Global Application Modernization Services Market Size Study, by Type, by Deployment, by Organization Size, by Application and Regional Forecasts 2022-2032

Description

Global Application Modernization Services Market was valued at approximately USD 21.78 billion in 2023 and is anticipated to grow with a compound annual growth rate (CAGR) exceeding 10.02% over the forecast period from 2024 to 2032. Application Modernization Services are integral to upgrading and transforming legacy software systems to meet contemporary business requirements while leveraging modern technological advancements. These services include refactoring, re-platforming, re-hosting, and integrating new features to enhance the overall performance, security, and scalability of applications. By modernizing their applications, businesses can significantly reduce operational costs, improve user experience, and ensure seamless compatibility with the latest digital ecosystems. This modernization is critical for companies striving to maintain competitiveness, agility, and responsiveness in an increasingly fast-paced technological environment.

The Global Application Modernization Services Market expansion is driven by rising need for cost savings, increased demand for reducing code complexity, the necessity to accelerate time-to-market, rapid technological advancements, and the imperative to comply with regulatory requirements. Businesses are increasingly seeking cost savings, leading to a higher demand for services that can streamline and optimize legacy applications. The need to reduce code complexity is also driving the market, as simpler code structures lead to easier maintenance and scalability. Companies are under pressure to accelerate time-to-market for their products and services, pushing for modernization to stay competitive. Additionally, rapid technological advancements are prompting organizations to update their applications, while regulatory compliance requirements are further encouraging modernization efforts to ensure systems meet current legal standards. However, challenges such as a lack of proper knowledge and costly maintenance may hinder market growth during the forecast period.

The key regions considered for the market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America is expected to dominate the application modernization services market attributed to the growing adoption of cloud-based platforms driven by increased digitalization and robust technological advancements. Furthermore, increasing government investments in AI and IoT-based services are contributing to the market's growth by enhancing application performance. The presence of major competitors and their significant revenue generation accounts for the largest market share in this region.

Major market players included in this report are:

Tech Mahindra Ltd
Accenture
IBM Corporation
TATA Consultancy Services Limited
Microsoft Corporation
Infosys Limited
Nutanix
Oracle Corporation
Deloitte
Dell Inc
Wipro
Atos SE
Cognizant
Capgemini
HCL Technologies Ltd

The detailed segments and sub-segment of the market are explained below:

By Type:

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

By Deployment:

Public Cloud
Private Cloud
Hybrid Cloud
Multi-cloud

By Organization Size:

Large Enterprises
SMEs

By Application:

BFSI
Healthcare
Telecommunication
Retail & Consumer Goods
Automotive
IT & ITeS
Manufacturing
Government & Public Sector
Oil and Energy
Others

By Region:

North America:

U.S.
Canada

Europe:

UK
Germany
France
Spain
Italy
ROE

Asia Pacific:

China
India
Japan
Australia
South Korea
RoAPAC

Latin America:

Brazil
Mexico
RoLA

Middle East & Africa:

Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market

Chapter 1. Global Application Modernization Services Market Executive Summary

1.1. Global Application Modernization Services Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Deployment
- 1.3.3. By Organization Size
- 1.3.4. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Application Modernization Services Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Application Modernization Services Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Need to Save Cost
- 3.1.2. Increasing Demand for Reducing Code Complexity
- 3.1.3. Increasing Speed to Market
- 3.1.4. Rapid Technology Development
- 3.1.5. Regulatory Compliance
3.2. Market Challenges
- 3.2.1. Lack of Proper Knowledge
- 3.2.2. Costly Maintenance
3.3. Market Opportunities
- 3.3.1. Growing Adoption of Cloud Platforms
- 3.3.2. Expansion of AI and IoT-based Services

Chapter 4. Global Application Modernization Services Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Application Modernization Services Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Application Modernization Services Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Application Portfolio Assessment
- 5.2.2. Cloud Application Migration
- 5.2.3. Re-platforming
- 5.2.4. Application Integration
- 5.2.5. UI Modernization
- 5.2.6. Post-Modernization

Chapter 6. Global Application Modernization Services Market Size & Forecasts by Deployment 2022-2032

6.1. Segment Dashboard
6.2. Global Application Modernization Services Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Public Cloud
- 6.2.2. Private Cloud
- 6.2.3. Hybrid Cloud
- 6.2.4. Multi-cloud

Chapter 7. Global Application Modernization Services Market Size & Forecasts by Organization Size 2022-2032

7.1. Segment Dashboard
7.2. Global Application Modernization Services Market: Organization Size Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Large Enterprises
- 7.2.2. SMEs

Chapter 8. Global Application Modernization Services Market Size & Forecasts by Application 2022-2032

8.1. Segment Dashboard
8.2. Global Application Modernization Services Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. BFSI
- 8.2.2. Healthcare
- 8.2.3. Telecommunication
- 8.2.4. Retail & Consumer Goods
- 8.2.5. Automotive
- 8.2.6. IT & ITeS
- 8.2.7. Manufacturing
- 8.2.8. Government & Public Sector
- 8.2.9. Oil and Energy
- 8.2.10. Others

Chapter 9. Global Application Modernization Services Market Size & Forecasts by Region 2022-2032

9.1. North America Application Modernization Services Market
- 9.1.1. U.S. Application Modernization Services Market
  - 9.1.1.1. Type breakdown size & forecasts, 2022-2032
  - 9.1.1.2. Deployment breakdown size & forecasts, 2022-2032
  - 9.1.1.3. Organization Size breakdown size & forecasts, 2022-2032
  - 9.1.1.4. Application breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Application Modernization Services Market
9.2. Europe Application Modernization Services Market
- 9.2.1. UK Application Modernization Services Market
- 9.2.2. Germany Application Modernization Services Market
- 9.2.3. France Application Modernization Services Market
- 9.2.4. Spain Application Modernization Services Market
- 9.2.5. Italy Application Modernization Services Market
- 9.2.6. Rest of Europe Application Modernization Services Market
9.3. Asia-Pacific Application Modernization Services Market
- 9.3.1. China Application Modernization Services Market
- 9.3.2. India Application Modernization Services Market
- 9.3.3. Japan Application Modernization Services Market
- 9.3.4. Australia Application Modernization Services Market
- 9.3.5. South Korea Application Modernization Services Market
- 9.3.6. Rest of Asia Pacific Application Modernization Services Market
9.4. Latin America Application Modernization Services Market
- 9.4.1. Brazil Application Modernization Services Market
- 9.4.2. Mexico Application Modernization Services Market
- 9.4.3. Rest of Latin America Application Modernization Services Market
9.5. Middle East & Africa Application Modernization Services Market
- 9.5.1. Saudi Arabia Application Modernization Services Market
- 9.5.2. South Africa Application Modernization Services Market
- 9.5.3. Rest of Middle East & Africa Application Modernization Services Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Tech Mahindra Ltd
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. Accenture
- 10.3.3. IBM Corporation
- 10.3.4. TATA Consultancy Services Limited
- 10.3.5. Microsoft Corporation
- 10.3.6. Infosys Limited
- 10.3.7. Nutanix
- 10.3.8. Oracle Corporation
- 10.3.9. Deloitte
- 10.3.10. Dell Inc
- 10.3.11. Wipro
- 10.3.12. Atos SE
- 10.3.13. Cognizant
- 10.3.14. Capgemini
- 10.3.15. HCL Technologies Ltd

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes