Mar 31, 2020 (AB Digital via COMTEX) -- Market Synopsis
The Application Modernization Services Market 2020 is presumed to gain traction. Increasing investments in research & developments are presumed to impact the market positively. A report offered by Market Research Future (MRFR) underscores that the global Application Modernization Services Market is expected to register 21% CAGR over the assessment period 2017 to 2023. It is also highlighted in the observation that the Application Modernization Services Market size is poised to reach a worth of USD 20 Bn by 2023.
Application modernization helps in the integration of new features and functionalities, which is supposed to augment the market in the foreseeable future. Rising use of cloud-based services to re-platform or restructure the applications is expected to influence the Application Modernization Services Market favorably across the prognosis period. Organizations are investing in the modernization of applications to enhance efficiency. It is supposed to accelerate growth rate of the Application Modernization Services Market. It also helps in cost reduction as well as security of the application landscapes. These advantages are expected to catapult the Application Modernization Services Market on upward trajectory.
The product is used across different industries. Some of these industries are VFSI, healthcare, and retail, among others. Increasing applications are supposed to catalyze the expansion of the Application Modernization Services Market over the forecast period. Increasing reliance on data analytics for decision making is also expected to influence the Application Modernization Services Market greatly in the near future. However, the requirement of high investments is anticipated to restrict market growth in the upcoming years. Lack of skilled expertise is also projected to restrain market augmentation over the prognosis period.
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The key players of the application modernization services market are Accenture PLC (Ireland), HCL Technologies Limited (India), Infosys Limited (India), Sensiple (U.S.), DXC Technology Company (U.S.), Nous Infosystems Pvt. Ltd (India), Happiest Minds Technologies (India), Fujitsu Ltd (Japan), Syntel, Inc (U.S.), Avanade Inc. (U.S.), Idexcel, Inc (U.S.), Espire Infolabs Pvt. Ltd (India), Unisys Corporation (U.S.), Bell Integrator, Inc (U.S.), Atos SE (France), Tech Mahindra Limited (India), and Oracle Corporation (U.S.). Other players expected to contribute to market growth are Apps Associates LLC (U.S.), BDO IT Solution (Canada), NTT DATA, Inc (U.S.), Asysco Software B.V (The Netherlands), Macrosoft Inc (U.S.), Micro Focus International Plc (U.K), IBM Corporation (U.S.), Capgemini SE (France), Cognizant Technology Solutions Corp (U.S.), Cyber Infrastructure Pvt. Ltd (India), Dell Inc (U.S.), Wipro Limited (India), and DSRC Private Limited (India).
On the basis of type, the application modernization service market has been segmented into cloud application migration, application integration, application re-platforming, postmodernization, user interface modernization, and application portfolio assessment.
Based on organization size, the segments of the application modernization service market are small and medium enterprises (SMEs), and large enterprises.
On the basis of industry vertical, the application modernization service market has been segmented into media and entertainment, retail, banking and financial services, healthcare, IT & Telecom, government, manufacturing, and others.
The geographical evaluation of the global application modernization service market is covered for four regional segments, which are - North America, Asia Pacific, Europe, and the Rest of the World (RoW). These regional segments are narrowed down for a country-level study. North America, followed by Europe, is likely to lead the market. Both these regions are highly equipped with advanced technologies, which is the common primary driver of the regional application modernization service markets. Also, the key players such as Accenture, Syntel, etc. are based out of these regions. Consolidation of global market leaders is projected to support the proliferation of the application modernization service market in the regions in the nearing years.
Application Modernization Services providers