Application Modernization Services Market Overview:
The application modernization services market industry is projected to grow from USD 8.4 billion in 2022 to USD 24.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.80% during the forecast period (2022 – 2030). The market is driven by the increasing demand for improved software functionalities due to changes in the business landscape, the rise in the demand for flexibility and scalability provided by cloud computing, and the benefits of combining modern technologies with software systems.
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Key companies in the application modernization services market include,
- Aspire Systems
The application modernization services market is segmented by type, organization size, industry vertical, and region. By type, the market is segmented into refactoring, rehosting, rearchitecting, and rebuilding. The refactoring segment is expected to dominate the market during the forecast period, as it is a cost-effective way to modernize legacy applications.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to dominate the market during the forecast period, as they have the resources to invest in application modernization services.
By industry vertical, the market is segmented into healthcare, IT, telecommunications, energy and utilities, manufacturing, and consumer goods and retail. The IT segment is expected to dominate the market during the forecast period, as it is the most technology-intensive industry and has a high demand for modern applications.
By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to dominate the market during the forecast period, followed by Europe and Asia-Pacific. This is due to the high adoption of cloud computing and the increasing demand for digital transformation in these regions.
The key players in the application modernization services market are IBM Corporation, Wipro Limited, Atos SE, TCS Limited, Capgemini SE, CGI Group Inc., Tech Mahindra Limited, HCL Technologies Limited, Syntel, Inc., and NTT DATA Corporation. These companies are focusing on expanding their product offerings, acquiring new customers, and strengthening their partnerships to gain a competitive edge in the market.
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The application modernization services market is expected to grow significantly in the coming years, driven by the factors mentioned above. The market is expected to be competitive, with the key players vying for a larger share of the pie. The companies are expected to focus on innovation and differentiation to stay ahead of the competition.
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