Application Modernization Services Market to Reach $69.8 Billion, Globally, by 2032 at 16.5% CAGR: Allied Market Research

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Jun 22, 2023, 05:32 ET

PORTLAND, Ore., June 22, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Application Modernization Services Market by Service Type (Application Portfolio Assessment, Cloud Application Migration, Application Re-platforming, Application Integration, and UI Modernization), Deployment Mode (Public Cloud and Private Cloud), Enterprise Size (Large Enterprise and SMEs), and End User (BFSI, IT & Telecom, Energy & Utilities, Manufacturing, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global application modernization services industry generated $15.5 billion in 2022 and is anticipated to reach $69.8 billion by 2032, growing at a CAGR of 16.5% from 2023 to 2032.

Prime Determinants of Growth:

The growth of the global application modernization services market is driven by an increase in the integration of cloud and DevOps technology in application modernization and a rise in demand for improved software functionalities. In addition, the rise in government support for promoting the use of application modernization services is fueling market growth. However, the high implementation cost of application modernization services and the lack of skilled employees with expertise in application modernization hamper the growth of this market. Furthermore, the proliferation of AI and ML technologies and the rise in the trend of microservices architecture are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$15.5 Billion
Market Size in 2032	$69.8 Billion
CAGR	16.5 %
No. of Pages in Report	340
Segments Covered	Service Type, Deployment Mode, Organization Size, End User, and Region
Drivers	Increased integration of cloud and DevOps technology in application modernization Rise in demand for improved software functionalities
Opportunities	Proliferation of AI and ML technologies Increase in the trend of microservice architecture
Restraints	High implementation costs of application modernization services Lack of skilled employees with expertise in application modernization

COVID-19 Scenario

The application modernization services market has witnessed stable growth during the COVID-19 pandemic, Due to the increasing number of people working remotely and relying on online communication tools, the risk of cyber-attacks increases, making application modernization services solutions more essential for businesses to protect against these threats during the pandemic.
Moreover, several companies are now investing to incorporate advanced and innovative solutions as well as advanced security operations for seamless transfer of condition-based and predictive cyber security requirements, which, in turn, is contributing to the growth of the market.

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The application portfolio assessment segment to maintain its leadership status throughout the forecast period-

Based on service type, the application re-platforming segment held the highest market share in 2022, accounting for more than one-fourth of the global application modernization services market revenue, as it helps to update the application's underlying architecture and technologies, such as upgrading from a monolithic architecture to a microservices-based architecture, adding new features, improving the user experience, and improving security and compliance. Furthermore, the application portfolio assessment segment to maintain its leadership status throughout the forecast period. On the other hand, the same segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032, owing to the rising need to improve business performance and reduce operational costs to boost demand for the application portfolio assessment services.

The large enterprise segment to maintain its lead position during the forecast period-

Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global application modernization services market revenue, owing to the rising adoption of advanced software functionalities in business applications to increase business efficiency. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, owing to an increase in adoption of application modernization services among SMEs across the globe.

The healthcare segment to maintain its dominance by 2032-

Based on end user, the BFSI segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global application modernization services market revenue. Due to the increase in usage of integrated AI and automation features, businesses can automate routine tasks such as data entry and customer service. On the other hand, the healthcare segment is expected to maintain its dominance by 2032. However, the IT and telecom segment is expected to portray the most prominent CAGR of 19.8% from 2023 to 2032. , owing to the high rate of technological adoption and increasing demand for high-end security among enterprises.

North America to rule the roost by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global application modernization services market revenue, and is projected to rule the roost by 2032. owing to the development of infrastructure and the rise in investments in the application modernization service market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% from 2023 to 2032. Due to the rise in the adoption of new technology among leading companies.

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Leading Market Players: -

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

The report provides a detailed analysis of these key players in the global application modernization services market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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