Application Modernization Services Market Size to Reach USD 43350 Million by 2026 at CAGR 15.1% - Valuates Reports
BANGALORE, India, June 29, 2021 /PRNewswire/ -- The Application Modernization Services Market is Segmented by Type (Cobol, ADA, PL/1, RPG, Assembler, PowerBuilder, Others), by Application (Emulation, Translation, Business Rules Extraction). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.
The global Application Modernization Services market size is projected to reach USD 43350 Million by 2026, from USD 16200 Million in 2019, at a CAGR of 15.1% during the forecast period 2021-2026.
Maintaining legacy programmes can be a time-consuming and resource-intensive task, especially when the software is so old that it is incompatible with newer versions of the operating system (OS) or system hardware. An application modernisation project's purpose is to extract new business value from current software. The goal of an application modernization project is to create new business value from existing applications.
Major factors driving the growth of the application modernization service market are:
- Provides organisations with the flexibility and agility to adopt new technologies, even with legacy systems and applications, while also safeguarding previous investments.
- The application management services market is expected to see significant growth due to the increased usage of open source technologies and the presence of a large number of legacy applications.
- Furthermore, the application modernization service market is growing due to an increase in the use of cloud computing and enterprises attempting to generate value from mobile, cloud, analytics, social computing, and cognitive computing technologies.
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TRENDS INFLUENCING THE GROWTH OF GLOBAL APPLICATION MODERNIZATION SERVICES MARKET
The application modernization services market is predicted to expand as the need for cloud services grows due to their scalability and flexibility, as well as the demand for updating older systems and applications, the rise in remote work scenarios, and improved customer experience by applications. With the widespread use of the internet and the scalability given by cloud-native applications, the market for application modernization services appears to be lucrative in the next few years.
The need for improved software functionalities due to changing business landscape is expected to further increase the growth of the application modernization services market. Due to changing client needs, technological improvements, and increased competition, businesses must continuously or periodically improve their business processes. In today's competitive business world, many firms require business agility to survive and grow. This is accomplished through using cutting-edge technologies and developing and providing cutting-edge application technology, resulting in increased demand for application modernization services.
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APPLICATION MODERNIZATION SERVICES MARKET SHARE ANALYSIS
Based on application, the Emulation segment held the largest application modernization service market share of about 45.43% in 2017. However, the Business rules extraction segment is predicted to witness the highest growth during the forecast period.
Based on type, the Cobol segment held the largest application modernization service market share of about 63.32% in 2017.
Based on region, Asia Pacific is expected to be the most lucrative segment during the forecast period. Enterprises in this region are becoming more competitive as a result of increased internet traffic, cloud usage, and the IT services start-up ecosystem, and are focusing on providing better customer experience services to industries. As a result, global corporations are attracted to the APAC region's untapped potential.
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Major Players in the Application Modernization Services Market
- Accenture
- Atos
- Bell Integrator
- Capgemini
- Cognizant
- Fujitsu
- HCL
- IBM
- Macrosoft Inc.
- Tech Mahindra
- TCS
- Wipro
- Infosys
- DXC
- Blu Age
- TSRI
- Modern Systems
- Trinity Millennium
- Micro Focus
- Software Mining
- Semantic Designs
- Evolveware
- Mapador
- Fresche Solutions Inc.
- Asysco
- Expersolve
- Metaware
- MOST Technologies
- Freesoft
- Language Portability Solutions
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SIMILAR REPORTS
- The Europe application modernization services market size was valued at USD 2.14 Billion in 2019 and is projected to reach USD 6.60 Billion by 2027, growing at a CAGR of 15.1% from 2020 to 2027
- The global managed application services market size was USD 7,311 Million in 2017, and is projected to reach USD 16,441 Million by 2025, growing at a CAGR of 10.8% from 2018 to 2025.
- The global application transformation market size was valued at USD 9,214 Million in 2019, and is projected to reach USD 25,370 Million by 2027, registering a CAGR of 13.2% from 2020 to 2027
- The global Digital Transformation market size is projected to reach USD 886.9 Million by 2026, from USD 377 Million in 2019, at a CAGR of 13.0% during 2021-2026.
- The global API Testing market size is projected to reach USD 1520.5 Million by 2027, from USD 523.7 Million in 2020, at a CAGR of 15.9% during 2021-2027.
- The global Mobile Enterprise Application market size is projected to reach USD 91550 Million by 2027, from USD 50070 Million in 2020, at a CAGR of 8.5% during 2021-2027.
- The global Application Container market size is projected to reach USD 6304.5 Million by 2027, from USD 1228.9 Million in 2020, at a CAGR of 25.8% during 2021-2027.
- The Global Cloud Applications market size is projected to reach USD 365.00 Billion by 2026, from USD 147.12 Billion in 2020, at a CAGR of 16.35% during 2020-2026.
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