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Application Modernization Services Market - Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028

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  • 190 Pages
  • September 2023
  • Region: Global
  • TechSci Research
  • ID: 5880771
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Global Application Modernization Services Market is anticipated to thrive in the forecast period 2023-2028. The global market for application modernization services is expanding as a result of increasing emphasis on the transformation and modernization of legacy systems, extensive workload migration to cloud-based services, service-oriented structures, and rising demand for contemporary infrastructure to ensure business continuity.

The market for application modernization services is expanding due to the adoption of competitive technologies and the development of contemporary application technologies. The organization's functionality has a significant impact on the cost of application modernisation. High costs and complexity of the infrastructure for application modernization services are the two main issues limiting the market's expansion globally.

Application modernization services are developed to integrate fresh features and functionalities into the existing company while transforming legacy systems into new applications. Re-platforming, hosting, and re-engineering are all parts of the application modernization process to ensure that the application architecture is appropriate for the organisation in the cloud case. The act of rewriting, restructuring, or transforming the legacy software programming paradigms is known as application modernization. Businesses can swap outdated legacy code for modern and better versions. Additionally, it enables cost savings when cloud computing, analytics, and security capabilities are implemented.

Enhanchement in Automation Capabilities Supporting Business Environments

The market for application modernization services is expanding as a result of new software functions that help with changing business regulations and business processes. Global businesses must continually or sporadically enhance their operational procedures. The need is rising as a result of evolving consumer demands, technical improvements, and escalating market competition. Application modernization services are in high demand due to the need for businesses to be agile to thrive and grow in highly competitive business environments. Such agility is achieved by implementing the newest technologies, creating, and delivering cutting-edge applications.

Legacy Applications Existence to Offer Growth Opportunities

Governments and investors provide sizeable financial assistance to small and medium-sized businesses who are still using legacy systems due to budgetary restrictions in order to adopt cloud-based application modernization services. Long-term unintended costs may increase due to the resistance to update old systems and significant reliance on the existing systems, especially in developing countries. Therefore, it is expected that businesses will use legacy modernization services in the future to update the environment.

Popularity of tools for cloud-based analytics and computing

Application modernisation boosts organisational effectiveness and productivity. Businesses are switching from legacy software applications to cloud-based applications. Through which they benefit from improved user experiences, quicker time to market, flexibility, and cost savings provided by cloud computing and data analytics capabilities. Applications that are built for the cloud are simpler to grow and put no additional strain on organization's current IT infrastructure. Eventually, this can generate enormous money for businesses. In the approaching years, these factors will fuel the market for application modernization services.

Challenges:

Modernizing an application involves expensive implementation and maintenance of advanced features and functionality. Due to the high cost of deploying hybrid cloud-based services, many small businesses continue to use their antiquated systems or conventional on-premise methods. Large and medium-sized businesses are investing in application modernisation to deal with the complexity of old systems. Due to COVID-19, there has been a significant decrease in technology spending, and this impact does not appear to be resilient. According to industry estimates, corporate technology investment will decline as the remainder of 2020.

Market Segmentation

The Application Modernization Services market is segmented into services, vertical, deployment type. Based on services, the market is segmented into user interface (UI) modernization, cloud application migration, application portfolio assessment, application integration, and others. Based on vertical, the market is segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, retail, government, and others. Based on deployment type the market is segment into hybrid , private, and public cloud.

Market Player

Major market players in the global Application Modernization Services market Accenture plc, Asysco, Inc., Atos SA, Bell Integrator Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Fujitsu Ltd., HCL Technologies Ltd., IBM Corporation, Macrosoft Inc.

Report Scope:

In this report, the Global Application Modernization Services market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Application Modernization Services Market, By Service:

  • User Interface (UI) Modernization
  • Cloud Application Migration
  • Application Portfolio Assessment
  • Application Integration
  • Others

Application Modernization Services Market, By Vertical:

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • IT and telecom
  • Retail
  • Government
  • Others

Application Modernization Services Market, By deployment Type:

  • Hybrid cloud
  • Private cloud
  • Public cloud

Application Modernization Services Market, By Region:

  • North America
  • United States
  • Canada
  • Mexico
  • Asia-Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Malaysia
  • Europe
  • Germany
  • United Kingdom
  • France
  • Russia
  • Spain
  • Belgium
  • Italy
  • South America
  • Brazil
  • Argentina
  • Colombia
  • Peru
  • Chile
  • Middle East
  • Saudi Arabia
  • South Africa
  • UAE
  • Israel
  • Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Application Modernization Services market.

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Table of Contents

1. Service Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Research Methodology4. Impact of COVID-19 on Global Application Modernization Services Market5. Executive Summary6. Voice of Customers
7. Global Application Modernization Services Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Services (User Interface (UI) Modernization, Cloud Application Migration, Application Portfolio Assessment, Application Integration, Others)
7.2.2. By Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, IT and telecom, Retail, Government, and Others.)
7.2.3. By Deployment Type (Hybrid cloud, Private cloud, Public cloud),
7.2.4. By Region
7.3. By Company
7.4. Market Map
8. North America Application Modernization Services Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Services
8.2.2. By Vertical
8.2.3. By Deployment Type
8.2.4. By Country
8.3. North America: Country Analysis
8.3.1. United States Application Modernization Services Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Services
8.3.1.2.2. By Vertical
8.3.1.2.3. By Deployment Type
8.3.2. Canada Application Modernization Services Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Services
8.3.2.2.2. By Vertical
8.3.2.2.3. By Deployment Type
8.3.3. Mexico Application Modernization Services Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Services
8.3.3.2.2. By Vertical
8.3.3.2.3. By Deployment Type
9. Asia-Pacific Application Modernization Services Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Services
9.2.2. By Vertical
9.2.3. By Deployment Type
9.2.4. By Country
9.3. Asia-Pacific: Country Analysis
9.3.1. China Application Modernization Services Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Services
9.3.1.2.2. By Vertical
9.3.1.2.3. By Deployment Type
9.3.2. India Application Modernization Services Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Services
9.3.2.2.2. By Vertical
9.3.2.2.3. By Deployment Type
9.3.3. Japan Application Modernization Services Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Services
9.3.3.2.2. By Vertical
9.3.3.2.3. By Deployment Type
9.3.4. South Korea Application Modernization Services Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value
9.3.4.2. Market Share & Forecast
9.3.4.2.1. By Services
9.3.4.2.2. By Vertical
9.3.4.2.3. By Deployment Type
9.3.5. Australia Application Modernization Services Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Services
9.3.5.2.2. By Vertical
9.3.5.2.3. By Deployment Type
9.3.6. Singapore Application Modernization Services Market Outlook
9.3.6.1. Market Size & Forecast
9.3.6.1.1. By Value
9.3.6.2. Market Share & Forecast
9.3.6.2.1. By Services
9.3.6.2.2. By Vertical
9.3.6.2.3. By Deployment Type
9.3.7. Malaysia Application Modernization Services Market Outlook
9.3.7.1. Market Size & Forecast
9.3.7.1.1. By Value
9.3.7.2. Market Share & Forecast
9.3.7.2.1. By Services
9.3.7.2.2. By Vertical
9.3.7.2.3. By Deployment Type
10. Europe Application Modernization Services Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Services
10.2.2. By Vertical
10.2.3. By Deployment Type
10.2.4. By Country
10.3. Europe: Country Analysis
10.3.1. Germany Application Modernization Services Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Services
10.3.1.2.2. By Vertical
10.3.1.2.3. By Deployment Type
10.3.2. United Kingdom Application Modernization Services Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Services
10.3.2.2.2. By Vertical
10.3.2.2.3. By Deployment Type
10.3.3. France Application Modernization Services Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Services
10.3.3.2.2. By Vertical
10.3.3.2.3. By Deployment Type
10.3.4. Russia Application Modernization Services Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2. Market Share & Forecast
10.3.4.2.1. By Services
10.3.4.2.2. By Vertical
10.3.4.2.3. By Deployment Type
10.3.5. Spain Application Modernization Services Market Outlook
10.3.5.1. Market Size & Forecast
10.3.5.1.1. By Value
10.3.5.2. Market Share & Forecast
10.3.5.2.1. By Services
10.3.5.2.2. By Vertical
10.3.5.2.3. By Deployment Type
10.3.6. Belgium Application Modernization Services Market Outlook
10.3.6.1. Market Size & Forecast
10.3.6.1.1. By Value
10.3.6.2. Market Share & Forecast
10.3.6.2.1. By Services
10.3.6.2.2. By Vertical
10.3.6.2.3. By Deployment Type
10.3.7. Italy Application Modernization Services Market Outlook
10.3.7.1. Market Size & Forecast
10.3.7.1.1. By Value
10.3.7.2. Market Share & Forecast
10.3.7.2.1. By Services
10.3.7.2.2. By Vertical
10.3.7.2.3. By Deployment Type
11. South America Application Modernization Services Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Services
11.2.2. By Vertical
11.2.3. By Deployment Type
11.2.4. By Country
11.3. South America: Country Analysis
11.3.1. Brazil Application Modernization Services Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Services
11.3.1.2.2. By Vertical
11.3.1.2.3. By Deployment Type
11.3.2. Argentina Application Modernization Services Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Services
11.3.2.2.2. By Vertical
11.3.2.2.3. By Deployment Type
11.3.3. Colombia Application Modernization Services Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Services
11.3.3.2.2. By Vertical
11.3.3.2.3. By Deployment Type
11.3.4. Peru Application Modernization Services Market Outlook
11.3.4.1. Market Size & Forecast
11.3.4.1.1. By Value
11.3.4.2. Market Share & Forecast
11.3.4.2.1. By Services
11.3.4.2.2. By Vertical
11.3.4.2.3. By Deployment Type
11.3.5. Chile Application Modernization Services Market Outlook
11.3.5.1. Market Size & Forecast
11.3.5.1.1. By Value
11.3.5.2. Market Share & Forecast
11.3.5.2.1. By Services
11.3.5.2.2. By Vertical
11.3.5.2.3. By Deployment Type
12. Middle East & Africa Application Modernization Services Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.2. Market Share & Forecast
12.2.1. By Services
12.2.2. By Vertical
12.2.3. By Deployment Type
12.2.4. By Country
12.3. Middle East & Africa: Country Analysis
12.3.1. Saudi Arabia Application Modernization Services Market Outlook
12.3.1.1. Market Size & Forecast
12.3.1.1.1. By Value
12.3.1.2. Market Share & Forecast
12.3.1.2.1. By Services
12.3.1.2.2. By Vertical
12.3.1.2.3. By Deployment Type
12.3.2. South Africa Application Modernization Services Market Outlook
12.3.2.1. Market Size & Forecast
12.3.2.1.1. By Value
12.3.2.2. Market Share & Forecast
12.3.2.2.1. By Services
12.3.2.2.2. By Vertical
12.3.2.2.3. By Deployment Type
12.3.3. UAE Application Modernization Services Market Outlook
12.3.3.1. Market Size & Forecast
12.3.3.1.1. By Value
12.3.3.2. Market Share & Forecast
12.3.3.2.1. By Services
12.3.3.2.2. By Vertical
12.3.3.2.3. By Deployment Type
12.3.4. Israel Application Modernization Services Market Outlook
12.3.4.1. Market Size & Forecast
12.3.4.1.1. By Value
12.3.4.2. Market Share & Forecast
12.3.4.2.1. By Services
12.3.4.2.2. By Vertical
12.3.4.2.3. By Deployment Type
12.3.5. Turkey Application Modernization Services Market Outlook
12.3.5.1. Market Size & Forecast
12.3.5.1.1. By Value
12.3.5.2. Market Share & Forecast
12.3.5.2.1. By Services
12.3.5.2.2. By Vertical
12.3.5.2.3. By Deployment Type
13. Market Dynamics
13.1. Drivers
13.2. Challenges
14. Market Trends & Developments
15. Company Profiles
15.1. Accenture plc
15.1.1. Business Overview
15.1.2. Key Revenue and Financials
15.1.3. Recent Developments
15.1.4. Key Personnel
15.1.5. Key Product/Services
15.2. Asysco, Inc.
15.2.1. Business Overview
15.2.2. Key Revenue and Financials
15.2.3. Recent Developments
15.2.4. Key Personnel
15.2.5. Key Product/Services
15.3. Atos SA
15.3.1. Business Overview
15.3.2. Key Revenue and Financials
15.3.3. Recent Developments
15.3.4. Key Personnel
15.3.5. Key Product/Services
15.4. Bell Integrator Inc.
15.4.1. Business Overview
15.4.2. Key Revenue and Financials
15.4.3. Recent Developments
15.4.4. Key Personnel
15.4.5. Key Product/Services
15.5. Capgemini SE
15.5.1. Business Overview
15.5.2. Key Revenue and Financials
15.5.3. Recent Developments
15.5.4. Key Personnel
15.5.5. Key Product/Services
15.6. Cognizant Technology Solutions Corporation
15.6.1. Business Overview
15.6.2. Key Revenue and Financials
15.6.3. Recent Developments
15.6.4. Key Personnel
15.6.5. Key Product/Services
15.7. Fujitsu Ltd.
15.7.1. Business Overview
15.7.2. Key Revenue and Financials
15.7.3. Recent Developments
15.7.4. Key Personnel
15.7.5. Key Product/Services
15.8. HCL Technologies Ltd
15.8.1. Business Overview
15.8.2. Key Revenue and Financials
15.8.3. Recent Developments
15.8.4. Key Personnel
15.8.5. Key Product/Services
15.9. IBM Corporation
15.9.1. Business Overview
15.9.2. Key Revenue and Financials
15.9.3. Recent Developments
15.9.4. Key Personnel
15.9.5. Key Product/Services
15.10. Microsoft Inc LLC
15.10.1. Business Overview
15.10.2. Key Revenue and Financials
15.10.3. Recent Developments
15.10.4. Key Personnel
15.10.5. Key Product/Services
16. Strategic Recommendations17. About the Publisher & Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Accenture plc
  • Asysco, Inc.
  • Atos SA
  • Bell Integrator Inc.
  • Capgemini SE
  • Cognizant Technology Solutions Corporation
  • Fujitsu Ltd.
  • HCL Technologies Ltd
  • IBM Corporation
  • Microsoft Inc LLC

Table Information

Report AttributeDetails
No. of Pages190
PublishedSeptember 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 16.12 Billion
Forecasted Market Value ( USD ) by 2028 $ 38.47 Billion
Compound Annual Growth Rate15.3%
Regions CoveredGlobal

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