Application Modernization Services Market to Record Exponential Growth During Forecast Years

The application modernization services market is expected to grow from USD 7.2 billion in 2021 to USD 24.9 billion by 2030, at a CAGR of 16.80% during the forecast period.

Market Overview

The application modernization services market is expected to grow from USD 7.2 billion in 2021 to USD 24.9 billion by 2030, at a CAGR of 16.80% during the forecast period. The growth of the market is driven by the increasing demand for digital transformation, the need to improve the performance and security of legacy applications, and the rising adoption of cloud computing.

Key Companies

Some of the key players in the application modernization services industry include:

  • Accenture
  • IBM
  • Atos
  • HCL
  • Capgemini
  • Wipro
  • Cognizant
  • Infosys
  • TCS
  • DXC Technology
  • NTT Data

These companies offer a wide range of application modernization services, including application assessment, migration, re-platforming, and refactoring. They also have a strong track record of success in helping organizations modernize their applications.

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Application Modernization Services Market Segmentation

The application modernization services market is segmented by:

  • Service type: Application assessment, migration, re-platforming, refactoring, and others
  • Cloud deployment mode: Public cloud, private cloud, and hybrid cloud
  • Organization size: Large enterprises, small and medium-sized enterprises (SMEs)
  • Vertical: Financial services, healthcare, retail, manufacturing, and others

Top Impacting Factors

The following are the top impacting factors of the application modernization services market:

  • Increasing demand for digital transformation: Organizations are increasingly adopting digital transformation initiatives to improve their business processes and customer experience. This is driving the demand for application modernization services, as organizations need to modernize their legacy applications in order to support these initiatives.
  • Need to improve the performance and security of legacy applications: Legacy applications are often outdated and inefficient. This can lead to performance problems and security vulnerabilities. Application modernization services can help organizations improve the performance and security of their legacy applications.
  • Rising adoption of cloud computing: Cloud computing is becoming increasingly popular as it offers a number of benefits, such as scalability, flexibility, and cost savings. This is driving the demand for application modernization services, as organizations need to modernize their applications in order to take advantage of the benefits of cloud computing.

Key Strategies

The key strategies adopted by the players in the application modernization services market include:

  • Acquisitions and partnerships: Companies are acquiring and partnering with other companies in order to expand their service offerings and reach new customers. For example, in 2022, IBM acquired Appian, a provider of low-code development platform.
  • Investment in research and development: Companies are investing in research and development in order to develop new and innovative application modernization solutions. For example, in 2023, Accenture launched a new cloud-native application modernization service.
  • Focus on niche markets: Companies are focusing on niche markets, such as healthcare and financial services, in order to gain a competitive advantage.

Regional Insights

The North American region is the largest market for application modernization services, followed by Europe and Asia Pacific. The growth of the market in these regions is driven by the increasing adoption of digital transformation initiatives, the need to improve the performance and security of legacy applications, and the rising adoption of cloud computing.

Industry Latest News

  • In February 2023, Google Cloud announced a new application modernization service called Anthos Modernization Engine. Anthos Modernization Engine helps organizations modernize their applications by providing a unified platform for managing and migrating applications to the cloud.
  • In March 2023, Microsoft announced a new application modernization service called Azure App Modernization. Azure App Modernization helps organizations modernize their applications by providing a set of tools and services for assessing, migrating, and modernizing applications.
  • In April 2023, IBM announced a new application modernization service called IBM Cloud Modernization Services. IBM Cloud Modernization Services helps organizations modernize their applications by providing a comprehensive set of services for assessing, migrating, and modernizing applications.

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Harsh Roy

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