Application Modernization Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Services (User Interface (UI) Modernization, Cloud Application Migration, Application Portfolio Assessment, Application Integration, Others), By Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, IT and telecom, Retail, Government, and Others.), By Deployment Type (Hybrid cloud, Private cloud, Public cloud), By Region, Competition

  • Industry : ICT
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Summary

Report Description

Forecast Period

2023-2028

Market Size (2022)

USD 16.12 Billion

CAGR (2023-2028)

15.31%

Market Size (2028)

USD 38.47 Billion

Fastest Growing Segment

Hybrid Cloud

Largest Market

Asia-Pacific


Global Application Modernization Services Market is anticipated to thrive in the forecast period 2023-2028. The global market for application modernization services is expanding as a result of increasing emphasis on the transformation and modernization of legacy systems, extensive workload migration to cloud-based services, service-oriented structures, and rising demand for contemporary infrastructure to ensure business continuity.

The market for application modernization services is expanding due to the adoption of competitive technologies and the development of contemporary application technologies. The organization's functionality has a significant impact on the cost of application modernisation. High costs and complexity of the infrastructure for application modernization services are the two main issues limiting the market's expansion globally.

Application modernization services are developed to integrate fresh features and functionalities into the existing company while transforming legacy systems into new applications. Re-platforming, hosting, and re-engineering are all parts of the application modernization process to ensure that the application architecture is appropriate for the organisation in the cloud case. The act of rewriting, restructuring, or transforming the legacy software programming paradigms is known as application modernization. Businesses can swap outdated legacy code for modern and better versions. Additionally, it enables cost savings when cloud computing, analytics, and security capabilities are implemented.

 Enhanchement in Automation Capabilities Supporting Business Environments

The market for application modernization services is expanding as a result of new software functions that help with changing business regulations and business processes. Global businesses must continually or sporadically enhance their operational procedures. The need is rising as a result of evolving consumer demands, technical improvements, and escalating market competition. Application modernization services are in high demand due to the need for businesses to be agile to thrive and grow in highly competitive business environments. Such agility is achieved by implementing the newest technologies, creating, and delivering cutting-edge applications.

Legacy Applications Existence to Offer Growth Opportunities

Governments and investors provide sizeable financial assistance to small and medium-sized businesses who are still using legacy systems due to budgetary restrictions in order to adopt cloud-based application modernization services. Long-term unintended costs may increase due to the resistance to update old systems and significant reliance on the existing systems, especially in developing countries. Therefore, it is expected that businesses will use legacy modernization services in the future to update the environment.

Popularity of tools for cloud-based analytics and computing

Application modernisation boosts organisational effectiveness and productivity. Businesses are switching from legacy software applications to cloud-based applications. Through which they benefit from improved user experiences, quicker time to market, flexibility, and cost savings provided by cloud computing and data analytics capabilities. Applications that are built for the cloud are simpler to grow and put no additional strain on organization's current IT infrastructure. Eventually, this can generate enormous money for businesses. In the approaching years, these factors will fuel the market for application modernization services.

Challenges:

Modernizing an application involves expensive implementation and maintenance of advanced features and functionality. Due to the high cost of deploying hybrid cloud-based services, many small businesses continue to use their antiquated systems or conventional on-premise methods. Large and medium-sized businesses are investing in application modernisation to deal with the complexity of old systems. Due to COVID-19, there has been a significant decrease in technology spending, and this impact does not appear to be resilient. According to industry estimates, corporate technology investment will decline as the remainder of 2020.


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Market Segmentation

The Application Modernization Services market is segmented into services, vertical, deployment type. Based on services, the market is segmented into user interface (UI) modernization, cloud application migration, application portfolio assessment, application integration, and others. Based on vertical, the market is segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, retail, government, and others. Based on deployment type the market is segment into hybrid , private, and public cloud.

Market Player

Major market players in the global Application Modernization Services market Accenture plc, Asysco, Inc., Atos SA, Bell Integrator Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Fujitsu Ltd., HCL Technologies Ltd., IBM Corporation, Macrosoft Inc.

Recent Development

To odernize applications, technological infrastructure, and legacy platforms, the American multinational firm Cognizant teamed up with the energy provider CECONY in February 2020. CECONY provides electric, gas, and steam services. The goal of the alliance was to increase operational effectiveness, enable greater agility, and improve customer experience.

In November 2019, American-managed cloud computing giant Rackspace bought Onica, a Premier Consulting Partner and AWS Managed Service Provider in the Amazon Web Services (AWS) Partner Network (APN). Rackspace may now use Onica's cutting-edge professional services capabilities, including strategic advising, architecture, engineering, and application development, to supplement its current managed cloud offerings.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2024-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Services

By Vertical

By Deployment Type

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Singapore, Malaysia, Germany, United Kingdom, France, Russia, Spain, Belgium, Italy, Brazil, Colombia, Argentina, Peru, Chile, Saudi Arabia, South Africa, UAE, Israel, Turkey

Key companies profiled

Accenture plc, Asysco, Inc., Atos SA, Bell Integrator Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Fujitsu Ltd., HCL Technologies Ltd., IBM Corporation, Macrosoft Inc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Application Modernization Services market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Application Modernization Services Market, By Service

o   User Interface (UI) Modernization

o   Cloud Application Migration

o   Application Portfolio Assessment

o   Application Integration

o   Others

  • Application Modernization Services Market, By Vertical

o   Banking, Financial Services, and Insurance (BFSI)

o   Healthcare

o   IT and telecom

o   Retail

o   Government

o   Others

  • Application Modernization Services Market, By deployment Type:

o   Hybrid cloud

o   Private cloud

o   Public cloud

  • Application Modernization Services Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  India

§  China

§  Japan

§  South Korea

§  Australia

§  Singapore

§  Malaysia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

§  Belgium

§  Italy

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Peru

§  Chile

o   Middle East

§  Saudi Arabia

§  South Africa

§  UAE

§  Israel

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Application Modernization Services market.

Available Customizations:

Global Application Modernization Services market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The Global Application Modernization Services market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Research Methodology

4.    Impact of COVID-19 on Global Application Modernization Services Market

5.    Executive Summary

6.    Voice of Customers

7.    Global Application Modernization Services Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Services (User Interface (UI) Modernization, Cloud Application Migration, Application Portfolio Assessment, Application Integration, Others)

7.2.2.    By Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, IT and telecom, Retail, Government, and Others.)

7.2.3.    By Deployment Type (Hybrid cloud, Private cloud, Public cloud),

7.2.4.    By Region

7.3.  By Company

7.4.  Market Map

8.    North America Application Modernization Services Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Services

8.2.2.    By Vertical

8.2.3.     By Deployment Type

8.2.4.     By Country

8.3.  North America: Country Analysis

8.3.1.    United States Application Modernization Services Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Services

8.3.1.2.2.            By Vertical

8.3.1.2.3.            By Deployment Type

8.3.2.    Canada Application Modernization Services Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Services

8.3.2.2.2.            By Vertical

8.3.2.2.3.            By Deployment Type

8.3.3.    Mexico Application Modernization Services Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Services

8.3.3.2.2.            By Vertical

8.3.3.2.3.            By Deployment Type

9.    Asia-Pacific Application Modernization Services Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Services

9.2.2.    By Vertical

9.2.3.    By Deployment Type

9.2.4.    By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.    China Application Modernization Services Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By Services

9.3.1.2.2.            By Vertical

9.3.1.2.3.            By Deployment Type

9.3.2.    India Application Modernization Services Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.            By Services

9.3.2.2.2.            By Vertical

9.3.2.2.3.            By Deployment Type

9.3.3.    Japan Application Modernization Services Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.            By Services

9.3.3.2.2.            By Vertical

9.3.3.2.3.            By Deployment Type

9.3.4.    South Korea Application Modernization Services Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.            By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.            By Services

9.3.4.2.2.            By Vertical

9.3.4.2.3.            By Deployment Type

9.3.5.    Australia Application Modernization Services Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.            By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.            By Services

9.3.5.2.2.            By Vertical

9.3.5.2.3.            By Deployment Type

9.3.6.    Singapore Application Modernization Services Market Outlook

9.3.6.1.        Market Size & Forecast

9.3.6.1.1.            By Value 

9.3.6.2.        Market Share & Forecast

9.3.6.2.1.            By Services

9.3.6.2.2.            By Vertical

9.3.6.2.3.            By Deployment Type

9.3.7.    Malaysia Application Modernization Services Market Outlook

9.3.7.1.        Market Size & Forecast

9.3.7.1.1.            By Value 

9.3.7.2.        Market Share & Forecast

9.3.7.2.1.            By Services

9.3.7.2.2.            By Vertical

9.3.7.2.3.            By Deployment Type

10.  Europe Application Modernization Services Market Outlook

10.1.   Market Size & Forecast

10.1.1. By Value

10.2.   Market Share & Forecast

10.2.1. By Services

10.2.2. By Vertical

10.2.3. By Deployment Type

10.2.4. By Country

10.3.   Europe: Country Analysis

10.3.1. Germany Application Modernization Services Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Services

10.3.1.2.2.         By Vertical

10.3.1.2.3.         By Deployment Type

10.3.2. United Kingdom Application Modernization Services Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Services

10.3.2.2.2.         By Vertical

10.3.2.2.3.         By Deployment Type

10.3.3. France Application Modernization Services Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Services

10.3.3.2.2.         By Vertical

10.3.3.2.3.         By Deployment Type

10.3.4. Russia Application Modernization Services Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Services

10.3.4.2.2.         By Vertical

10.3.4.2.3.         By Deployment Type

10.3.5. Spain Application Modernization Services Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value 

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Services

10.3.5.2.2.         By Vertical

10.3.5.2.3.         By Deployment Type

10.3.6. Belgium Application Modernization Services Market Outlook

10.3.6.1.     Market Size & Forecast

10.3.6.1.1.         By Value 

10.3.6.2.     Market Share & Forecast

10.3.6.2.1.         By Services

10.3.6.2.2.         By Vertical

10.3.6.2.3.         By Deployment Type

10.3.7. Italy Application Modernization Services Market Outlook

10.3.7.1.     Market Size & Forecast

10.3.7.1.1.         By Value 

10.3.7.2.     Market Share & Forecast

10.3.7.2.1.         By Services

10.3.7.2.2.         By Vertical

10.3.7.2.3.         By Deployment Type

11.  South America Application Modernization Services Market Outlook

11.1.   Market Size & Forecast

11.1.1. By Value

11.2.   Market Share & Forecast

11.2.1. By Services

11.2.2. By Vertical

11.2.3. By Deployment Type

11.2.4. By Country

11.3.   South America: Country Analysis

11.3.1. Brazil Application Modernization Services Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Services

11.3.1.2.2.         By Vertical

11.3.1.2.3.         By Deployment Type

11.3.2. Argentina Application Modernization Services Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Services

11.3.2.2.2.         By Vertical

11.3.2.2.3.         By Deployment Type

11.3.3. Colombia Application Modernization Services Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Services

11.3.3.2.2.         By Vertical

11.3.3.2.3.         By Deployment Type

11.3.4. Peru Application Modernization Services Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Services

11.3.4.2.2.         By Vertical

11.3.4.2.3.         By Deployment Type

11.3.5. Chile Application Modernization Services Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value 

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Services

11.3.5.2.2.         By Vertical

11.3.5.2.3.         By Deployment Type

12.  Middle East & Africa Application Modernization Services Market Outlook

12.1.   Market Size & Forecast

12.1.1. By Value

12.2.   Market Share & Forecast

12.2.1. By Services

12.2.2. By Vertical

12.2.3. By Deployment Type

12.2.4. By Country

12.3.   Middle East & Africa: Country Analysis

12.3.1. Saudi Arabia Application Modernization Services Market Outlook

12.3.1.1.     Market Size & Forecast

12.3.1.1.1.         By Value 

12.3.1.2.     Market Share & Forecast

12.3.1.2.1.         By Services

12.3.1.2.2.         By Vertical

12.3.1.2.3.         By Deployment Type

12.3.2. South Africa Application Modernization Services Market Outlook

12.3.2.1.     Market Size & Forecast

12.3.2.1.1.         By Value 

12.3.2.2.     Market Share & Forecast

12.3.2.2.1.         By Services

12.3.2.2.2.         By Vertical

12.3.2.2.3.         By Deployment Type

12.3.3. UAE Application Modernization Services Market Outlook

12.3.3.1.     Market Size & Forecast

12.3.3.1.1.         By Value 

12.3.3.2.     Market Share & Forecast

12.3.3.2.1.         By Services

12.3.3.2.2.         By Vertical

12.3.3.2.3.         By Deployment Type

12.3.4. Israel Application Modernization Services Market Outlook

12.3.4.1.     Market Size & Forecast

12.3.4.1.1.         By Value 

12.3.4.2.     Market Share & Forecast

12.3.4.2.1.         By Services

12.3.4.2.2.         By Vertical

12.3.4.2.3.         By Deployment Type

12.3.5. Turkey Application Modernization Services Market Outlook

12.3.5.1.     Market Size & Forecast

12.3.5.1.1.         By Value 

12.3.5.2.     Market Share & Forecast

12.3.5.2.1.         By Services

12.3.5.2.2.         By Vertical

12.3.5.2.3.         By Deployment Type

13.  Market Dynamics

13.1.   Drivers

13.2.   Challenges

14.  Market Trends & Developments

15.  Company Profiles

15.1.   Accenture plc

15.1.1. Business Overview

15.1.2. Key Revenue and Financials

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services

15.2.   Asysco, Inc.

15.2.1. Business Overview

15.2.2. Key Revenue and Financials

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services

15.3.   Atos SA

15.3.1. Business Overview

15.3.2. Key Revenue and Financials

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services

15.4.   Bell Integrator Inc.

15.4.1. Business Overview

15.4.2. Key Revenue and Financials

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services

15.5.   Capgemini SE

15.5.1. Business Overview

15.5.2. Key Revenue and Financials

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services

15.6.   Cognizant Technology Solutions Corporation

15.6.1. Business Overview

15.6.2. Key Revenue and Financials

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services

15.7.   Fujitsu Ltd.

15.7.1. Business Overview

15.7.2. Key Revenue and Financials

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services

15.8.   HCL Technologies Ltd

15.8.1. Business Overview

15.8.2. Key Revenue and Financials

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services

15.9.   IBM Corporation

15.9.1. Business Overview

15.9.2. Key Revenue and Financials

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services

15.10. Microsoft Inc LLC

15.10.1.               Business Overview

15.10.2.               Key Revenue and Financials

15.10.3.               Recent Developments

15.10.4.               Key Personnel

15.10.5.               Key Product/Services

16.  Strategic Recommendations

17.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Accenture plc, Asysco, Inc., Atos SA, Bell Integrator Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Fujitsu Ltd., HCL Technologies Ltd., IBM Corporation, Macrosoft Inc. are some major players of Global Application Modernization Services Market.

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Application modernization is the practice of updating older software for newer computing approaches, including newer languages, frameworks and infrastructure platforms. This practice is also sometimes called legacy modernization or legacy application modernization.

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Asia-Pacific is the fastest-growing region in the Application Modernization Services market due to developing IT industry and government initiative.

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Application Cloud modernization enables organizations to make the most of the digital technologies, including AI, machine learning, big data, and cloud. It helps transform your IT ecosystem based on current market trends and build a flexible foundation for future innovation.

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Sakshi Bajaal

Business Consultant
Press Release

Application Modernization Services Market to be dominated by BFSI sector through 2028.

May, 2023

Increasing adoption of big data and cloud computing in applications to drive the market of the Global Application Modernization Services Market in the forecast period of 2024-2028.

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