According to Market Research Future, the global application modernization services market is segmented into type, organization size, industry vertical and region.
The application modernization services market is mainly impacted by certain factors. These factors help in the market growth and generating revenue. The factors include growing need of faster recognition and delivery of services in business, taking at most benefit from data analytics and related technologies, and the growing adoption of cloud computing in various industrial and enterprise applications. By type, the market is segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment.
By organization size, the market is segmented into small and medium enterprises, and large enterprises. Among these, the large enterprises are expected to have the largest market share and will continue to dominate the market during the forecast period. The large enterprises can spend huge amounts on re-platforming, re-hosting, and operational expenses. These enterprises also possess private cloud where there is a reduced risk of security breach. However, the small and medium enterprises are expected to show a higher growth rate, as these organizations are highly adopting application transformation strategies by extensively using cloud computing.
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Latest Industry News
The General Services Administration (GSA), has issued a notice seeking contractors for application moderniazation services. The GSA is looking to upgrade the payroll systems which serve over 2 million civilian federal employees. GSA hopes to shift it’s operations and maintenence of payroll functions , work schedule and leave managment systems to an innovative commercial solutions by using Software as a Service (SaaS).
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.).
The prominent players constantly 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.
The global application modernization services market has been segmented by type, industry vertical, organization size and region.
By type, the market has been segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment.
By industry vertical the market has been segmented into media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others.
By region, the market has been segmented into North America, Europe, the Asia Pacific (APAC) and the Rest of the World (RoW).
The global applications modernization services market is presently dominated by North America with Europe closely following. The growth of these regions and their positioning can be attributed to the strong presence of numerous market leaders. Countries such as the U.S have key players that operate out of the country and provide services across the world, thus facilitating robust market growth. There is also a swift adoption of modern technology and modern infrastructure which allows for rapid growth of the market.
Meanwhile, the Asia Pacific is projected to be the fastest growing regional market segment. This is primarily due to the emerging economies in the region. Additionally, India has earned a name for itself as an IT hub and has some of the worlds leading market players in the country. Supportive government policies and the presence of key players who offer services worldwide and locally are expected to propel growth during the forecast period.
- 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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