Market Research Future (MRFR) experts predict that the global application modernization services market is projected to register a value of USD 20 billion by 2023. The report also states that the global market is set to grow at the rate of an impressive 21% during the forecast period (2017-2023). 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 As companies encounter issues maintaining outdated systems which is both time-consuming and expensive, growing number of businesses are choosing to make the move to this service. The benefits offered by this system include network being more productive and responsive, easy migration, re-engineering and re-hosting. Adoption of cloud computing in the application modernization strategy has given the global market the necessary push, resulting in massive market expansion globally. Another factor affecting the market size is the growing realization amongst businesses across the globe that legacy applications have huge amounts of knowledge embedded in them and cannot be just thrown away. This fact has primarily fuelled the demand for application modernization services across the globe.
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However, alongside these drivers is the lack of skilled resources for legacy technologies that slows down the upward trajectory of the market. 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.
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.).
The global application modernization market is segmented on the basis of type, organization and industry vertical.
By type, the market is segmented on the basis of cloud application migration, application re-platforming, application integration, user interface modernization, post-modernization and application portfolio assessment. The application integration service captures a substantial market share owing to the increasing need for integrating the existing legacy applications and databases with new applications that exploit the internet, ecommerce, extranet, and many other new technologies. The application integration service also helps enterprises optimize their information technology (IT) landscapes, achieve business agility, and conveniently access data from devices and social channels.
By organization size, the market is segmented on the basis of small and medium enterprises, and large enterprises. The small and medium-sized enterprises (SMEs) segment is estimated to grow at a striking rate during the forecast period, due to the increasing adoption of the lift-and-shift migration strategy that enables their businesses to grow faster. SMEs are steadily realizing that quick response, immediate business decisions, and customer satisfaction are crucial features needed to expand businesses, generate profits, and ensure desired outcomes.
By industry vertical, the market is segmented on the basis of media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others.
The global application modernization market is spread across the regions of North America, Asia Pacific, Europe and the Rest of the World.
The market in North America is leading all other regions and will continue to dominate the global market throughout the forecast period. The regional market growth is due to the presence of prominent vendors, with many of them concentrated in the United States (U.S.). These market players are consistently striving to make a mark in the global market by providing services worldwide. The technology-related services are achieving major growth in the region due to the increasing suitable infrastructure, plying for an increasing number of application modernization projects in the region. Moreover, strong economy and sturdy industrialization gives way to a large number of businesses, which propels the demand for application modernization services. Market players are continuously indulging in strategic ventures including mergers and acquisitions along with collaborations and partnerships, thereby turning the market into a formidable entity in the region. For instance, StayLinked Corporation and Cognex Corporation are working together as partners to offer StayLinked software on Cognex’s series of mobile solutions, enabling customers to modernize their Terminal Emulation applications on their devices.
Giving North America tough competition is the market in Asia Pacific. The regional market is bound to lead with the highest growth rate during the forecast period, asserts MRFR. This progress can be accredited to the presence of and emerging enterprises in India. India is fast becoming one of the most attractive hubs for IT services and solutions. A large number of enterprises in India are providing application modernization services in and outside the country. Some of the prominent companies in India include Wipro, Infosys, HCL and others. Also, the growth of IT services organizations in Asia Pacific, particularly in India is due to huge government funding to improve the IT infrastructure. Other countries in the region such as China and Japan are also dominating the market, consisting of large enterprises and steadily expanding SMEs.
Another regional market making waves in the global application modernization portfolio is in Europe. The market is expected to grow at a remarkable rate on account of numerous applications of application modernization services in industries. These industries include manufacturing, healthcare, and retail. Massive industrialization and strong presence of enterprises in the region also work in favor of the market. Moreover, countries like Germany and the United Kingdom (U.K) are heavily contributing to the revenue platform due to an established foundation of small and medium organizations.
- 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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