In a recent published report, Kenneth Research has updated the market report for Application Modernization Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Application Modernization Services Market products.
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The Application Modernization Services Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Market synopsis:
Application modernization is a service designed to manage legacy transformation into new applications. The transformation occurs to integrate newer features and functionalities to the existing business. The application modernization generally takes places in terms of re-platforming in case of cloud, re-hosting, re-engineering and many more, in order to make sure that the application architecture is suited well for the business.
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The market of application modernization services is largely impacted by factors such as the increasing need of faster recognition and delivery of services in business, taking most of the benefit from data analytics and related technologies, and the growing adoption of cloud computing in various industrial and enterprise applications. However, there are certain factors that restrain the market growth such as heavy monetary investments made by enterprises, which is slowing down the deployment of application modernization services technologies. Another factor slowing down the growth of this market is the lack of skilled resources for legacy technologies. However, the presence of a large number of legacy applications presents a significant opportunity for the market to grow in the near future.
Segmentation:
On the basis of type, the market is segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment. On the basis of organization size, the market is segmented into small and medium enterprises, and large enterprises.
On the basis of Industry vertical, the market is segmented into media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others.On the basis of region, the market is segmented into North America, Europe, Asia Pacific and rest of the world.
Regional Analysis:
The market of application modernization services is currently being dominated by North America and it will continue to dominate this market forecast period. Following North America is Europe holding second spot regarding market size and growth rate. The growth of application modernization market in North America is largely due to the presence of some of the prominent vendors. Many of the key players are concentrated in the U.S. only and provide services worldwide. Another major factor that fuels the growth of technology-related services is the faster adoption and suitable infrastructure, plying for a growing number of application modernization projects in this region.
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On the other hand, Asia Pacific is sure to lead with the highest growth rate. This is majorly due to existing and emerging enterprises in India. India is tending to become one of the leading hubs for IT services and solutions. Many of the enterprises in India are providing application modernization services in and outside the country. Some of the key players from India include, Wipro, Infosys, HCL and others. The growth of IT services organizations in Asia Pacific, especially India is due to huge government spending to improve the IT infrastructure.
Key players:
Some of the key players in the Application Modernization Services market comprise of Accenture PLC (Ireland), Infosys Limited (India), HCL Technologies Limited (India), Sensiple (U.S.), Nous Infosystems Pvt. Ltd (India), DXC Technology Company (U.S.), Happiest Minds Technologies (India), Syntel, Inc (U.S.), Fujitsu Ltd (Japan), Avanade Inc. (U.S.), Espire Infolabs Pvt. Ltd (India), Idexcel, Inc (U.S.), Unisys Corporation (U.S.), Atos SE (France), Bell Integrator, Inc (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.).
Some other vendors include Apps Associates LLC (U.S.), NTT DATA, Inc (U.S.), BDO IT Solution (Canada), Asysco Software B.V (The Netherlands), Micro Focus International Plc (U.K), Macrosoft Inc (U.S.), IBM Corporation (U.S.), Cognizant Technology Solutions Corp (U.S.), Capgemini SE (France), Cyber Infrastructure Pvt. Ltd (India), Wipro Limited (India), Dell Inc (U.S.), DSRC Private Limited (India)
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The prominent players continuously keep innovating and investing in research and development to present a cost-effective portfolio. The enterprises have been going through various key developments, including mergers and acquisitions among the key players, enabling the business entities to strengthen their current outreach to their customers.
Intended Audience:
Application Modernization Services providers
IT providers
Software vendors
Retail vendors
Cloud service providers
Local/Government Agencies
Cloud Infrastructure Agencies
Value-added Resellers
Research Firms
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