Kenneth Research, in its repository of market research reports, have recently added a report on the Application Modernization Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Application Modernization Services Market is valued approximately USD 9.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.8% over the forecast period 2020-2027. Application modernization is a service that manage legacy transformation into new applications to optimized modern applications or platforms. The global Application Modernization Services market is highly in demand due to the coronavirus pandemic as employees are asked to work from home and manufacturing sectors are temporary shutdown. So various organizations enable remote working facilities and remote data access for their workforce and provided all the essential infrastructure and security support to their clients in various sectors as well as their own workforce to ensure business continuity during COVID-19. The need for improved software functionalities due to changing business landscape, demand for flexibility and scalability provided by cloud computing scalability and benefits of integrating modern technologies with software systems are the few factors responsible for growth of the market over the forecast period.
Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 05th May 2020, IBM launched range of new AI-powered capabilities and services including IBM Watson AIOps and Accelerator for Application Modernization with AI. These services will detection, diagnose is and response to IT anomalies in real time and designed to reduce the overall effort and costs associated with application modernization through advanced AI technology. However, high costs and complexities involved in application modernization is the major factor restraining the growth of global Application Modernization Services market during the forecast period.
The regional analysis of global Application Modernization Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the increasing demand from end use industries and increasing software service demand .
Major market player included in this report are:
IBM
Accenture
ATOS
HCL Technologies
Capgemini
Cognizant
Tata Consultancy Services (TCS)
Bell Integrator
Oracle
Innova Solutions
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
by Services:
Application Portfolio Assessment
Cloud Application Migration
Application Re-platforming
Application Integration
UI Modernization
Post Modernization
By Deployment Mode:
Private Cloud
Public Cloud
Hybrid Cloud
By Vertical:
BFSI
Healthcare and Life Sciences
Telecommunications
IT and ITeS
Retail and Consumer Goods
Government and Public Sector
Energy and Utilities
Manufacturing
Others
By End Use:
Small-Medium Enterprises
Large Enterprises
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global Application Modernization Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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