Product Code: GVR-4-68040-266-1
Application Modernization Services Market Growth & Trends:
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.
Application Modernization Services Market Report Highlights:
- Based on service type, the application re-platforming segment held the largest revenue share of 22.9% in 2023. The increasing need to migrate legacy applications to modern platforms to improve scalability and performance is driving market growth.
- Based on deployment, the private cloud segment is expected to grow at the fastest CAGR over the forecast period. The imperative to support modern development practices such as DevOps and microservices architecture is fueling the adoption of application modernization services within private cloud environments.
- Based on organization size, the SMEs segment held the largest revenue share in 2023 and is also expected to grow at the fastest CAGR over the forecast period. The demand for remote work solutions and digital collaboration tools amid global shifts towards flexible working arrangements accelerates the adoption of application modernization services among SMEs.
- Based on industry vertical, the application BFSI segment held the largest revenue share in 2023. The imperative to leverage emerging technologies such as AI and blockchain to drive operational efficiency and risk management initiatives accelerates the demand for application modernization services in the BFSI sector.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. System type
- 1.2.2. Deployment
- 1.2.3. Enterprise size
- 1.2.4. Industry verticals
- 1.2.5. Regional scope
- 1.2.6. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Systems type outlook
- 2.2.2. Deployment outlook
- 2.2.3. Enterprise size outlook
- 2.2.4. Industry vertical outlook
- 2.3. Competitive Insights
Chapter 3. Global Application Modernization Services Market Variables, Trends & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Market Size and Growth Prospects (USD Million)
- 3.3. Industry Value Chain Analysis
- 3.4. Market Dynamics
- 3.4.1. Market Drivers Analysis
- 3.4.1.1. The rise of cloud computing and edge technologies
- 3.4.1.2. Cybersecurity concerns and data privacy regulations
- 3.4.1.3. The proliferation of big data and analytics
- 3.4.2. Market Restraints Analysis
- 3.4.2.1. Budget constraints and resource limitations
- 3.4.2.2. Regulatory compliance requirements and data security concerns
- 3.4.3. Industry Opportunities
- 3.4.4. Industry Challenges
- 3.5. Application Modernization Services Market Analysis Tools
- 3.5.1. Porter's Analysis
- 3.5.1.1. Bargaining power of the suppliers
- 3.5.1.2. Bargaining power of the buyers
- 3.5.1.3. Threats of substitution
- 3.5.1.4. Threats from new entrants
- 3.5.1.5. Competitive rivalry
- 3.5.2. PESTEL Analysis
- 3.5.2.1. Political landscape
- 3.5.2.2. Economic and Social landscape
- 3.5.2.3. Technological landscape
- 3.5.2.4. Environmental landscape
- 3.5.2.5. Legal landscape
Chapter 4. Application Modernization Services Market: Service Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Application Modernization Services Market: Service Type Movement Analysis, USD Million, 2023 & 2030
- 4.2.1. Application Portfolio Assessment
- 4.2.1.1. Application portfolio assessment market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.2. Cloud Application Migration
- 4.2.2.1. Cloud application migration market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.3. Application Re-Platforming
- 4.2.3.1. Application re-platforming market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.4. Application Integration
- 4.2.4.1. Application integration market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.5. UI Modernization
- 4.2.5.1. UI modernization market estimates and forecasts 2018 to 2030 (USD Million)
- 4.2.6. Post-Modernization
- 4.2.6.1. Post-modernization market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 5. Application Modernization Services Market: Deployment Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Application Modernization Services Market: Deployment Movement Analysis, USD Million, 2023 & 2030
- 5.2.1. Public Cloud
- 5.2.1.1. Public cloud market estimates and forecasts 2018 to 2030 (USD million)
- 5.2.2. Private Cloud
- 5.2.2.1. Private cloud market estimates and forecasts 2018 to 2030 (USD million)
- 5.2.3. Hybrid Cloud
- 5.2.3.1. Hybrid cloud market estimates and forecasts 2018 to 2030 (USD million)
Chapter 6. Application Modernization Services Market: Enterprise Size Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Application Modernization Services Market: Enterprise Size Movement Analysis, USD Million, 2023 & 2030
- 6.2.1. Large Enterprises
- 6.2.1.1. Large enterprises market estimates and forecasts 2018 to 2030 (USD million)
- 6.2.2. SMEs
- 6.2.2.1. SMEs market estimates and forecasts 2018 to 2030 (USD million)
Chapter 7. Application Modernization Services Market: Industry Vertical Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Application Modernization Services Market: Industry Vertical Movement Analysis, USD Million, 2023 & 2030
- 7.2.1. BFSI
- 7.2.1.1. BFSI market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.2. Retail & E-commerce
- 7.2.2.1. Retail & e-commerce market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.3. Manufacturing
- 7.2.3.1. Manufacturing market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.4. IT & Telecommunication
- 7.2.4.1. IT & telecommunication market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.5. Energy and Utilities
- 7.2.5.1. Energy and utilities market estimates and forecasts 2018 to 2030 (USD Million)
- 7.2.6. Healthcare & Life Sciences
- 7.2.6.1. Healthcare & life sciences market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 8. Application Modernization Services Market: Regional Estimates & Trend Analysis
- 8.1. Application Modernization Services Market Share, By Region, 2023 & 2030, USD Million
- 8.2. North America
- 8.2.1. Application Modernization Services Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe Application Modernization Services Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.3.2. UK
- 8.3.2.1. UK application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.5. Italy
- 8.3.5.1. Italy application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.6. Spain
- 8.3.6.1. Spain application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.3.7. Netherlands
- 8.3.7.1. Netherlands application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Application Modernization Services Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.3. Japan
- 8.4.3.1. Japan application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.4. India
- 8.4.4.1. India application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.5. South Korea
- 8.4.5.1. South Korea application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.4.6. Australia
- 8.4.6.1. Australia application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America Application Modernization Services Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.5.4. Argentina
- 8.5.4.1. Argentina application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6. Middle East & Africa
- 8.6.1. Middle East & Africa Application Modernization Services Market Estimates and Forecasts, 2017 - 2030 (USD Million)
- 8.6.2. UAE
- 8.6.2.1. UAE application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6.3. Saudi Arabia
- 8.6.3.1. Saudi Arabia application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
- 8.6.4. South Africa
- 8.6.4.1. South Africa application modernization services market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Recent Developments & Impact Analysis by Key Market Participants
- 9.3. Company Categorization
- 9.4. Company Market Positioning
- 9.5. Company Market Share Analysis
- 9.6. Company Heat Map Analysis
- 9.7. Strategy Mapping
- 9.7.1. Expansion
- 9.7.2. Mergers & Acquisition
- 9.7.3. Partnerships & Collaborations
- 9.7.4. New Product Launches
- 9.7.5. Research And Development
- 9.8. Company Profiles
- 9.8.1. IBM
- 9.8.1.1. Company overview
- 9.8.1.2. Financial performance
- 9.8.1.3. Product benchmarking
- 9.8.1.4. Strategic initiatives
- 9.8.2. Accenture
- 9.8.2.1. Company overview
- 9.8.2.2. Financial performance
- 9.8.2.3. Product benchmarking
- 9.8.2.4. Strategic initiatives
- 9.8.3. Infosys
- 9.8.3.1. Company overview
- 9.8.3.2. Financial performance
- 9.8.3.3. Product benchmarking
- 9.8.3.4. Strategic initiatives
- 9.8.4. Cognizant
- 9.8.4.1. Company overview
- 9.8.4.2. Financial performance
- 9.8.4.3. Product benchmarking
- 9.8.4.4. Strategic initiatives
- 9.8.5. Capgemini
- 9.8.5.1. Company overview
- 9.8.5.2. Financial performance
- 9.8.5.3. Product benchmarking
- 9.8.5.4. Strategic initiatives
- 9.8.6. Tata Consultancy Services
- 9.8.6.1. Company overview
- 9.8.6.2. Financial performance
- 9.8.6.3. Product benchmarking
- 9.8.6.4. Strategic initiatives
- 9.8.7. DXC Technology
- 9.8.7.1. Company overview
- 9.8.7.2. Financial performance
- 9.8.7.3. Product benchmarking
- 9.8.7.4. Strategic initiatives
- 9.8.8. HCL Technologies
- 9.8.8.1. Company overview
- 9.8.8.2. Financial performance
- 9.8.8.3. Product benchmarking
- 9.8.8.4. Strategic initiatives
- 9.8.9. Wipro
- 9.8.9.1. Company overview
- 9.8.9.2. Financial performance
- 9.8.9.3. Product benchmarking
- 9.8.9.4. Strategic initiatives
- 9.8.10. NTT DATA Corporation
- 9.8.10.1. Company overview
- 9.8.10.2. Financial performance
- 9.8.10.3. Product benchmarking
- 9.8.10.4. Strategic initiatives