PUBLISHER: Grand View Research | PRODUCT CODE: 1493434
PUBLISHER: Grand View Research | PRODUCT CODE: 1493434
The global application modernization services market size is anticipated to reach USD 52.46 billion by 2030, and the market is projected to grow at a CAGR of 16.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise of digital transformation initiatives and the adoption of cloud-native technologies are driving organizations to modernize their applications. Cloud-native applications leverage cloud services, containers, and serverless computing to maximize scalability, resilience, and agility. Application modernization services help organizations embrace cloud-native architectures, refactor applications for compatibility, and effectively orchestrate cloud deployments. By leveraging the cloud's scalability, elasticity, and cost-efficiency, businesses can optimize resource utilization, improve scalability, and accelerate digital transformation migrations.
The COVID-19 pandemic positively impacted the market as increased reliance on remote work highlighted the importance of scalable, cloud-based solutions, prompting organizations to modernize their legacy applications for improved agility and accessibility. The need for efficient and secure digital operations drove a heightened demand for services that facilitate cloud migration, containerization, and the adoption of modern architectures.
Moreover, the growing importance of analytics and business intelligence is driving organizations to modernize their applications to utilize the data for informed decision-making and strategic insights. Application modernization services encompass strategies for integrating advanced analytics, machine learning, and predictive modeling capabilities into applications, enabling organizations to forecast trends and make data-driven decisions. By modernizing analytics applications, organizations can gain a competitive advantage, optimize operations, and identify new revenue opportunities.