The Application Modernization Services Market size was USD 15.3 billion in 2022 and is expected to Reach USD 52.9 billion by 2030 and grow at a CAGR of 16.8 % over the forecast period of 2023-2030.
The Application Modernization Services market is witnessing a significant surge driven by the imperative need of businesses to adapt to evolving technologies. With legacy systems becoming obsolete and hindering agility, organizations are increasingly turning to modernization services to revamp their applications. These services encompass a spectrum of solutions ranging from re-platforming and re-hosting to re-architecting and re-engineering, tailored to meet diverse business needs. The market is characterized by a plethora of vendors offering specialized expertise, including cloud-native development, containerization, microservices adoption, and API integration, among others.
Furthermore, the rise of cloud computing has been a pivotal driver in shaping the Application Modernization Services market. As businesses migrate their workloads to the cloud, they seek modernization services to leverage the scalability, flexibility, and cost-efficiency offered by cloud platforms. This has spurred the demand for services that facilitate seamless cloud adoption, such as lift-and-shift migrations, cloud-native development, and DevOps practices. Additionally, the growing adoption of hybrid and multi-cloud strategies is fueling demand for services that enable interoperability and orchestration across diverse cloud environments.
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Covid 19 impact analysis:
The latest report is the most recent study that offers 360° coverage of the Application Modernization Services industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Application Modernization Services market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
HCL Technologies Limited, Oracle Corporation, Infosys Limited, DXC Technology Company, IBM Corporation, Cognizant, Accenture, Wipro, Tata Consultancy Services Ltd., Atos SE, and other players.
Research objectives:
The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network & distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Application Modernization Services market.
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It has segmented the global Application Modernization Services market
By Deployment Mode
l Public Cloud
l Private Cloud
By Service Type
l Application Integration
l Application Portfolio Assessment
l Cloud Application Migration
l UI Modernization
l Application Re-Platforming
l Post-Modernization
By Organization Size
l Large Enterprises
l Small and Medium Enterprises
By Industry Verticals
l Energy and Utilities
l IT and ITeS
l Retail and Consumer Goods
l Government and Public Sector
l Manufacturing
l BFSI
l Telecommunication
l Others
Key Objectives of the Global Application Modernization Services Market Report:
· The report conducts a comparative assessment of the leading market players participating in the global Application Modernization Services market.
· The report marks the notable developments that have recently taken place in the Application Modernization Services industry
· It details on the strategic initiatives undertaken by the market competitors for business expansion.
· It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of the Application Modernization Services market value chain.
· The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market
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