The Road Ahead for the Application Modernization Services Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Application Modernization Services Market During the Forecast Period, and Why?
The application modernization services market size has grown rapidly in recent years. It will grow from $21.13 billion in 2024 to $24.58 billion in 2025 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to business process optimization, cost efficiency, user experience enhancement, data management challenges, market competition, innovation requirements.
The application modernization services market size is expected to see exponential growth in the next few years. It will grow to $51.92 billion in 2029 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to mobile-first strategies, remote work dynamics, customer expectations, elastic scalability requirements, data privacy and compliance, environmental sustainability. Major trends in the forecast period include cloud-native adoption, microservices architecture, containerization and orchestration, DevOps integration, API-first approach, security and compliance, hybrid and multi-cloud strategies.
What Are the Primary Drivers Supporting the Growth of the application modernization services Market?
A rising number of businesses deploying digital technologies and applications is expected to drive the application modernization services market going forward. Digital technologies refer to electronic technologies, systems, devices, and resources that generate store, or process data. Application modernization services enable businesses to modernize their IT infrastructure and application using cutting-edge technologies. For instance, in October 2023, according to Whatfix, an Indian SaaS-based digital adoption platform, worldwide IT spending is projected to reach $5 trillion in 2024, marking an 8.6% increase from 2023. This growth highlights the increasing priority businesses are placing on digital technologies to improve operations and adapt to evolving market demands. Therefore, the rising number of businesses deploying digital technologies and applications drives the application modernization services market.
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Which Companies Are Poised to Shape the Future of the Application Modernization Services Market?
Major companies operating in the application modernization services market are:
• Accenture PLC_x000D_
• Aspire Systems Inc._x000D_
• Asysco Inc._x000D_
• Bell Integrator Inc._x000D_
• Blu Age Corp._x000D_
What Are the Latest Innovations and Trends Influencing the Application Modernization Services Market?
Technological advancements are a key trend in the application modernization services market. Major companies operating in the market are integrating new technologies such as the SMART Modernization service that works on AI, machine learning, and accelerate digital transformation technology to gain a competitive edge in the market. For instance, in October 2023, AVEVA, is a UK-based company engaged in industrial software, launched an enhanced strategy featuring a new Hybrid Cloud Manufacturing Execution System. This innovative system integrates advanced capabilities for real-time data processing and analytics, enabling manufacturers to optimize operations and improve decision-making. The launch reflects AVEVA’s commitment to supporting digital transformation in the manufacturing sector by providing a flexible solution that leverages the power of hybrid cloud technology.
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How Are Market Segments in the Application Modernization Services Industry Positioned for Long-Term Growth?
The application modernization services market covered in this report is segmented –
1) By Type: Cobol, ADA, PL Or 1, RPG, Assembler, PowerBuilder, Others Types
2) By Cloud Deployment Mode: Private Cloud, Public Cloud, Hybrid Cloud
3) By Application: Post Modernization, Application Portfolio Assignment, Ui Modernization, Cloud Application Mitigation, Application Integration, Application Re Platforming
4) By Vertical: BFSI, Healthcare And Life Sciences, Telecommunications, IT And ITeS, Retail And Consumer Goods, Government And Public Sector, Energy And Utilities, Manufacturing, Others Vertical
Subsegments:
1) By Cobol: Cobol To Java Migration, Cobol To .NET Migration
2) By ADA: ADA Code Conversion, ADA Integration Services
3) By PL Or 1: PL Or 1 Modernization, PLOr 1 To Java Migration
4) By RPG: RPG To Java Migration, RPG Web Enabling
5) By Assembler: Assembler Code Conversion, Assembler Modernization Solutions
6) By PowerBuilder: PowerBuilder Migration To Web, PowerBuilder Application Reengineering
7) By Other Types: Legacy Application Modernization, Database Modernization, Custom Application Development
What Regions Are Contributing Significantly to the Growth of the Application Modernization Services Market?
North America was the largest region in the application modernization services market in 2024. The regions covered in the application modernization services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Definition of the Application Modernization Services Market Impacting Future Growth?
Application modernization refers to the technique of modernizing older software for newer computing methodologies. It helps in increasing agility and innovation, lowering costs and risks to streamline business and facilitate growth. The application modernization services are used to update older software that helps in developing new computing approaches, that includes newer languages, frameworks, and infrastructure platforms.
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