According to new market research report "Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Replatforming, Application Integration, UI Modernization), Organization Size, Vertical, and Region - Global Forecast to 2022", The application modernization services market size is expected to grow from USD 6.87 Billion in 2017 to USD 16.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period.
The major driver of the application modernization services market is the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy, leading to increased deployment of application modernization services.
Browse and in-depth TOC on “Application Modernization Services Market”
37 - Tables
32 - Figures
119 - Pages
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Application integration service is expected to have the largest market share during the forecast period
The application integration service is expected to have the largest market share during the forecast period, owing to the growing need for integrating the existing legacy applications and databases with new applications, which exploit the internet, eCommerce, extranet, and other new technologies. The application integration service helps enterprises optimize their IT landscapes, gain business agility, and easily access data from devices and social channels.
SMEs segment is expected to grow at the fastest rate during the forecast period
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of the lift-and-shift migration strategy, which enables their businesses to scale and grow faster. SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the most important features needed to expand businesses, generate revenues, and ensure desired outcomes.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of a large number of application service providers, early start of the application modernization projects, and high adoption rate of emerging technologies, such as big data and cloud computing. North America constitutes developed economies, such as the US and Canada. These countries are significantly advanced in terms of technology and application deployments.
The major vendors covered in the application modernization services market include Accenture (Republic of Ireland), Asysco (Netherlands), Atos (France), Bell Integrator (US), Capgemini (UK), Cognizant (US), Fujitsu (Japan), HCL (India), IBM (US), Macrosoft Inc. (US), Micro Focus (US), Oracle (US), Tech Mahindra (India), and UST Global (US).
Existence of Large Number of Legacy Applications Offering A Huge Revenue Opportunity
Open-Source Technology Paving the Way for Untapped Possibilities
Application Modernization A Time-Intensive Process
Architectural and Operational Complexities
Traditional Organizational Culture A Major Hurdle for the Initiation of the Modernization Process
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