verticals. As per vertical, the BFSI industry is expected to hold the largest market share during the forecast period. Financial companies are causing more and more market disruption with their innovations, making it difficult for banks to keep up. Therefore, the banking industry's modernization of outdated applications offers customers quick and easy transactions. An outdated platform for vital financial services such as transaction processing, account registration, and loan approval is referred to as a legacy banking system. The compatibility for advanced solution integration is not present in its out-of-date software components. Modern customers are accustomed to getting solutions quickly, or they will find another vendor. In this aspect, modernizing outdated banking applications speeds up project completion while reducing work complexity. The act of updating, upgrading, or refining current or legacy apps so they may incorporate the newest computing techniques, such as modern languages, cloud infrastructure, and frameworks, is known as legacy application modernization. Due to severe regulations and outdated core platforms that keep them bound to decades-old legacy systems, banks are hesitant to adopt new technological advancements.
As per region, North America holds the largest market share during the forecast period
The application modernization services market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of global application modernization services market share, North America is anticipated to hold the largest market share in 2022, and this trend is anticipated to last throughout the forecast period. Top contributors to the market for application modernization services in North America include the US and Canada. North America businesses are leading the way in embracing new technologies and quickly adjusting to the rapidly evolving technology ecosystem. Businesses may upgrade their outdated applications relative to the region's well-developed digital infrastructure ecosystem and high usage of cloud services. The governments in this region have a clear goal for modernizing their outdated systems, making North America the most developed market for application modernization services. This area is home to the majority of large application service providers. The majority of the market growth for application modernization services comes from the US. The market for application modernization services in this region is being driven by a number of factors, including robust healthcare and BFSI compliances, increased use of cutting-edge cloud technology, and improved citizen services.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the application modernization services market.
- By Company: Tier I - 32%, Tier II - 49%, and Tier III - 19%
- By Designation: C-Level Executives - 32%, Director Level - 22%, and Others - 45%
- By Region: Asia Pacific - 35%, Europe - 20%, North America - 40%, Rest of World - 5%
Some of the major application modernization services market vendors are IBM (US), Accenture (Ireland), HCL Technologies (India), Atos (France), Capgemini (France), Cognizant (US), TCS (India), Bell Integrators (US), Innova Solutions (US), Oracle (US), Microsoft (US), EPAM Systems (US), Aspire Systems (India), NTT Data (Japan), Dell Technologies (US), DXC Technology (US), Infosys (India), LTI (India), Wipro (India), Micro Focus (UK), Fujitsu (Japan), Softura (US), Hexaware Technologies (India), Virtusa (US), and MongoDB (US).
Research coverage
The market study covers the application modernization services market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as service, cloud deployment mode, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying report
The report would provide the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall application modernization services market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the market's pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered
1.4 Currency Considered
Table 1 USD Exchange Rate, 2017-2021
1.5 Stakeholders
1.6 Summary of Changes
2 Research Methodology
2.1 Research Data
Figure 1 Application Modernization Services Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
Table 2 Primary Respondents
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
Figure 2 Data Triangulation
2.3 Market Size Estimation
Figure 3 Top-Down and Bottom-Up Approaches
2.3.1 Top-Down Approach
Figure 4 Top-Down Approach: Revenue of Vendors Offering Application Modernization Services Solutions and Services
2.3.2 Bottom-Up Approach
Figure 5 Bottom-Up Approach: Revenue of Vendors Across Services
Figure 6 Bottom-Up Approach (Supply Side): Collective Revenue of Application Modernization Services Vendors
Figure 7 CAGR Projections from Supply Side
2.4 Research Assumptions
Table 3 Research Assumptions
2.5 Research Limitations
3 Executive Summary
Figure 8 Application Modernization Services Market Snapshot, 2017-2027
Figure 9 Top Market Segments in Terms of Growth Rate
Figure 10 Application Re-Platforming Segment to Account for Largest Market by 2027
Figure 11 Public Cloud Segment to Account for Larger Market by 2027
Figure 12 Large Enterprises Segment to Account for Larger Market by 2027
Figure 13 Bfsi to be Dominant Vertical by 2027
Figure 14 North America to Account for Largest Share During Forecast Period
4 Premium Insights
4.1 Attractive Growth Opportunities for Players in Application Modernization Services Market
Figure 15 Technological Evolution to Drive Growth of Application Modernization Services
4.2 Market, by Service Type, 2022 Vs. 2027
Figure 16 Application Re-Platforming Accounted for Largest Share in 2022
4.3 Market, by Cloud Deployment Mode, 2022 Vs. 2027
Figure 17 Public Cloud Segment Accounted for Larger Share in 2022
4.4 Market, by Organization Size, 2022 Vs. 2027
Figure 18 Large Enterprises Segment Accounted for Larger Share in 2022
4.5 Market, by Vertical, 2022 Vs. 2027
Figure 19 Bfsi Segment Accounted for Largest Share in 2022
4.6 Market, by Region, 2022 Vs. 2027
Figure 20 Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
5 Application Modernization Services Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 21 Drivers, Restraints, Opportunities, and Challenges: Application Modernization Services Market
5.2.1 Drivers
5.2.1.1 Need for Improved Software Functionalities due to Changing Business Landscapes
5.2.1.2 Demand for Flexibility and Scalability Through Cloud Computing
5.2.1.3 Benefits of Integrating Modern Technologies with Software Systems
5.2.1.4 Shift Toward Modernization by Cloud-Native Technologies
5.2.1.5 Increase in Automation in Application Updates
5.2.2 Restraints
5.2.2.1 High Costs and Complexities in Application Modernization Services
5.2.3 Opportunities
5.2.3.1 Existence of Large Number of Legacy Applications
5.2.3.2 Evolution of Open Standards for Software Development
5.2.3.3 Proliferation of Kubernetes and Containerization
5.2.4 Challenges
5.2.4.1 Reduction in Technology Spending due to COVID-19
5.2.4.2 Lack of It Skills Among Employees
5.2.4.3 Complexities Associated with Cloud-Native Concepts
5.3 Case Study Analysis
5.3.1 Case Study 1: Wovenware Designed Web Application to Meet Needs of Client
5.3.2 Case Study 2: Cloudhedge Suggested Migration and Deployment of Containers on IBM Cloud Platform
5.3.3 Case Study 3: Fujitsu to Help Client in Migrating Its Business-Critical Applications
5.3.4 Case Study 4: Tech Mahindra to Incorporate Tool-Based Application Assessment Solution
5.3.5 Case Study 5: Atos to Help Clients in Achieving Cost-Effective, Low-Risk Modernization, and Modular Design
5.3.6 Case Study 6: Trilio Enabled Csi-Piemonte to Offer Native Data Protection and Management Services
5.4 Ecosystem Analysis
Figure 22 Ecosystem Analysis of Application Modernization Services Market
5.5 Pricing Analysis
5.5.1 Average Selling Price of Key Players, by Solution
Table 4 Application Modernization Services Market: Pricing Analysis
5.5.2 Average Selling Price Trends
Table 5 Market: Average Pricing Levels (USD)
5.6 Patent Analysis
Figure 23 Number of Patents Published, 2011-2021
Figure 24 Top 10 Patent Applicants (Globally) in 2022
Table 6 Top 10 Patent Owners in Market
5.7 Value Chain Analysis
Figure 25 Application Modernization Services Market: Value Chain Analysis
5.8 Technology Analysis
5.8.1 Artificial Intelligence
5.8.2 It Automation
5.8.3 Microservices
5.8.4 Application Programming Interface
5.8.5 Cloud Services
5.9 Key Stakeholders and Buying Criteria
5.9.1 Key Stakeholders in Buying Process
Figure 26 Influence of Stakeholders on Buying Process
Table 7 Influence of Stakeholders on Buying Process
5.9.2 Buying Criteria
Figure 27 Key Buying Criteria for Top Three Verticals
Table 8 Key Buying Criteria for Top Three Verticals
5.10 Key Conferences and Events
Table 9 Application Modernization Services Market: Detailed List of Key Conferences and Events in 2022
5.11 Porter's Five Forces Analysis
Figure 28 Porter's Five Forces Analysis: Market
Table 10 Porter's Five Forces Analysis: Market
5.11.1 Threat from New Entrants
5.11.2 Threat from Substitutes
5.11.3 Bargaining Power of Suppliers
5.11.4 Bargaining Power of Buyers
5.11.5 Intensity of Competitive Rivalry
5.12 Regulatory Landscape
5.12.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 11 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 12 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 13 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 14 Rest of the World: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.12.2 Regulatory Implications and Industry Standards
5.12.3 General Data Protection Regulation
5.12.4 Sec Rule 17A-4
5.12.5 Iso/Iec 27001
5.12.6 System and Organization Controls 2 Type Ii Compliance
5.12.7 Financial Industry Regulatory Authority
5.12.8 Freedom of Information Act
5.12.9 Health Insurance Portability and Accountability Act
5.13 Trends/Disruptions Impacting Buyers
Figure 29 Market: Trends/Disruptions Impacting Buyers
6 Application Modernization Services Market, by Service Type
6.1 Introduction
6.1.1 Service Type: Market Drivers
Figure 30 Cloud Application Migration Segment to Register Highest CAGR During Forecast Period
Table 15 Market, by Service Type, 2017-2021 (USD Million)
Table 16 Market, by Service Type, 2022-2027 (USD Million)
6.2 Application Portfolio Assessment
6.2.1 Application Portfolio Assessment to Bring Clear Visibility into It Systems and Applications
Table 17 Application Portfolio Assessment: Market, by Region, 2017-2021 (USD Million)
Table 18 Application Portfolio Assessment: Market, by Region, 2022-2027 (USD Million)
6.3 Cloud Application Migration
6.3.1 Cloud Application Migration to Achieve Rehosting, Refactoring, Revision, Rebuilding, Replacing, and Retaining of Application
Table 19 Cloud Application Migration: Market, by Region, 2017-2021 (USD Million)
Table 20 Cloud Application Migration: Market, by Region, 2022-2027 (USD Million)
6.4 Application Re-Platforming
6.4.1 Application Re-Platforming to Keep Up with Rapid Technology Evolution and Demand of Current Markets
Table 21 Application Re-Platforming: Application Modernization Services Market, by Region, 2017-2021 (USD Million)
Table 22 Application Re-Platforming: Market, by Region, 2022-2027 (USD Million)
6.5 Application Integration
6.5.1 Application Integration to Ensure Smooth Functioning of Enterprise Systems and Applications
Table 23 Application Integration: Market, by Region, 2017-2021 (USD Million)
Table 24 Application Integration: Market, by Region, 2022-2027 (USD Million)
6.6 Ui Modernization
6.6.1 Ui Modernization Services to Enhance End-users' Efficiency
Table 25 Ui Modernization: Market, by Region, 2017-2021 (USD Million)
Table 26 Ui Modernization: Market, by Region, 2022-2027 (USD Million)
6.7 Post Modernization
6.7.1 Rising Need to Bridge Gap Between Existing On-Premises Systems and Cloud-Based Enterprise Applications
Table 27 Post Modernization: Market, by Region, 2017-2021 (USD Million)
Table 28 Post Modernization: Market, by Region, 2022-2027 (USD Million)
7 Application Modernization Services Market, by Cloud Deployment Mode
7.1 Introduction
7.1.1 Cloud Deployment Mode: Market Drivers
Figure 31 Private Cloud Segment to Register Higher CAGR During Forecast Period
Table 29 Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 30 Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
7.2 Public Cloud
7.2.1 Public Cloud Application Modernization Experts to Architect and Launch Powerful Apps
Table 31 Public Cloud: Market, by Region, 2017-2021 (USD Million)
Table 32 Public Cloud: Market, by Region, 2022-2027 (USD Million)
7.3 Private Cloud
7.3.1 Need to Secure Customer Data from Malware Driving Demand for Private Cloud
Table 33 Private Cloud: Market, by Region, 2017-2021 (USD Million)
Table 34 Private Cloud: Market, by Region, 2022-2027 (USD Million)
8 Application Modernization Services Market, by Organization Size
8.1 Introduction
8.1.1 Organization Size: Market Drivers
Figure 32 Small and Medium-Sized Enterprises Segment to Witness Higher CAGR During Forecast Period
Table 35 Market, by Organization Size, 2017-2021 (USD Million)
Table 36 Market, by Organization Size, 2022-2027 (USD Million)
8.2 Small and Medium-Sized Enterprises
8.2.1 Increasing It Spending to Manage Business Operations
Table 37 Small and Medium-Sized Enterprises: Market, by Region, 2017-2021 (USD Million)
Table 38 Small and Medium-Sized Enterprises: Market, by Region, 2022-2027 (USD Million)
8.3 Large Enterprises
8.3.1 Functional Productivity Gains to Generate Demand for Application Modernization Services
Table 39 Large Enterprises: Market, by Region, 2017-2021 (USD Million)
Table 40 Large Enterprises: Market, by Region, 2022-2027 (USD Million)
9 Application Modernization Services Market, by Vertical
9.1 Introduction
9.1.1 Vertical: Market Drivers
Figure 33 Bfsi Vertical to Hold Largest Market Size During Forecast Period
Table 41 Market, by Vertical, 2017-2021 (USD Million)
Table 42 Market, by Vertical, 2022-2027 (USD Million)
9.2 Banking, Financial Services, and Insurance
9.2.1 Rising Need for Digital Transformation and Improved Customer Experience
Table 43 Bfsi: Market, by Region, 2017-2021 (USD Million)
Table 44 Bfsi: Market, by Region, 2022-2027 (USD Million)
9.3 Healthcare and Life Sciences
9.3.1 Growth in Demand for Tools to Support User Security
Table 45 Healthcare and Life Sciences: Application Modernization Services Market, by Region, 2017-2021 (USD Million)
Table 46 Healthcare and Life Sciences: Market, by Region, 2022-2027 (USD Million)
9.4 Telecommunications
9.4.1 Providing Flexible and Scalable Networks for Core Business Tasks
Table 47 Telecommunications: Market, by Region, 2017-2021 (USD Million)
Table 48 Telecommunications: Market, by Region, 2022-2027 (USD Million)
9.5 It and Ites
9.5.1 It and Ites Companies to Invest in New Technologies to Gain Efficiency and Innovation
Table 49 It and Ites: Market, by Region, 2017-2021 (USD Million)
Table 50 It and Ites: Market, by Region, 2022-2027 (USD Million)
9.6 Retail and Consumer Goods
9.6.1 Retailers Move to Cloud to Create Customer Experiences
Table 51 Retail and Consumer Goods: Market, by Region, 2017-2021 (USD Million)
Table 52 Retail and Consumer Goods: Market, by Region, 2022-2027 (USD Million)
9.7 Government and Public Sector
9.7.1 Rising Demand for Transformation of Government Infrastructure
Table 53 Government and Public Sector: Application Modernization Services Market, by Region, 2017-2021 (USD Million)
Table 54 Government and Public Sector: Market, by Region, 2022-2027 (USD Million)
9.8 Energy and Utilities
9.8.1 Energy and Utility Industry to Migrate Mainframe and Legacy Applications to Distributed and Cloud Environments
Table 55 Energy and Utilities: Market, by Region, 2017-2021 (USD Million)
Table 56 Energy and Utilities: Market, by Region, 2022-2027 (USD Million)
9.9 Manufacturing
9.9.1 Accessing Manufacturing Data Via Cloud to be Better Solution Than Internal It Infrastructure
Table 57 Manufacturing: Market, by Region, 2017-2021 (USD Million)
Table 58 Manufacturing: Market, by Region, 2022-2027 (USD Million)
9.10 Other Verticals
Table 59 Other Verticals: Market, by Region, 2017-2021 (USD Million)
Table 60 Other Verticals: Market, by Region, 2022-2027 (USD Million)
10 Application Modernization Services Market, by Region
10.1 Introduction
Figure 34 Asia-Pacific to Grow at Highest CAGR During Forecast Period
Table 61 Market, by Region, 2017-2021 (USD Million)
Table 62 Market, by Region, 2022-2027 (USD Million)
10.2 North America
10.2.1 North America: Market Drivers
10.2.2 North America: Recession Impact
Figure 35 North America: Application Modernization Services Market Snapshot
Table 63 North America: Market, by Service Type, 2017-2021 (USD Million)
Table 64 North America: Market, by Service Type, 2022-2027 (USD Million)
Table 65 North America: Market, by Organization Size, 2017-2021 (USD Million)
Table 66 North America: Market, by Organization Size, 2022-2027 (USD Million)
Table 67 North America: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 68 North America: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 69 North America: Market, by Vertical, 2017-2021 (USD Million)
Table 70 North America: Market, by Vertical, 2022-2027 (USD Million)
Table 71 North America: Market, by Country, 2017-2021 (USD Million)
Table 72 North America: Market, by Country, 2022-2027 (USD Million)
10.2.3 US
10.2.3.1 Advanced It Infrastructure and Availability of Technical Expertise
Table 73 US: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 74 US: Market, by Service Type, 2022-2027 (USD Million)
Table 75 US: Market, by Organization Size, 2017-2021 (USD Million)
Table 76 US: Market, by Organization Size, 2022-2027 (USD Million)
Table 77 US: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 78 US: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 79 US: Market, by Vertical, 2017-2021 (USD Million)
Table 80 US: Market, by Vertical, 2022-2027 (USD Million)
10.2.4 Canada
10.2.4.1 Advent of Digital Economy to Create Stable Economy
Table 81 Canada: Market, by Service Type, 2017-2021 (USD Million)
Table 82 Canada: Market, by Service Type, 2022-2027 (USD Million)
Table 83 Canada: Market, by Organization Size, 2017-2021 (USD Million)
Table 84 Canada: Market, by Organization Size, 2022-2027 (USD Million)
Table 85 Canada: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 86 Canada: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 87 Canada: Market, by Vertical, 2017-2021 (USD Million)
Table 88 Canada: Market, by Vertical, 2022-2027 (USD Million)
10.3 Europe
10.3.1 Europe: Market Drivers
10.3.2 Europe: Recession Impact
Table 89 Europe: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 90 Europe: Market, by Service Type, 2022-2027 (USD Million)
Table 91 Europe: Market, by Organization Size, 2017-2021 (USD Million)
Table 92 Europe: Market, by Organization Size, 2022-2027 (USD Million)
Table 93 Europe: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 94 Europe: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 95 Europe: Market, by Vertical, 2017-2021 (USD Million)
Table 96 Europe: Market, by Vertical, 2022-2027 (USD Million)
Table 97 Europe: Market, by Country, 2017-2021 (USD Million)
Table 98 Europe: Market, by Country, 2022-2027 (USD Million)
10.3.3 UK
10.3.3.1 Growth of Third-Party Service Providers
Table 99 UK: Market, by Service Type, 2017-2021 (USD Million)
Table 100 UK: Market, by Service Type, 2022-2027 (USD Million)
Table 101 UK: Market, by Organization Size, 2017-2021 (USD Million)
Table 102 UK: Market, by Organization Size, 2022-2027 (USD Million)
Table 103 UK: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 104 UK: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 105 UK: Market, by Vertical, 2017-2021 (USD Million)
Table 106 UK: Market, by Vertical, 2022-2027 (USD Million)
10.3.4 Germany
10.3.4.1 Rapid Digitization Across Industries to Drive Growth
Table 107 Germany: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 108 Germany: Market, by Service Type, 2022-2027 (USD Million)
Table 109 Germany: Market, by Organization Size, 2017-2021 (USD Million)
Table 110 Germany: Market, by Organization Size, 2022-2027 (USD Million)
Table 111 Germany: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 112 Germany: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 113 Germany: Market, by Vertical, 2017-2021 (USD Million)
Table 114 Germany: Market, by Vertical, 2022-2027 (USD Million)
10.3.5 France
10.3.5.1 Adoption of Cloud Services and Ongoing Smart City Projects to Boost Demand for Application Modernization Services
Table 115 France: Market, by Service Type, 2017-2021 (USD Million)
Table 116 France: Market, by Service Type, 2022-2027 (USD Million)
Table 117 France: Market, by Organization Size, 2017-2021 (USD Million)
Table 118 France: Market, by Organization Size, 2022-2027 (USD Million)
Table 119 France: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 120 France: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 121 France: Market, by Vertical, 2017-2021 (USD Million)
Table 122 France: Market, by Vertical, 2022-2027 (USD Million)
10.3.6 Rest of Europe
10.4 Asia-Pacific
10.4.1 Asia-Pacific: Market Drivers
10.4.2 Asia-Pacific: Recession Impact
Figure 36 Asia-Pacific: Application Modernization Services Market Snapshot
Table 123 Asia-Pacific: Market, by Service Type, 2017-2021 (USD Million)
Table 124 Asia-Pacific: Market, by Service Type, 2022-2027 (USD Million)
Table 125 Asia-Pacific: Market, by Organization Size, 2017-2021 (USD Million)
Table 126 Asia-Pacific: Market, by Organization Size, 2022-2027 (USD Million)
Table 127 Asia-Pacific: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 128 Asia-Pacific: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 129 Asia-Pacific: Market, by Vertical, 2017-2021 (USD Million)
Table 130 Asia-Pacific: Market, by Vertical, 2022-2027 (USD Million)
Table 131 Asia-Pacific: Market, by Country, 2017-2021 (USD Million)
Table 132 Asia-Pacific: Market, by Country, 2022-2027 (USD Million)
10.4.3 China
10.4.3.1 Enterprises to Modernize Applications to Stay Competitive and Sustain Growth
Table 133 China: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 134 China: Market, by Service Type, 2022-2027 (USD Million)
Table 135 China: Market, by Organization Size, 2017-2021 (USD Million)
Table 136 China: Market, by Organization Size, 2022-2027 (USD Million)
Table 137 China: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 138 China: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 139 China: Market, by Vertical, 2017-2021 (USD Million)
Table 140 China: Market, by Vertical, 2022-2027 (USD Million)
10.4.4 Japan
10.4.4.1 Highly Developed Communication Infrastructure to Drive Demand for Application Modernization Services
Table 141 Japan: Market, by Service Type, 2017-2021 (USD Million)
Table 142 Japan: Market, by Service Type, 2022-2027 (USD Million)
Table 143 Japan: Market, by Organization Size, 2017-2021 (USD Million)
Table 144 Japan: Market, by Organization Size, 2022-2027 (USD Million)
Table 145 Japan: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 146 Japan: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 147 Japan: Market, by Vertical, 2017-2021 (USD Million)
Table 148 Japan: Market, by Vertical, 2022-2027 (USD Million)
10.4.5 Australia
10.4.5.1 Increasing Demand by Smes to Adopt Legacy Applications and Deliver High-Quality Education.
Table 149 Australia: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 150 Australia: Market, by Service Type, 2022-2027 (USD Million)
Table 151 Australia: Market, by Organization Size, 2017-2021 (USD Million)
Table 152 Australia: Market, by Organization Size, 2022-2027 (USD Million)
Table 153 Australia: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 154 Australia: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.4.6 India
10.4.6.1 Government Initiatives and Rapid Development of Digital Infrastructure to Increase Adoption of Application Modernization Services
Table 155 India: Market, by Service Type, 2017-2021 (USD Million)
Table 156 India: Market, by Service Type, 2022-2027 (USD Million)
Table 157 India: Market, by Organization Size, 2017-2021 (USD Million)
Table 158 India: Market, by Organization Size, 2022-2027 (USD Million)
Table 159 India: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 160 India: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.4.7 Rest of Asia-Pacific
10.5 Middle East and Africa
10.5.1 Middle East and Africa: Market Drivers
10.5.2 Middle East and Africa: Recession Impact
Table 161 Middle East and Africa: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 162 Middle East and Africa: Market, by Service Type, 2022-2027 (USD Million)
Table 163 Middle East and Africa: Market, by Organization Size, 2017-2021 (USD Million)
Table 164 Middle East and Africa: Market, by Organization Size, 2022-2027 (USD Million)
Table 165 Middle East and Africa: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 166 Middle East and Africa: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 167 Middle East and Africa: Market, by Vertical, 2017-2021 (USD Million)
Table 168 Middle East and Africa: Market, by Vertical, 2022-2027 (USD Million)
Table 169 Middle East and Africa: Market, by Country, 2017-2021 (USD Million)
Table 170 Middle East and Africa: Public Cloud Storage Market, by Country, 2022-2027 (USD Million)
10.5.3 Ksa
10.5.3.1 Digital Transformation, Technological Advancements, and Government Cloud Policies to Increase Adoption of Application Modernization Services
Table 171 Ksa: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 172 Ksa: Market, by Service Type, 2022-2027 (USD Million)
Table 173 Ksa: Market, by Organization Size, 2017-2021 (USD Million)
Table 174 Ksa: Market, by Organization Size, 2022-2027 (USD Million)
Table 175 Ksa: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 176 Ksa: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.5.4 South Africa
10.5.4.1 It Spending and Adoption of Cloud Services to Grow Rapidly
Table 177 South Africa: Market, by Service Type, 2017-2021 (USD Million)
Table 178 South Africa: Market, by Service Type, 2022-2027 (USD Million)
Table 179 South Africa: Market, by Organization Size, 2017-2021 (USD Million)
Table 180 South Africa: Market, by Organization Size, 2022-2027 (USD Million)
Table 181 South Africa: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 182 South Africa: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.5.5 Rest of Middle East and Africa
10.6 Latin America
10.6.1 Latin America: Market Drivers
10.6.2 Latin America: Recession Impact
Table 183 Latin America: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 184 Latin America: Market, by Service Type, 2022-2027 (USD Million)
Table 185 Latin America: Market, by Organization Size, 2017-2021 (USD Million)
Table 186 Latin America: Market, by Organization Size, 2022-2027 (USD Million)
Table 187 Latin America: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 188 Latin America: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
Table 189 Latin America: Market, by Vertical, 2017-2021 (USD Million)
Table 190 Latin America: Market, by Vertical, 2022-2027 (USD Million)
Table 191 Latin America: Market, by Country, 2017-2021 (USD Million)
Table 192 Latin America: Market, by Country, 2022-2027 (USD Million)
10.6.3 Brazil
10.6.3.1 Investments by Government to Boost Mobile Technologies Offering Enhanced Services
Table 193 Brazil: Application Modernization Services Market, by Service Type, 2017-2021 (USD Million)
Table 194 Brazil: Market, by Service Type, 2022-2027 (USD Million)
Table 195 Brazil: Market, by Organization Size, 2017-2021 (USD Million)
Table 196 Brazil: Market, by Organization Size, 2022-2027 (USD Million)
Table 197 Brazil: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 198 Brazil: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.6.4 Mexico
10.6.4.1 Digital Innovation, Data-Driven Business Models, and Modern Cloud-Centric Infrastructure to Accelerate Market Growth
Table 199 Mexico: Market, by Service Type, 2017-2021 (USD Million)
Table 200 Mexico: Market, by Service Type, 2022-2027 (USD Million)
Table 201 Mexico: Market, by Organization Size, 2017-2021 (USD Million)
Table 202 Mexico: Market, by Organization Size, 2022-2027 (USD Million)
Table 203 Mexico: Market, by Cloud Deployment Mode, 2017-2021 (USD Million)
Table 204 Mexico: Market, by Cloud Deployment Mode, 2022-2027 (USD Million)
10.6.5 Rest of Latin America
11 Competitive Landscape
11.1 Introduction
11.2 Strategies Adopted by Key Players
11.3 Market Share Analysis
Table 205 Market Share of Key Vendors In, 2022
Figure 37 Application Modernization Services Market: Market Share Analysis
11.4 Historical Revenue Analysis of Top Vendors
Figure 38 Historical Revenue Analysis, 2017-2021 (USD Million)
11.5 Key Company Evaluation Quadrant
Figure 39 Company Evaluation Matrix for Key Players: Criteria Weightage
11.5.1 Stars
11.5.2 Emerging Leaders
11.5.3 Pervasive Players
11.5.4 Participants
Figure 40 Company Evaluation Quadrant for Key Players
Table 206 Overall Company Footprint for Key Players
11.6 Evaluation Quadrant for Startups/Smes, 2022
Figure 41 Evaluation Matrix for Startups/Smes: Criteria Weightage
11.6.1 Responsive Companies
11.6.2 Progressive Companies
11.6.3 Dynamic Companies
11.6.4 Starting Blocks
Figure 42 Evaluation Quadrant for Startups/Smes
Table 207 Overall Company Footprint for Startups/Smes
11.6.5 Competitive Benchmarking of Startups/Smes
Table 208 Detailed List of Key Startups/Smes
11.7 Key Market Developments
Table 209 Market: Product Launches and Enhancements, 2019-2023
Table 210 Application Modernization Services Market: Deals, 2019-2023
12 Company Profiles
12.1 Introduction
12.2 Major Players
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)*
12.2.1 Ibm
Table 211 Ibm: Business Overview
Figure 43 Ibm: Company Snapshot
Table 212 Ibm: Services Offered
Table 213 Ibm: Product Launches and Enhancements
Table 214 Ibm: Deals
12.2.2 Accenture
Table 215 Accenture: Business Overview
Figure 44 Accenture: Company Snapshot
Table 216 Accenture: Services Offered
Table 217 Accenture: Product Launches and Enhancements
Table 218 Accenture: Deals
12.2.3 Hcl Technologies
Table 219 Hcl Technologies: Business Overview
Figure 45 Hcl Technologies: Company Snapshot
Table 220 Hcl Technologies: Services Offered
Table 221 Hcl Technologies: Product Launches and Enhancements
Table 222 Hcl Technologies: Deals
12.2.4 Atos
Table 223 Atos: Business Overview
Figure 46 Atos: Company Snapshot
Table 224 Atos: Services Offered
Table 225 Atos: Product Launches and Enhancements
Table 226 Atos: Deals
12.2.5 Capgemini
Table 227 Capgemini: Business Overview
Figure 47 Capgemini: Company Snapshot
Table 228 Capgemini: Services Offered
Table 229 Capgemini: Product Launches & Enhancement
Table 230 Capgemini: Deals
12.2.6 Cognizant
Table 231 Cognizant: Business Overview
Figure 48 Cognizant: Company Snapshot
Table 232 Cognizant: Services Offered
Table 233 Cognizant: Product Launches and Enhancements
Table 234 Cognizant: Deals
12.2.7 Tcs
Table 235 Tcs: Business Overview
Figure 49 Tcs: Company Snapshot
Table 236 Tcs: Services Offered
Table 237 Tcs: Product Launches & Enhancement
Table 238 Tcs: Deals
12.2.8 Bell Integrator
Table 239 Bell Integrator: Business Overview
Table 240 Services Offered
Table 241 Bell Integrator: Product Launches and Enhancements
Table 242 Bell Integrator: Deals
12.2.9 Innova Solutions
Table 243 Innova Solutions: Business Overview
Table 244 Innova Solutions: Services Offered
Table 245 Innova Solutions: Service Launches & Business Expansions
Table 246 Innova Solutions: Deals
12.2.10 Oracle
Table 247 Oracle: Business Overview
Figure 50 Oracle: Company Snapshot
Table 248 Oracle: Services Offered
Table 249 Oracle: Product Launches and Enhancements
Table 250 Oracle: Deals
12.2.11 Microsoft
Table 251 Microsoft: Business Overview
Figure 51 Microsoft: Company Snapshot
Table 252 Microsoft: Services Offered
Table 253 Microsoft: Product Launches and Enhancements
Table 254 Microsoft: Deals
12.3 Other Players
12.3.1 Epam Systems
12.3.2 Aspire Systems
12.3.3 Ntt Data
12.3.4 Dell Technologies
12.3.5 Dxc Technology
12.3.6 Infosys
12.3.7 Lti
12.3.8 Wipro
12.3.9 Micro Focus
12.3.10 Fujitsu
12.3.11 Softura
12.3.12 Hexaware Technologies
12.3.13 Virtusa
12.3.14 Mongodb
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies.
12.4 Startups/Smes
12.4.1 Cloudhedge
12.4.2 D3V Technology Solutions
12.4.3 Bayshore Intelligence Solutions
12.4.4 Opinov8
12.4.5 Prime Tsr
12.4.6 One Six Solutions
12.4.7 Cleveroad
12.4.8 Techahead
12.4.9 Geomotiv
12.4.10 Soft Suave
13 Adjacent/Related Market
13.1 Introduction
13.1.1 Related Market
13.1.2 Limitations
13.2 Cloud Applications Market
Table 255 Cloud Applications Market, by Organization Size, 2018-2025 (USD Million)
Table 256 Large Enterprises: Cloud Applications Market, by Region, 2018-2025 (USD Million)
Table 257 Small and Medium-Sized Enterprises: Cloud Applications Market, by Region, 2018-2025 (USD Million)
13.3 Application Transformation Market
Table 258 Application Transformation Market, by Vertical, 2017-2024 (USD Million)
Table 259 Retail: Application Transformation Market, by Region, 2017-2024 (USD Million)
Table 260 It and Telecommunication: Application Transformation Market, by Region, 2017-2024 (USD Million)
Table 261 Healthcare: Application Transformation Market, by Region, 2017-2024 (USD Million)
Table 262 Bfsi: Application Transformation Market Size, by Region, 2017-2024 (USD Million)
Table 263 Government: Application Transformation Market, by Region, 2017-2024 (USD Million)
Table 264 Manufacturing: Application Transformation Market, by Region, 2017-2024 (USD Million)
13.4 Cloud Microservices Market
Table 265 Cloud Microservices Market Size, by Component, 2016-2023 (USD Million)
Table 266 Platform: Cloud Microservices Market, by Region, 2016-2023 (USD Million)
Table 267 Services: Cloud Microservices Market, by Region, 2016-2023 (USD Million)
Table 268 Services: Cloud Microservices Market, by Type, 2016-2023 (USD Million)
Table 269 Consulting Services Market, by Region, 2016-2023 (USD Million)
Table 270 Integration Services Market, by Region, 2016-2023 (USD Million)
Table 271 Training, Support, and Maintenance Services Market, by Region, 2016-2023 (USD Million)
14 Appendix
14.1 Discussion Guide
14.2 Knowledgestore: The Subscription Portal
14.3 Customization Options
Executive Summary
Companies Mentioned
- Accenture
- Aspire Systems
- Atos
- Bayshore Intelligence Solutions
- Bell Integrator
- Capgemini
- Cleveroad
- Cloudhedge
- Cognizant
- D3V Technology Solutions
- Dell Technologies
- Dxc Technology
- Epam Systems
- Fujitsu
- Geomotiv
- Hcl Technologies
- Hexaware Technologies
- Ibm
- Infosys
- Innova Solutions
- Lti
- Micro Focus
- Microsoft
- Mongodb
- Ntt Data
- One Six Solutions
- Opinov8
- Oracle
- Prime Tsr
- Soft Suave
- Softura
- Tcs
- Techahead
- Virtusa
- Wipro
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 302 |
| Published | March 2023 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 15.2 Billion |
| Forecasted Market Value ( USD | $ 32.8 Billion |
| Compound Annual Growth Rate | 16.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 35 |
