Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "Application Modernization Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts- 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The report analyzes the market and growth trends from 2023 to 2031. Application modernization services involve the transformation of existing applications and infrastructure to leverage modern technologies, enhance functionality, improve performance, and address security concerns. The market for application modernization services is expected to experience a CAGR of 16.5% during the forecast period, driven by factors such as the growing demand for cloud computing, digital transformation initiatives, and the need to address aging legacy systems.
The report highlights several key drivers contributing to the growth of the application modernization services market:
- Need for Digital Transformation: Organizations across industries recognize the importance of embracing digital technologies to stay competitive and meet evolving customer expectations. Application modernization services help transform operations, improve agility, and enhance customer experiences, which are crucial for successful digital transformation initiatives.
- Legacy System Modernization: Legacy systems pose challenges like high maintenance costs, limited scalability, and difficulties in integrating modern technologies. Application modernization services offer a solution to address these challenges by transforming outdated legacy systems into modern, efficient applications.
- Cloud Computing Adoption: The adoption of cloud computing is a major driver for the application modernization services market. Cloud-based modernization allows organizations to migrate their applications to the cloud, leveraging scalability, flexibility, and cost-effectiveness.
- Resistance to Change and Legacy Mindsets: The transition from legacy systems to modernized applications may face resistance from employees and stakeholders who are accustomed to traditional ways of doing things. Overcoming resistance to change requires effective change management strategies and clear communication about the benefits of application modernization.
The report further segments the market based on service type, cloud deployment mode, organization size, verticals, and region. It provides market revenue and compound annual growth rate (CAGR) projections for each segment during the forecast period.
- Service Type: The market is segmented into Application Portfolio Assessment, Cloud Application Migration, Application Re-Platforming, Application Integration, UI Modernization, and Post-Modernization.
- Cloud Deployment Mode: The market includes Public Cloud and Private Cloud deployment modes. Public Cloud offers scalability, flexibility, and cost-effectiveness, while Private Cloud provides enhanced security, control, and customization options.
- Organization Size: The market segments include Large Enterprises and Small and Medium Enterprises (SMEs). Large enterprises generate significant revenue due to their extensive application portfolios, while SMEs exhibit the highest CAGR during the forecast period as they recognize the need for modernization to stay competitive.
- Verticals: The market covers various industries, including BFSI, Healthcare and Life Sciences, Telecommunication, IT and ITeS, Retail and Consumer Goods, Government and Public Sector, Energy and Utilities, Manufacturing, and Other Verticals.
- Region: The report covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America held a significant share in terms of revenue in 2022, characterized by a mature IT infrastructure and high digitalization. Asia Pacific is witnessing rapid growth and is expected to hold the highest CAGR during the forecast period due to increasing digital transformation initiatives and IT spending in emerging economies.
The application modernization services market is highly competitive, with prominent players vying for market share. Some of the top companies include IBM Corporation, Accenture, Capgemini, Cognizant, and Infosys. These companies adopt various strategies, including investment in research and development (R&D), offering comprehensive services, and embracing cloud-based solutions to maintain their competitive edge.
Overall, the report provides comprehensive insights into the application modernization services market, including market drivers, challenges, trends, and growth projections for different segments and regions. It also offers strategic recommendations and profiles of key competitors to help businesses make informed decisions.
For more information about this report visit https://www.researchandmarkets.com/r/dmbb1o
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