Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography

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Global Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography-Forecast to 2031.

The research report titled, 'Global Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography-Forecast to 2031,' provides an in-depth analysis of the application modernization services market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031. The application modernization services is projected to reach $48.2 billion by 2031, at a CAGR of 18.3% from 2024 to 2031.

The growth of this market is driven by the rising need for improved software features due to dynamic business environments, the growing demand for flexibility & scalability in legacy applications, and enterprises' rising inclination towards modernizing legacy applications with cloud capabilities. However, security & privacy issues associated with application modernization services and the lack of IT skills among employees restrain the growth of this market. Furthermore, the existence of a large number of legacy and mainframe applications, the increasing focus on omnichannel integration, and the rising adoption of containerization to create and deploy applications quicker are expected to create significant opportunities for market growth. The high costs and complexities associated with application modernization services are challenges for market growth.

The application modernization services market is segmented based on various factors, including type (application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services), deployment mode (public cloud and private cloud), sector (BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors), and organization size (large enterprises and small & medium-sized enterprises). This study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the application modernization services market is segmented into application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services. In 2024, the cloud migration segment is expected to account for the largest share of the application modernization services market. This segment's large share is attributed to the growing need to boost application agility & flexibility, improve scalability & data security, and organizations' rising inclination towards cloud platforms.

Moreover, the cloud migration segment is expected to record the highest CAGR during the forecast period. Growing networks of connected devices have led to massive data growth. As a result, the rising need for low-cost data storage solutions is projected to increase the use of cloud migration services.

Based on deployment mode, the application modernization services market is segmented into public cloud and private cloud. In 2024, the public cloud segment is expected to account for the larger share of the application modernization services market. This segment's large market share is attributed to the easy accessibility & cost-effectiveness of public clouds and small and medium-sized enterprises' increasing migration to public clouds.

However, the private cloud segment is expected to record a higher CAGR during the forecast period. This segment's high growth is driven by organizations' increased inclination toward private clouds due to enhanced data security and control over data backup & recovery and the rising adoption of private clouds among SMEs.

Based on sector, the application modernization services market is segmented into BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors. In 2024, the IT & telecom segment is expected to account for the largest share of the application modernization services market. This segment's large market share is attributed to IT & telecom companies' rising need to increase operational efficiency, improve customer experience, and move from mainframe to cloud platforms.

However, the BFSI segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the benefits of modernizing applications for BFSI organizations, such as fast & convenient transactions, reduced task complexity, improved security & compliance, clients' demand for speed & advanced capabilities, and rising concerns over data security & privacy.

Based on organization size, the application modernization services market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of the application modernization services market. This segment's large share is attributed to large enterprises' utilization of legacy applications and their rising need to increase the flexibility & scalability of the same.

However, the small & medium-sized enterprises segment is expected to record a higher CAGR during the forecast period. This segment's growth is driven by the rising need to modernize outdated applications, the ongoing digital transformation of SMEs, and the growing need for business agility, security, and scalability.

Based on geography, the application modernization services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the application modernization services market. North America's large share is attributed to the region's robust IT infrastructure, investments in digital infrastructure, and the existence of large enterprises.

However, Asia-Pacific is expected to record the highest CAGR during the forecast period primarily due to regional enterprises' increasing adoption of cloud-based technologies, their need to optimize legacy applications, and growing digital transformation initiatives.

Key Questions Answered in the Report:

Which are the high-growth market segments based on type, deployment mode, sector, organization size, and geography?
What is the historical market size for application modernization services across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, opportunities, and challenges in the global application modernization services market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape in the global application modernization services market?
What are the recent developments in the global application modernization services market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global application modernization services market, and how do they compete with the other players?

Scope of the report:

Application Modernization Services Market Assessment-by Type

Application Modernization Consulting Services
Cloud Migration Services
- Application Replatforming Services
- Application Rehosting Services
- Application Rearchitecting Services
UI/UX Modernization Services
Application Containerization Services

Application Modernization Services Market Assessment-by Deployment Mode

Public Cloud
Private Cloud

Application Modernization Services Market Assessment-by Sector

BFSI
IT & Telecom
Retail
Media & Entertainment
Healthcare & Life Sciences
Government
Manufacturing
Transportation & Logistics
Energy & Utilities
Other Sectors

Application Modernization Services Market Assessment-by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Application Modernization Services Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa

Product Code: MRICT - 104838

1. Market Definition & Scope

1.1 Market Definition
1.2 Market Ecosystem
1.3 Currency & Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Approach
2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Process of Data Collection and Validation
2.3 Market Sizing and Forecasting
- 2.3.1 Market Size Estimation Approach
  - 2.3.1.1 Bottom-up Approach
  - 2.3.1.2 Top-down Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumptions for the Study

3. Executive Summary

3.1 Market Overview
3.2 Market Analysis, by Type
3.3 Market Analysis, by Deployment Mode
3.4 Market Analysis, by Sector
3.5 Market Analysis, by Organization Size
3.6 Market Analysis, by Geography
3.7 Competitive Analysis

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Impact Analysis of Market Drivers, Restraints, Opportunities, and Challenges
4.3 Case Studies

5. Global Application Modernization Services Market Assessment, by Type

5.1 Overview
5.2 Application Modernization Consulting Services
5.3 Cloud Migration Services
- 5.3.1 Application Replatforming Services
- 5.3.2 Application Rehosting Services
- 5.3.3 Application Rearchitecting Services
5.4 UI/UX Modernization Services
5.5 Application Containerization Services

6. Global Application Modernization Services Market Assessment, by Deployment Mode

6.1 Overview
6.2 Public Cloud
6.3 Private Cloud

7. Global Application Modernization Services Market Assessment, by Sector

7.1 Overview
7.2 BFSI
7.3 IT & Telecom
7.4 Retail
7.5 Media & Entertainment
7.6 Healthcare & Life Sciences
7.7 Government
7.8 Manufacturing
7.9 Transportation & Logistics
7.10 Energy & Utilities
7.11 Other Sectors

8. Global Application Modernization Services Market Assessment, by Organization Size

8.1 Overview
8.2 Large Enterprises
8.3 Small & Medium-sized Enterprises

9. Application Modernization Services Market Assessment, by Country/Region

9.1 Overview
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 U.K.
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Switzerland
- 9.3.7 Netherlands
- 9.3.8 Rest of Europe
9.4 Asia-Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 South Korea
- 9.4.5 Singapore
- 9.4.6 Rest of Asia-Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 Middle East & Africa
- 9.6.1 Israel
- 9.6.2 UAE
- 9.6.3 Rest of the Middle East & Africa

10. Global Application Modernization Services Market - Competitive Analysis

10.1 Overview
10.2 Key Growth Strategies
- 10.2.1 Market Differentiators
- 10.2.2 Synergy Analysis: Major Deals & Strategic Alliances
10.3 Competitive Dashboard
- 10.3.1 Industry Leaders
- 10.3.2 Market differentiators
- 10.3.3 Vanguards
- 10.3.4 Contemporary Stalwarts
10.4 Vendor Market Positioning
10.5 Market Share Analysis

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

11.1 IBM Corporation
11.2 Microsoft Corporation
11.3 Oracle Corporation
11.4 Hewlett Packard Enterprise Company
11.5 HCL Technologies
11.6 Capgemini
11.7 Atos
11.8 Infosys Limited
11.9 Cognizant
11.10 Dell Inc.
11.11 Fujitsu Limited
11.12 Bell Integrator Inc.
11.13 Kyndryl Holdings, Inc.
11.14 Accenture
11.15 Softura

12. Appendix

12.1 Related Reports
12.2 Available Customization