Application Modernization Services Market Size, Share, Growth, Trends, and Forecast by 2031

MARKET OVERVIEW

Application modernization is a service designed to manage legacy transformation into new applications. The transformation occurs to integrate newer features and functionalities to the existing business. The application modernization generally takes places in terms of re-platforming in case of cloud, re-hosting, re-engineering and many more, in order to make sure that the application architecture is suited well for the business.

MARKET SCOPE

The "Global Application Modernization Services Market Analysis to 2031" is a specialized and in-depth study of the technology, media and telecommunication industry with a special focus on the global market trend analysis. The report aims to provide an overview of the application modernization services market with detailed market segmentation by services, organization size, industry vertical, and geography. The report provides key statistics on the market status of the leading application modernization services market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on services, the global application modernization services market is segmented into application portfolio assessment, cloud application migration, application replatforming, application integration, ui modernization, post-modernization
  
•   On the basis of organization size, the market is segmented into SMES, large enterprise
  
•   On the basis of industry vertical, the market is segmented into BFSI, retail, IT and telecom, manufacturing, others
  

MARKET DYNAMICS

Drivers:

•   Need for improved software functionalities due to changing business landscape.
  
•   Demand for flexibility and scalability provided by cloud computing scalability.
  
•   Benefits of integrating modern technologies with software systems.
  

Restraints

•   High costs and complexities involved in application modernization
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The application modernization services market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the application modernization services market in these regions.

IMPACT OF COVID-19 ON APPLICATION MODERNIZATION SERVICES MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the application modernization services market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from application modernization services market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the application modernization services market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Accenture PLC
  
•   Aspire Systems
  
•   BLU AGE
  
•   Dell, Inc.
  
•   HCL Technologies Limited
  
•   IBM Corporation
  
•   Micro Focus
  
•   Microsoft Corporation
  
•   Oracle Corporation
  
•   Tech Mahindra Limited
  

The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Application Modernization Services Report Scope