Application Modernization Services Market Report: Trends, Forecast and Competitive Analysis to 2030

Application Modernization Services Trends and Forecast

The future of the global application modernization services market looks promising with opportunities in the BFSI, telecommunication, IT and ITeS, retail and consumer goods, government and public sector, energy and utilities, manufacturing, and healthcare and life science markets. The global application modernization services market is expected to reach an estimated $45.0 billion by 2030 with a CAGR of 17.0% from 2024 to 2030. The major drivers for this market are demand for enhanced software capabilities in response to evolving business environments, seeking flexibility and scalability through cloud-based solutions, and advantages of incorporating contemporary technologies into software systems.

A more than 150-page report is developed to help in your business decisions.

Application Modernization Services by Segment

The study includes a forecast for the global application modernization services by deployment mode, service type, organization size, end use industry, and region.

Application Modernization Services Market by Deployment Mode [Shipment Analysis by Value from 2018 to 2030]:

• Hybrid Cloud
• Private Cloud
• Public Cloud

Application Modernization Services Market by Service Type [Shipment Analysis by Value from 2018 to 2030]:

• Application Portfolio Assessment
• Cloud Application Migration
• Application Replatforming
• Application Integration
• Others

Application Modernization Services Market by Organization Size [Shipment Analysis by Value from 2018 to 2030]:

• Large Enterprises
• SMES

Application Modernization Services Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]:

• BFSI
• Telecommunication
• IT and ITeS
• Retail and Consumer Goods
• Government and Public Sector
• Energy and Utilities
• Manufacturing
• Healthcare and Life Science

Application Modernization Services Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Application Modernization Services Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies application modernization services companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the application modernization services companies profiled in this report include-

• IBM Corporation
• Oracle Corporation
• HCL Technologies Limited
• Wipro
• Accenture
• Tata Consultancy Services
• Atos Se
• Cognizant
• DXC Technology Company
• Infosys Limited

Application Modernization Services Market Insights

Lucintel forecasts that hybrid cloud is expected to witness highest growth over the forecast period due to improved software features and a wide variety of demand from different economies are driving high demand to decrease the efficiency of outdated systems.

Within this market, BFSI will remain the largest segment due to more companies are using integrated AI and automation technologies, which enable them to automate repetitive processes like data input and customer service.

APAC is expected to witness highest growth over the forecast period due to the increase in cutting-edge enterprises' use of new technologies.

Features of the Global Application Modernization Services Market

Market Size Estimates: Application modernization services market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Application modernization services market by various segments, such as by deployment mode, service type, organization size, end use industry and region in terms of($B).

Regional Analysis: Application modernization services market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different , deployment mode, service type, organization size, end use industry, and regions for the application modernization services market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the application modernization services market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the application modernization services market size?

Answer: The global application modernization services market is expected to reach an estimated $45.0 billion by 2030.

Q.2 What is the growth forecast for application modernization services market?

Answer: The global application modernization services market is expected to grow with a CAGR of 17.0% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the application modernization services market?

Answer: The major drivers for this market are demand for enhanced software capabilities in response to evolving business environments, seeking flexibility and scalability through cloud-based solutions, and advantages of incorporating contemporary technologies into software systems.

Q4. What are the major segments for application modernization services market?

Answer: The future of the global application modernization services market looks promising with opportunities in the BFSI, telecommunication, IT and ITeS, retail and consumer goods, government and public sector, energy and utilities, manufacturing, and healthcare and life science markets

Q5. Who are the key Application Modernization Services Market companies?

Answer: Some of the key application modernization services companies are as follows.

• IBM Corporation
• Oracle Corporation
• HCL Technologies Limited
• Wipro, Accenture
• Tata Consultancy Services
• Atos SE
• Cognizant
• DXC Technology Company
• Infosys Limited

Q6. Which application modernization services market segment will be the largest in future?

Answer: Lucintel forecasts that hybrid cloud is expected to witness highest growth over the forecast period due to improved software features and a wide variety of demand from different economies are driving high demand to decrease the efficiency of outdated systems.

Q7. In application modernization services market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to the increase in cutting-edge enterprises' use of new technologies.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the application modernization services market by deployment mode (hybrid cloud, private cloud, and public cloud), service type (application portfolio assessment, cloud application migration, application replatforming, application integration, and others), organization size (large enterprises, SMES), end use industry (BFSI, telecommunication, IT and ITeS, retail and consumer goods, government and public sector, energy and utilities, manufacturing, and healthcare and life science) , and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?