Application Modernization Services Market to Witness Exponential Growth by 2030

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Application Modernization Services Market - Introduction

  • Application modernization services are services used in the transformation of new applications in a business. Application modernization is majorly used in cloud-based re-platforming, re-engineering, and re-hosting, and integrates the new functionalities and application architecture into the business process.
  • Application modernization services market help companies to create new business value by using existing business application programs. Application modernization services helps to improve the application performance with a new version of the application that is compatible with newly updated operating systems and hardware systems.
  • Legacy applications can hinder an enterprise's digital transformation and also reduce the efficiency of the business process. It is more complicated and requires costly maintenance for running the legacy application without any execution issues.
  • Service providers offer application modernization services in supply chain management, order processing, marketing campaign management, financial management, and invoice and billing management.
  • Application modernization services are majorly adopted by manufacturing, automobile, and oil & gas industries for smooth execution of business processes, and the adoption is expected to increase during the forecast period.

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Key Drivers of the Application Modernization Services Market

  • Increasing adoption of advanced software functionalities in business applications to increase business efficiency is expected to drive the growth of the application modernization services market. Companies are investing in advanced technologies to maintain their technological growth with changing customer demands. Technological advancement is also expected to boost the growth of the application modernization services market.
  • Companies are investing in cloud platforms and re-hosting to use legacy applications, which is expected to create better business opportunities for service providers of application modernization services.

Compatibility or integration issues of selected application for modernizing services with applications among the business process expected to hinder the market

  • Companies are using application modernizing services for selected applications which further creates compatibility issues with other legacy applications. This may restrain the growth of the application modernization services market.
  • Lack of skilled employees for legacy technologies among enterprises is also expected to hamper the growth of the application modernization services market.

Impact of COVID-19 on the Global Application Modernization Services Market

  • Most new start-ups and market leading companies are adopting the work from home business model to operate all business operations. In such a scenario, companies are reducing the spending on technologically advanced platforms to maintain the cash flow during the pandemic situation. IT sectors are facing issues regarding project payments during the lockdown period, further leading to delay in customized projects of customers.
  • Demand for application modernization services is expected to decrease during lockdown conditions; but demand is set to increase after stabilization of global market conditions.

Key Players Operating in the Global Application Modernization Services Market

  • IBM Corporation

IBM Corporation is a leading global company that engages in the manufacture and marketing of diverse products including computer hardware, middleware, and software, besides providing hosting and IT consulting services. IBM Corporation operates through five business segments: banking and finance; government; healthcare; gaming, media & entertainment; and retail and telecommunications

  • Accenture, plc.

Accenture plc provides consulting, technology, and outsourcing services worldwide. It’s Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, enhance business results through industry-specific solutions; and serve clients in communications, electronics, high technology, media, and entertainment industries.

Other key players operating in the global 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.

Global Application Modernization Services Market: Research Scope

Global Application Modernization Services Market, by Service Type

  • Application Re-platforming
  • Application Portfolio Assessment
  • Cloud Application Migration
  • UI Modernization
  • Application Integration
  • Post Modernization

Global Application Modernization Services Market, by Deployment

  • Private Cloud
  • Public Cloud
  • Hybrid Cloud

Global Application Modernization Services Market, by Enterprise Size

  • Small & Medium Enterprises
  • Large Enterprises

Global Application Modernization Services Market, by Industry

  • BFSI
  • Automobile
  • Manufacturing
  • IT & Telecom
  • Government
  • Healthcare
  • Retail & Consumer Goods
  • Transportation & Logistic
  • Education
  • Others

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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