$24+ Billion Worldwide Application Modernization Services Industry to 2025 - Existence of Large Number of Legacy Applications Presents Opportunities
Application modernization services market seems to be lucrative in the coming years with ubiquity in internet usage and scalability provided by cloud native applications.
DUBLIN, July 24, 2020 /PRNewswire/ -- The "Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Replatforming), Cloud Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from USD 11,412 million in 2020 to USD 24,803 million by 2025, at a CAGR of 16.8% during the forecast period.
Rise in demand for cloud services, need to modernize legacy systems, better customer experience, driving the application modernization services deployment all over the globe
Increasing need to adopt cloud sevrices, for their scalability and flexibility, demand for modernizing legacy systems and applications, rise in remote work scenario, and better customer experience by applications is expected to drive demand for application modernization services. Every business user owns a website to serve, communicate, and interact with its end-users. In the world of the digital era, enterprises are catering to a global audience, physically dispersed over the globe. The website is one of the basic communication channels for customers to engage with enterprises. 24*7 availability of the website is therefore important for enterprises to meet the increasing demand for tech-savvy customers. Application modernization services market seems to be lucrative in the coming years with ubiquity in internet usage and scalability provided by cloud native applications.
Cloud Application Modernization segment to grow at a higher CAGR during the forecast period
Cloud application migration services are used for porting applications from the current environment to cloud environments. It is a standard practice for organizations to choose cloud application migration to migrate legacy systems and modernize them. With the flexibility provided by these services, more organizations are choosing cloud migration services, hence, it is expected to grow fastest during the coming 5 years.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are expected to adopt application modernization services to enhance agility and reduce TCO to a significant extent. This is expected to boost the development of application modernization in the SMEs segment. SMEs face a greater resource crunch than large enterprises and require better methods to solve complexities and increase the cost optimization of their business processes. The adoption of application modernization services has been increasing in SMEs across the globe, and this is expected to drive the growth of the overall application modernization services market.
Asia Pacific (APAC) region to record the highest market share in the application modernization services market in 2020
APAC is an emerging region for the application modernization services market. Australia, China, Japan, and India are the major countries contributing to the growth of the application modernization services market in APAC. Due to the rise in internet traffic, adoption of cloud services, IT services start-up ecosystem, enterprises in this region are becoming more competitive, and are focusing on offering better customer experience services to industries. Thus, the untapped potential of the APAC region is attracting investments by major companies. Most organizations are focusing on expanding their business operations in countries across the APAC region, which is expected to increase demand for application modernization services.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Global Application Modernization Services Market
4.2 Market by Cloud Deployment Mode
4.3 Market by Vertical
4.4 Market by Country
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Technology Trends
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 need for Improved Software Functionalities Due to Changing Business Landscape
5.3.1.2 Demand for Flexibility and Scalability Provided by Cloud Computing Scalability
5.3.1.3 Benefits of Integrating Modern Technologies with Software Systems
5.3.2 Restraints
5.3.2.1 High Costs and Complexities Involved in Application Modernization
5.3.3 Opportunities
5.3.3.1 Existence of Large Number of Legacy Applications
5.3.3.2 Evolution of Open Standards for Software Development
5.3.3.3 Post-Pandemic Demand for Modern Infrastructure to Ensure Business Continuity
5.3.4 Challenges
5.3.4.1 Reduction in Technology Spending Due to COVID-19
5.3.4.2 Lack of it Skills Among Employees
5.4 Use Cases
5.4.1 Use Case 1: Wovenware
5.4.2 Use Case 2: Cloudhedge
5.4.3 Use Case 3: Fujitsu
5.4.4 Use Case 4: Tech Mahindra
5.4.5 Use Case 5: Atos
5.5 Value Chain Analysis
6 COVID-19 Impact on Application Modernization Services Market
6.1 Market Scenario in COVID-19 Era
6.1.1 Introduction
6.1.2 Impact on Market Growth
7 Application Modernization Services Market, by Service
7.1 Introduction
7.1.1 Services: Market Drivers
7.1.2 Services: Impact of COVID-19
7.2 Application Portfolio Assessment
7.3 Cloud Application Migration
7.4 Application Re-Platforming
7.5 Application Integration
7.6 UI Modernization
7.7 Post Modernization
8 Application Modernization Services Market, by Cloud Deployment Mode
8.1 Introduction
8.1.1 Cloud Deployment Mode: Market Drivers
8.1.2 Cloud Deployment Modes: Impact of COVID-19
8.2 Public Cloud
8.3 Private Cloud
8.4 Hybrid Cloud
9 Application Modernization Services Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: Impact of COVID-19
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Application Modernization Services Market, by Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Banking, Financial Services, and Insurance: Market Drivers
10.3 Healthcare and Life Sciences
10.3.1 Healthcare and Life Sciences: Market Drivers
10.4 Telecommunications
10.4.1 Telecommunications: Application Modernization Services Market Drivers
10.5 Information Technology and Information Technology Enabled Services
10.5.1 Information Technology and Information Technology Enabled Services: Drivers
10.6 Retail and Consumer Goods
10.6.1 Retail and Consumer Goods: Market Drivers
10.7 Government and Public Sector
10.7.1 Government and Public Sector: Application Modernization Services Market Drivers
10.8 Energy and Utilities
10.8.1 Energy and Utilities: Market Drivers
10.9 Manufacturing
10.9.1 Manufacturing: Market Drivers
10.1 Others
11 Application Modernization Services Management Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia Pacific
11.5 Latin America
11.6 Middle East and Africa
12 Competitive Landscape
12.1 Overview
12.2 Competitive Situation and Trends
12.2.1 Agreements, Partnerships, and Collaborations
12.2.2 Service Enhancements
12.2.3 Mergers and Acquisitions
12.3 Competitive Leadership Mapping
12.3.1 Visionary Leaders
12.3.2 Innovators
12.3.3 Dynamic Differentiators
12.3.4 Emerging Companies
12.4 Strength of Product Portfolio
12.5 Business Strategy Excellence
12.6 Vendor Ranking Analysis
13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Accenture
13.4 Atos
13.5 HCL Technologies
13.6 Capgemini
13.7 Cognizant
13.8 TCS
13.9 Bell Integrator
13.10 Oracle
13.11 Innova Solutions
13.12 Aspire Systems
13.13 Blu Age
13.14 EPAM Systems
13.15 NTT Data
13.16 Dell Technologies
13.17 DXC Technology
13.18 Infosys
13.19 LTI
13.20 Wipro
13.21 Microfocus
13.22 Fujitsu
13.23 Softura
13.24 Hexaware
13.25 Virtusa
13.26 Mongo DB
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/rjax6r
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