Optimization of recurring cost in application modernization is also expected to contribute significantly to the Application Development and Modernization market. Overall, IT & Telecom applications of Application Development and Modernization, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. New players are beginning to enter the market and established companies have been changing their business models – a trend that will continue in the future.

AMA’s Analyst on the Global Application Development and Modernization Market identified that the demand is rising in many different parts of the world due to "Increased Business Efficiency and Replacement with an Advanced Application ". Furthermore, some recent industry insights like "In February 2020, Cognizant entered into a partnership with CECONY to modernize its applications, technology infrastructure, and legacy technology platform. This partnership will focus on enhancing operational efficiencies, enabling greater agility, and improving the customer experience for CECONY customers." is constantly making the industry dynamic. One of the challenges that industry facing is "Lack of IT Skills among Employees"

The Services, such as Application Management Service, is boosting the Application Development and Modernization market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Application Development and Modernization market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Application Development and Modernization market and other related sub-markets covered in the study.

o Key & emerging players in the Application Development and Modernization market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation
The overall Application Development and Modernization market size is calculated using market estimation process, the Application Development and Modernization market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Application Development and Modernization market size has been validated using both top-down and bottom-up approaches.