Application modernization is crucial service which manages legacy applications and transforms them to become more agile and highly efficient allowing for high performance. Market Research Future has predicted that the global application modernization services market is expected to reach USD 20 billiob by 2023, and a substantial CAGR of 21% during the forecast period of 2017 to 2023.
The growing need for integration of the latest functionalities so as to keep businesses up to date. In order to keep up with changing whims of customers, businesses are using application modernization services to develop innovative sysytems that use new processes and delivery models. Increasing investments in these services from SMEs is expected to propel growth. Additionally, companies are increasingly adopting CRM, ERP and human resource management services to improve over all efficiency.
High invesments in implementations of application modernization services and the lack of appropriately skilled resources pose challenges for the market. However, due to the high adoption rate, and the significant oppurtunity available for growth in the future is likely to propel the market during the forecast period of 2017 to 2023.
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The General Services Administration (GSA), has issued a notice seeking contractors for application moderniazation services. The GSA is looking to upgrade the payroll systems which serve over 2 million civilian federal employees. GSA hopes to shift it’s operations and maintenence of payroll functions , work schedule and leave managment systems to an innovative commercial solutions by using Software as a Service (SaaS).
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 global application modernization services market has been segmented by type, industry vertical, organization size and region.
- By type, the market has been segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment.
- By industry vertical the market has been segmented into media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others.
- By region, the market has been segmented into North America, Europe, the Asia Pacific (APAC) and the Rest of the World (RoW).
The global applications modernization services market is presently dominated by North America with Europe closely following. The growth of these regions and their positioning can be attributed to the strong presence of numerous market leaders. Countries such as the U.S have key players that operate out of the country and provide services across the world, thus facilitating robust market growth. There is also a swift adoption of modern technology and modern infrastructure which allows for rapid growth of the market.
Meanwhile, the Asia Pacific is projected to be the fastest growing regional market segment. This is primarily due to the emerging economies in the region. Additionally, India has earned a name for itself as an IT hub and has some of the worlds leading market players in the country. Supportive government policies and the presence of key players who offer services worldwide and locally are expected to propel growth during the forecast period.
- 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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