Application Modernization Services Market by Component (Software and Services), Deployment Model (On-Premise and Cloud), Enterprise Size (Large Enterprise and Small & Medium Enterprises), Application (Cloud Application Migration, UI Modernization, and Application Re-platforming) and End User (BFSI, Automobile, IT & Telecom, Healthcare, Retail, Transportation, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

Application Modernization Services Market Statistics: 2030

Application modernization is the exercise of renovating old software to new by updating its latest computing approaches, which include new infrastructure platform, languages, and frameworks. This exercise of renovating is also known as legacy application modernization. In addition, software development is capable of renovating the old software, making improvements in its efficiency, safety, structural integrity, and others. However, by retiring an existing system or replacing it fully, application modernization lengthens the lifespan of an organization’s applications and takes advantage of technical innovations. Furthermore, various organizations adopt application modernization services to increase the efficiency and reliability of organizations, thereby driving the growth of the application modernization services market.

Market Scope and Structure Analysis

COVID-19 Impact Analysis

• The outburst of COVID-19 virus in December 2019 has led to the spread of disease in almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impact of the virus has already started to be felt and has significantly affected the application modernization services market.
• Most of the application modernization services industry leading companies and new startups have adopted the work from home model where employees observe and control business operations from their respected places. As a result, companies have reduced their spending in technological advancements to maintain their cash flows in this tough pandemic situation.
• The IT sector is facing problems of payment for projects, which are causing the delay to provide services in specified time.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in adoption of advanced software among industries for better functionality in business application is expected to propel the growth of the application modernization services market. In addition, with the changing customer demands, companies are focusing to invest more on application modernization services to get competitive advantage over other rivalry companies, thereby propelling the growth of the market. However, lack of expertise in technology and complicated process of implementation hamper the growth of the market. Furthermore, technological advancement and cloud-based services are also expected to supplement the growth of the application modernization services market.

The market trends for application modernization services market are as follows:

Cloud application modernization is expected to grow during the forecast period

Cloud application migration service is the service of moving data, application, or other business functions to the cloud computing environment from a local or on-premises data center. The benefits of cloud computing are to provide a user-friendly environment with additional features such as security, performance, and cost. In addition, cloud application provides more flexibility and reliability to the organization, which drive the growth of the application modernization services market.

SME segment expected to grow during the forested period

Small & medium enterprises look forward to adopting application modernization services to amplify their business operations and reduce total operational cost of the organization. This is expected to propel the growth of application modernization in the small & medium enterprises segment. The adoption of application modernization services has been increasing significantly in small & medium enterprises as it helps organizations to manage their capital spending and efficiently operate their business functions, which drive the growth of the market.

Key Segments Covered

Key Benefits of the Report

• This study presents analytical depiction of the application modernization services market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the application modernization services market share.
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the application modernization services market.
• The report provides a detailed market analysis on the basis of present and future competitive intensity of the market.

Questions Answered in the 5G Monetization Market Research Report

• Which are the leading market players active in application modernization services market?
• What are the detailed impacts of COVID-19 on the market?
• What are the current trends that will influence the market in the next few years??
• What are the driving factors, restraints, and opportunities in the application modernization services market?
• What future projections would help in taking further strategic steps?

 Key Market Segments

 Key Market Players

• Accenture plc
• IBM Corporation
• Atos SE
• HCL Technologies
• Capgemini
• Bell Integrator
• Cognizant
• Aspire Systems
• Dell, Inc.
• DXC Technology