Application modernization tools market on a global scenario was valued at US$ 8.04 Bn in 2018 and is expected to reach US$ 36.86 Bn by 2027 with a CAGR growth rate of 18.7% in the forecast period from 2019 to 2027.
Today, the software industry has the potential to become one of the most high-tech industry, and from the past few years, the industry observed high growth and a dramatic increase worldwide. The software has become a key accelerating technology in every region for development and growth. Factors such as economic growth, technological innovations, and IT spending influence software market dynamics considerably. The global economy is expected to stabilize and grow at a steady speed in the coming years, mostly driven by emerging economies such as India, China, and Brazil. Additional enterprises and new developing markets are expected to invest in the software market to build IT infrastructure that would help reduce costs and enhance business productivity. New emerging markets and economic growth and increasing demand from small and medium enterprises are anticipated to boost the software industry. Asia Pacific emerged as the fastest-growing region during the last few years in the software industry, led by economic growth and expanded IT spending.
The software is gaining significance important in the world of mobility in every region. Hence, such significant growth is expected to offer ample growth opportunities for the application modernization software solutions market players during the forecast period of 2019 to 2027. The spending on application modernization tools is quite high in both developed and developing regions such as North America, Europe, and the Asia Pacific. The demand for application modernization tools is expected to grow further during the forecast period of 2019 to 2027. Growing digitization and positive economic outlook are some of the major macroeconomic factors driving the growth of the application modernization tools market. Rigorous spending on improving the infrastructure across the globe and the increasing adoption of cloud computing technologies are also expected to drive the global market.
The application modernization tools market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global application modernization tools market. Whereas, North America, followed by Europe, holds the highest market share in the application modernization tools market in 2018. Also, South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.
Some of the other notable players in the global application modernization tools market include Advanced Computer Software Group Limited, Aspire Systems, Asysco, Atos SE, Blu Age, Deloitte Touche Tohmatsu Limited, FreeSoft, Inc., Language Portability Solutions, Micro Focus, Mphasis Limited, Semantic Designs Incorporated, SoftwareMining Technologies, The Software Revolution Inc. (TSRI), and Virtusa Corporation, among others.
Application Modernization Tools Market - Geographic Breakdown, 2018
The report segments the global application modernization tools market as follows:
Global Application modernization tools Market – By Product Type
Global Application modernization tools Market – By Application
Global Application modernization tools Market – By Geography
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