Selbyville, Delaware, May 08, 2023 (GLOBE NEWSWIRE) —
The application modernization services market valuation is poised to surpass USD 65 billion by 2032, as reported in a research study by Global Market Insights Inc.
High costs associated with utilizing old applications will fuel the market demand. Maintaining outdated programs have several expenses, some of which are more obvious than others. The maintenance cost of legacy systems is the highest. A surprisingly amount of IT budgets are allocated only to maintaining firms’ antiquated systems. Therefore, many organizations are looking to transition from mainframe-based systems to distributed environments in order to save money and increase agility. Distributed systems frequently offer a more cost-effective option to the mainframe in addition to a more flexible architecture.
The application modernization services market size from the re-platforming segment is set to reach USD 10 billion by 2032. SMEs are using re-platforming attributed to its automatic routing, greater scalability, enhanced security, and scaling. Replatformed apps can be patched at the app runtime, application, embedded OS levels, and file system without experiencing any interruptions.
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The application modernization services market from hybrid cloud segment will grow at a CAGR of 10% from 2023 to 2032. Businesses are using hybrid cloud to host their apps and data on the platform. It offers the best balance of security, cost-effectiveness, and performance. Due to these features, the demand for hybrid clouds is rising quickly.
The application modernization services market from the telecommunications segment is projected to cross USD 5 billion by 2032. Telecom firms all over the world are significantly advancing toward modernization and innovation in order to remain competitive. These companies are motivated by technology to upgrade their aging systems, enhance the client experience, and stay ahead of the competition. In response to these issues, telcos are increasingly embracing app modernization as a way to improve their operations and services.
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Asia Pacific application modernization services market share will be worth USD 15 billion by 2032. With the migration of SMEs and the integration of cloud computing technologies, Asia Pacific is predicted to grow over the coming years. The regional market is set to be driven by the increased use of application modernization in the telecommunications, automotive, and oil & gas industries. With the growing demand for autonomous vehicles and electric vehicles in the region.
Leading companies involved in the application modernization services market include Infosys Limited, TATA Consultancy Services Limited, IBM Corporation, Dell Inc., Microsoft Corporation, Oracle Corporation, Cognizant, Wipro, NTT Data Corporation, HCL Technologies Limited, Capgemini, Softura, Ernst & Young Global Limited, and EPAM Solutions Hub. Companies are working on partnerships and joint ventures to improve their business share. In November 2022, TCS expanded its collaboration with Randstad to speed up the cloud rationalization and application modernization processes.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Application modernization services 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Type trends
2.5 Deployment model trends
2.6 Organization Size trends
2.7 Application trends
Chapter 3 Application Modernization Services Market Industry Insights
3.1 Impact of COVID-19
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 Service providers
3.3.2 System integrators
3.3.3 Technology providers
3.3.4 Distribution channel analysis
3.3.5 End-users landscape
3.3.6 Profit margin analysis
3.3.7 Vendor matrix
3.4 Application modernization services strategies
3.5 Technology & innovation landscape
3.5.1 Data and analytics
3.5.2 AI/ML
3.5.3 Microservices
3.5.4 Low-code/no-code
3.5.5 Agile DevOps
3.5.6 Blockchain
3.6 Application modernization services architecture
3.7 Evolution of application modernization services
3.8 Patent analysis
3.9 Key initiative and news
3.10 Regulatory landscape
3.10.1 North America
3.10.2 Europe
3.10.3 Asia Pacific
3.10.4 Latin America
3.10.5 MEA
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.1.1 Rising need to save cost
3.11.1.2 Increasing demand for reducing code complexity
3.11.1.3 Increasing speed to market to adapt
3.11.1.4 rapid technology development
3.11.1.5 Regulatory compliance
3.11.2 Industry pitfalls & challenges
3.11.2.1 Lack of proper knowledge
3.11.2.2 Costly maintenance
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.