The application modernization services market is projected to grow at a CAGR of 19.4% during the forecast period
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 for the upsurge in demand for the application modernization services market is the adoption of cloud computing in the application modernization strategy. The major restraining factor is the large investments made on legacy systems, which have delayed the application modernization plans.
Manufacturing vertical is expected to grow at the fastest rate during the forecast period
The manufacturing vertical is expected to witness the highest growth rate during the forecast period, owing to the need of improving the operational process, reducing the cost, and rolling out products in a quick time frame, further eliminating the location barriers. In addition, there is high penetration of advance technologies, such as cloud computing, big data and analytics, mobility, and artificial intelligence, which are transforming the manufacturing vertical.
Large enterprises segment is expected to hold the largest market share during the forecast period
The large enterprises segment is expected to hold the largest market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). Large enterprises have dedicated in-house IT resources, and with large IT budgets, they can consider a variety of application modernization strategies. In addition, they have a global presence, high market share, technical expertise, and an effective business strategy.
APAC is expected to grow at the fastest rate during the forecast period
As per the geographic analysis, the Asia Pacific (APAC) region is expected to witness the fastest growth in the application modernization services market, due to increased spending on improving the infrastructure, and the growing adoption of big data and cloud computing technologies. North America is expected to hold the largest market share during the forecast period, owing to the early adoption of application modernization services technology and high penetration of advance cloud technologies.
The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (45%), Tier 2 (35%), and Tier 3 (20%)
- By Designation: C-Level (50%), Director Level (30%), and Manager Level (20%)
- By Region: North America (40%), Europe (30%), APAC (20%), and RoW (10%)
The key application modernization services market vendors profiled in the report are as follows:
1. Accenture (Republic of Ireland)
2. Asysco (Netherlands)
3. Atos (France)
4. Bell Integrator (US)
5. Capgemini (France)
6. Cognizant (US)
7. Fujitsu (Japan)
8. HCL (India)
9. IBM (US)
10. Macrosoft Inc. (US)
11. Micro Focus (UK)
12. Oracle (US)
13. Tech Mahindra (India)
14. UST Global (US)
The global application modernization services market has been segmented on the basis of services, organization sizes, verticals, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the strength of service portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the application modernization services market in the following ways:
- The report segments the application modernization services market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders understand the competitors and gain more insights to better their position in the market.