About Application Modernization Services
Application Modernization Services pertain to the transformation of legacy applications to optimized, modern applications or platforms. The major components of the services include assessment, migration, integration, re-platforming, rehosting, recoding, rearchitecting, reengineering, remediation, and replacement and retirement. The United States is the major dominating country in the global market and holds around ~31% of the global market. The growing number of enterprises and need to for business agility and faster time to market is driving the demand for application modernization services globally
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 17.61% |
Application modernization Services market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States and European Players will contribute the maximum growth to Global Application Modernization Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture (Ireland), IBM (United States), HCL (India), Oracle (United States), Softura (United States), TCS (India), Cognizant (United States), Capgemini (France), Bell Integrator (United States), Atos (France), Blu Age (France), Dell (United States), DXC Technology (United States), Fujitsu (Japan), Infosys (India), Innova Solutions (United States), MongoDB (United States), NTT Data (Japan), Virtusa (United States) and Wipro (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aspire Systems (India), LTI (United States), Microfocus (United Kingdom), Hexaware (India) and EPAM Systems (United States).
Segmentation Overview
AMA Research has segmented the market of Global Application Modernization Services market by , Application (Emulation, Translation and Business Rules Extraction) and Region.
On the basis of geography, the market of Application Modernization Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry, the sub-segment i.e. BFSI will boost the Application Modernization Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Application Portfolio Assessment will boost the Application Modernization Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Language, the sub-segment i.e. Cobol will boost the Application Modernization Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Cloud Type, the sub-segment i.e. Private Cloud will boost the Application Modernization Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Type, the sub-segment i.e. SMEs will boost the Application Modernization Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Leveraging Big Data Technologies
Market Growth Drivers:
Growing Need For Business Agility And Faster Time To Market, Adopting Cloud Computing In The Application Modernization Strategy and Serverless Solution To Applications Modernization
Challenges:
Lack Of IT Skills Among Employees
Restraints:
High Costs And Complexities Involved In Application Modernization
Opportunities:
Evolution Of Open Standards For Software Development and Benefits Of Integrating Modern Technologies With Software Systems
Market Leaders and their expansionary development strategies
In January 2023, Leidos partnered with Accenture. Under this partnership company helped U.S. Centers for Disease Control and to deliver cloud modernization. This partnership helped company to strengthened its presence in application modernization Services market
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.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Application Modernization Services Providers, Cloud Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.