Application Modernization Services Market: Analysis by Size, Share, Trends, & Forecasts

 


Meticulous Research®, a global leader in market research, recently published a report titled ‘Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography—Global Forecast to 2030.' This detailed study offers a comprehensive analysis of the growing market for application modernization services and forecasts its future trajectory.

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According to the report, the global market for application modernization services is expected to grow from 2024 onwards at a compound annual growth rate (CAGR) of 17.4%, reaching a total valuation of $40.2 billion by 2030. This growth is attributed to the increasing need for more advanced software solutions due to evolving business needs. As companies seek greater flexibility and scalability, modernizing legacy systems and adopting cloud technologies are becoming essential strategies.

A key driver of market growth is the large number of outdated mainframe systems still in use, alongside the rise of omnichannel integration strategies. Furthermore, the growing adoption of containerization—enabling faster, more secure app deployment—is creating numerous opportunities within this market. Businesses are realizing that modernizing applications is necessary to remain competitive in today’s digital-first environment.

However, despite these opportunities, the market faces challenges, such as the high costs and technical complexities associated with modernization services. The report also highlights security concerns and the ongoing shortage of IT talent as significant barriers to broader adoption, particularly among smaller enterprises with limited resources.

The report breaks down the application modernization services market by type, deployment mode, sector, organization size, and geography, offering a deep dive into each segment. This segmentation allows for a granular understanding of how various industries and regions are approaching modernization efforts.

Key Players identified in the report include some of the biggest names in technology. Companies like IBM Corporation, Microsoft Corporation, Oracle Corporation, and Hewlett Packard Enterprise are leading the market. Indian firms such as HCL Technologies and Infosys Limited, along with European players like Capgemini and Atos, are also prominent, demonstrating the global scope of the market.

The report categorizes modernization services into several types: consulting services, cloud migration, UI/UX modernization, and application containerization. Among these, cloud migration services are expected to dominate the market by 2024. Cloud adoption is gaining momentum as organizations recognize the benefits of agility, flexibility, and enhanced security. Consequently, the cloud migration segment is also projected to see the highest CAGR through 2030.

When segmented by deployment mode, public cloud services are expected to hold the largest share of the market in 2024. This is driven by factors like cost-effectiveness and accessibility, particularly for small and medium-sized businesses. That said, private cloud solutions are anticipated to grow at a faster rate during the forecast period due to heightened concerns about data security and regulatory compliance.

Looking at industry verticals, the IT and telecom sectors are projected to account for the largest market share in 2024. This is primarily due to the industry's focus on improving operational efficiency, customer experience, and migration to cloud-based platforms. However, the BFSI (Banking, Financial Services, and Insurance) sector is expected to register the highest growth rate during the forecast period.

When analyzed by organization size, large enterprises are forecast to dominate the market in 2024, driven by their need to modernize vast portfolios of legacy applications. However, small and medium-sized enterprises (SMEs) are catching up, as cloud-based modernization becomes more accessible and affordable, reducing the entry barriers for smaller players.

Regionally, North America is expected to lead the market for application modernization services in 2024, thanks to its advanced digital infrastructure and concentration of large enterprises. However, the Asia-Pacific region is expected to grow at the fastest pace during the forecast period, fueled by rising digital transformation initiatives and increased cloud adoption among enterprises.

To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/application-modernization-services-market-5521

Key Questions Answered in the Report:

  • Which are the high-growth market segments based on type, deployment mode, sector, organization size, and geography?
  • What is the historical market size for application modernization services across the globe?
  • What are the market forecasts and estimates for the period 2024–2030?
  • What are the major drivers, opportunities, and challenges in the global application modernization services market?
  • Who are the major players in the market, and what are their market shares?
  • How is the competitive landscape in the global application modernization services market?
  • What are the recent developments in the global application modernization services market?
  • What are the different strategies adopted by the major players in this market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global application modernization services market, and how do they compete with the other players?

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Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
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