Market Outlook
The application modernization services market is expected to grow from USD 7.2 billion in 2022 to USD 24.9 billion by 2030, at a compound annual growth rate (CAGR) of 16.80%. The increasing demand for digital transformation and the need to improve the performance and efficiency of legacy applications are driving the growth of the market.
Key Companies
Some of the key players in the application modernization services market include:
- IBM
- Accenture
- Wipro
- Capgemini
- TCS
- Cognizant
- Infosys
- HCL
- CGI
- NTT DATA
- DXC Technology
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Market Segmentation
The application modernization services market is segmented by:
- Service type: Application portfolio assessment, cloud application migration, application re-platforming, application integration, UX modernization, security modernization, compliance modernization, and others.
- Deployment mode: On-premise and cloud.
- Organization size: Large enterprises and small and medium-sized enterprises (SMEs).
- End-user: BFSI, healthcare, manufacturing, retail, IT and telecom, and others.
Top Impacting Factors
The following are the top impacting factors of the application modernization services market:
- Increasing demand for digital transformation
- Need to improve the performance and efficiency of legacy applications
- Rising adoption of cloud computing
- Increasing focus on security and compliance
- Growing need for agile and scalable applications
- Shortage of skilled IT professionals
Regional Insights
The North America region is expected to dominate the application modernization services market in the coming years. This is due to the high adoption of cloud computing and digital transformation in the region. The Asia Pacific region is also expected to grow at a significant rate, driven by the growing economies in the region and the increasing demand for agile and scalable applications.
Industry Latest News
- In January 2023, IBM announced that it had acquired Ensono, a provider of application modernization services. This acquisition will help IBM to expand its portfolio of application modernization services and accelerate its growth in this market.
- In February 2023, Wipro announced that it had won a contract from a leading financial services company to modernize its legacy applications. This contract is a testament to Wipro's expertise in application modernization and its ability to help customers achieve their digital transformation goals.
- In March 2023, Capgemini announced that it had partnered with Google Cloud to offer application modernization services to its customers. This partnership will help Capgemini to provide its customers with a comprehensive set of application modernization services that leverage the power of Google Cloud.
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