Meticulous Research®, a leading global market research firm, has published an extensive report titled ‘Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography—Global Forecast to 2030.' This report provides a comprehensive look at the rapidly expanding application modernization services market.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5521
The report forecasts that the global market will reach $40.2 billion by 2030, registering a compound annual growth rate (CAGR) of 17.4% from 2024 to 2030. Several factors are driving this impressive growth, including the need for more flexible, scalable solutions for legacy applications and the increasing business demands for more sophisticated software features.
With many organizations still relying on legacy and mainframe applications, there is a growing need to modernize these systems to remain competitive in the digital era. The report highlights the rise of containerization and omnichannel strategies as key trends driving market expansion, allowing businesses to deploy applications more quickly and securely.
However, the report also notes that modernization projects can be complex and expensive. These challenges, coupled with security concerns and a shortage of skilled IT workers, are expected to slow the market’s growth in some regions. Smaller enterprises, in particular, may struggle to adopt these solutions due to budget constraints and limited internal expertise.
The report segments the market by service type, deployment mode, industry sector, organization size, and geography, offering a detailed view of where growth is occurring and which sectors are leading the charge in modernization efforts.
Among the key players in this market are IBM Corporation, Microsoft Corporation, Oracle Corporation, and Hewlett Packard Enterprise. The report also highlights significant contributions from Indian tech firms like HCL Technologies and Infosys Limited, as well as European companies Capgemini and Atos, underscoring the global nature of the market.
Cloud migration services are expected to hold the largest share of the market by 2024, as more companies transition to cloud-based solutions to improve application agility and security. This segment is also projected to experience the highest growth rate over the forecast period, reflecting the shift towards cloud adoption across various industries.
The report further segments the market by deployment mode, with public cloud services expected to dominate in 2024 due to their cost-effectiveness and ease of access for small and medium-sized businesses. Meanwhile, private cloud services are forecast to grow at a faster rate, especially in sectors with stringent security requirements.
In terms of industry verticals, the IT and telecom sector is projected to account for the largest market share in 2024, driven by the industry’s focus on efficiency and improving customer experiences. Nevertheless, the BFSI (Banking, Financial Services, and Insurance) sector is expected to see the highest growth rate during the forecast period, as financial institutions modernize their applications to enhance security and meet regulatory demands.
Looking at organization size, large enterprises are expected to continue leading the market in 2024, as these companies face the complex task of modernizing extensive legacy systems. However, small and medium-sized enterprises are increasingly adopting modernization services due to more affordable cloud-based options that ease the process.
Regionally, North America is forecast to dominate the market in 2024, thanks to its advanced IT infrastructure and the presence of many large enterprises. However, the Asia-Pacific region is expected to experience the highest growth rate over the forecast period, fueled by digital transformation initiatives and the adoption of cloud technologies in the region.
To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/application-modernization-services-market-5521
Key Questions Answered in the Report:
Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
The Global Application Modernization Services Market research report offers accurate insights for the growth prospects of the Application Modernization Services market in the forecast years 2020-2027.
The report is an all-inclusive study of the Application Modernization Services market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/464Scope of the Market Report: The report offers a holistic overview of the Application Modernization Services industry that offers all the essential information.
Furthermore, the market is segmented into product types, applications, end-user industries, and regions.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
COVID-19 Impact Analysis on Application Modernization Services Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the application modernization services market include Bell Integrator Inc., Cognizant Technology Solutions Corporation, EPAM Systems, Inc., Fujitsu Limited, Infosys Limited, Hexaware Technologies, Micro Focus International plc., NTT DATA Corporation, and Oracle Corporation.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Application Modernization Services Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/application-modernization-services-market/download-sampleMarket DynamicsRising number of businesses deploying digital technologies and applications, increasing need for improved software functionalities due to changing business landscape, growing preference for cloud services and Service-Oriented Structure (SOA), rising focus transforming and modernizing legacy systems, and demand for modern setup to stay in the competition are factors driving demand for application modernization services.
However, complexities and high costs involved in application modernization services and significant turbulence caused in the IT sector due to economic uncertainties is hampering the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
Global Application Modernization Services Market Research Report, Type (Cloud Application Migration, Ui Modernization), Organization Size (Sme, Large Enterprise), Industry Vertical (Media & Entertainment, Bfsi, Retail, Healthcare) - Forecast Till 2023Market SynopsisMarket Research Future (MRFR) experts predict that the global application modernization services market is projected to register a value of USD 20 billion by 2023.
In the bid to stay competitive in today’s tech-driven economy, numerous companies strive create new value from existing applications, where application modernization comes into play.
In other words, application modernization is a savvy way to modernize existing applications in a cost-effective and efficient way.
As companies encounter issues maintaining outdated systems which is both time-consuming and expensive, growing number of businesses are choosing to make the move to this service.
On the other hand, the market is exhibiting an apparent growth on account of open-source technology paving the way for untapped opportunities.
Also, the presence of a large number of legacy applications offers a massive revenue opportunity to the burgeoning market.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.
