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Application Modernization Services Market 2023: Trends, Emerging Opportunities and Key Vendors

Author: Akash Sangshetti
by Akash Sangshetti
Posted: Feb 18, 2019
application moderniz

Market Scenario

Application modernization is a service designed to manage legacy transformation into new applications. The transformation occurs to integrate newer features and functionalities to the existing business. The application modernization generally takes places in terms of re-platforming in case of cloud, re-hosting, re-engineering and many more, in order to make sure that the application architecture is suited well for the business.

The Application Modernization Services Market is largely impacted by factors such as the increasing need of faster recognition and delivery of services in business, taking most of the benefit from data analytics and related technologies, and the growing adoption of cloud computing in various industrial and enterprise applications. However, there are certain factors that restrain the market growth such as heavy monetary investments made by enterprises, which is slowing down the deployment of application modernization services technologies. Another factor slowing down the growth of this market is the lack of skilled resources for legacy technologies. However, the presence of a large number of legacy applications presents a significant opportunity for the market to grow in the near future.

Regional Analysis:

The market of application modernization services is currently being dominated by North America and it will continue to dominate this market forecast period. Following North America is Europe holding second spot regarding market size and growth rate. The growth of application modernization market in North America is largely due to the presence of some of the prominent vendors. Many of the key players are concentrated in the U.S. only and provide services worldwide. Another major factor that fuels the growth of technology-related services is the faster adoption and suitable infrastructure, plying for a growing number of application modernization projects in this region.

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On the other hand, Asia Pacific is sure to lead with the highest growth rate. This is majorly due to existing and emerging enterprises in India. India is tending to become one of the leading hubs for IT services and solutions. Many of the enterprises in India are providing application modernization services in and outside the country. Some of the key players from India include, Wipro, Infosys, HCL and others. The growth of IT services organizations in Asia Pacific, especially India is due to huge government spending to improve the IT infrastructure.

Segmentation:

  • On the basis of type, the market is segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment. On the basis of organization size, the market is segmented into small and medium enterprises, and large enterprises.
  • On the basis of Industry vertical, the market is segmented into media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others.
  • On the basis of region, the market is segmented into North America, Europe, Asia Pacific and rest of the world.

Key Players:

Some of the key players in the Application Modernization Services market comprise of Accenture PLC (Ireland), Infosys Limited (India), HCL Technologies Limited (India), Sensiple (U.S.), Nous Infosystems Pvt. Ltd (India), DXC Technology Company (U.S.), Happiest Minds Technologies (India), Syntel, Inc (U.S.), Fujitsu Ltd (Japan), Avanade Inc. (U.S.), Espire Infolabs Pvt. Ltd (India), Idexcel, Inc (U.S.), Unisys Corporation (U.S.), Atos SE (France), Bell Integrator, Inc (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.).

Some other vendors include Apps Associates LLC (U.S.), NTT DATA, Inc (U.S.), BDO IT Solution (Canada), Asysco Software B.V (The Netherlands), Micro Focus International Plc (U.K), Macrosoft Inc (U.S.), IBM Corporation (U.S.), Cognizant Technology Solutions Corp (U.S.), Capgemini SE (France), Cyber Infrastructure Pvt. Ltd (India), Wipro Limited (India), Dell Inc (U.S.), DSRC Private Limited (India)

The prominent players continuously keep innovating and investing in research and development to present a cost-effective portfolio. The enterprises have been going through various key developments, including mergers and acquisitions among the key players, enabling the business entities to strengthen their current outreach to their customers.

Intended Audience:

  • Application Modernization Services providers
  • IT providers
  • Software vendors
  • Retail vendors
  • Cloud service providers
  • Local/Government Agencies
  • Cloud Infrastructure Agencies
  • Value-added Resellers
  • Research Firms

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TABLE OF CONTENTS

LIST OF FIGURES

FIGURE 1 Global Application Modernization Services Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis Of Global Application Modernization Services Market

FIGURE 4 Value Chain Of Global Application Modernization Services Market

FIGURE 5 Share Of Global Application Modernization Services Market In 2017, By Country (In %)

FIGURE 6 Global Application Modernization Services Market, 2017-2023,

FIGURE 7 Sub Segments Of Type

FIGURE 8 Global Application Modernization Services Market Size By Type, 2017

FIGURE 9 Share Of Global Application Modernization Services Market By Type, 2017 TO 2023

FIGURE 10 Global Application Modernization Services Market Size By Organization Size, 2017

FIGURE 11 Share Of Global Application Modernization Services Market By Organization Size, 2017 TO 2023

FIGURE 12 Global Application Modernization Services Market Size By Industry Vertical, 2017

FIGURE 13 Share Of Global Application Modernization Services Market By Industry Vertical, 2017 TO 2023

Know More about this Report @ https://www.marketwatch.com/press-release/application-modernization-services-market-2018-global-overview-historical-analysis-sales-revenue-emerging-trends-development-status-opportunities-growth-factors-and-forecast-2023-2018-11-08

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Author: Akash Sangshetti

Akash Sangshetti

Flag of India
India

Member since: Dec 15, 2017
Total live articles: 899

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