Application Modernization Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025

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Application Modernization Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025

Status : October, 2020 | Technology & Media | PPT format

Report Digest


Application Modernization Services Market – Snapshot

The application modernization services market helps in migrating the legacy to new platforms or applications. It also includes integrating the new functionalities to offer the latest features and services to the businesses. Application modernization services involves re-hosting, re-platforming, interoperability, re-engineering, rearchitecting, replacement, and retirement. Application modernization services also help in changing the application architecture for the clarification on which option would be best suited.

Modernization of applications is important for achieving success in digital transformation. These services offer help in addressing issues such as high cost of maintenance, operations on different technology platforms, reducing employee expertise, unsupported systems, web capabilities and lack of integration in the legacy system.

Some of the recent developments in the global application modernization services market are given below:

  • In October 2019, IBM, one of the biggest brands in the field of technology, announced that the company has released it AutoAI. It is a new set of capabilities for its flagship product Watson Studio. These new capabilities are designed for automating several of the often complex and tedious activities associated with optimizing, governing, and designing Artificial Intelligence in the enterprise. 
  • In June 2019, Oracle Corp. one of the biggest brand in the global application modernization services market announced that the company has entered into an agreement with another tech giant Microsoft Corp. in relation to the interoperability of Oracle Cloud and Microsoft Azure. This interoperability will now allow enterprises to seamlessly connect Azure services such as AI and Analytics to the Oracle Cloud services such as Autonomous Database.

The global market for application modernization has been expanding at a robust rate over the past decade. The past years have been the harbingers of technological advancement and induction of better applications services across industries and channels. Owing to these factors, the demand within the global market for application modernization has elevated by leaps and bounds. The re-engineering of the various processes that run inside of a company or industrial unit refers to applications modernization. It brings several benefits to the companies in the form of improved efficiency, lower costs, enhanced flexibility, and agile operations. Hence, the companies are on the lookout for application modernization services in order to accentuate the growth and development of their industrial and commercial units.

In this fast-paced scenario, it is extremely important for industrial and commercial units to induct better technologies that make processes nimble and agile. This has been a key factor behind the rapid growth of the global market for application modernization. Big data technologies also form an important part of international organizations, thus, necessitating the continual modernization of applications. Cloud computing has become indispensable for most data-centric organizations, and this reliance on cloud services has created growth spaces within the global market for application modernization services.

The huge IT sector in India and China is expected to drive demand within the market for application modernization services in Asia Pacific. In North America, technologies that reduce costs and increase efficiency are swiftly adopted, thus, leading to the growth of the market for application modernization services in the region.

Global Application Modernization Services Market: Overview

Businesses world over are increasingly acknowledging the constraining effect of legacy applications and platforms on their agility and growth. Enterprises from a wide range of industries seek better modernizations options for migrating their legacy systems or remediating them to address these constraints and add value to their business. This is the primary factor propelling the demand for application modernization services in various developing and developed regions. These options may be centered on re-platforming, re-hosting, rearchitecting, or re-engineering these applications, with better interoperability of the system.  The adoption of these services result in enhancing flexibility, lowering risk, minimizing costs, with the overall aim in boosting the operational improvements, thereby enhancing the competitiveness of application environments. 

Global Application Modernization Services Market: Key Trends

The pressing need for improving the business agility among a growing number of enterprises is a key factor stoking the demand for application modernization services. The rising demand for improving time-to-market of these technologies is a notable factor boosting the market. The marked demand for services that make changes to application architecture that tend to facilitate the migration without causing any disruption, while reducing costs, is a defining factor significantly bolster the adoption. The burgeoning deployment of cloud computing solutions and the rising ubiquity of big data technologies among forward-looking enterprises are prominent factors expected to pave way for the growth of the application modernization services market. Since application modernization is a time-consuming process, coupled with the paucity of technical expertise to tide over operational complexities, the market is likely to witness roadblocks in the coming years if these issues are not addressed.

Global Application Modernization Services Market: Market Potential

The application modernization services market is witnessing marked shift from one-size-fits-all cloud platforms to tailor-made solutions for enterprises. The presence of legacy systems, largely characterized by hyperscale cloud, hinders the modernizing of application functionalities for enterprises. This calls for solutions that will do away with unnecessary complexity for migrating to modern IT workloads on cloud.

Skytap, Inc., a U.S.-based globally prominent cloud provider, on November, 2017 announced the unveiling of support services for IBM's AIX operating system on Skytap Cloud and IBM Cloud for Skytap Solutions (ICSS), which will help enterprise clients deploy cloud solutions faster and facilitate their modernization of their core business services. These solutions will offer support on public cloud model for AIX, Windows, and Linux, with the support for the last one scheduled to be offered on IBM Power Systems in the first half of the next year. The offering is a key outcome of the strategic collaboration between the Seattle-based cloud computing company and IBM. One of the recent development is the adoption of modernization service by Skytap’s client Blueworx. The company is leveraging on the potential of Skytap Cloud in modernizing its AIX-based applications, which will help it take customer services to the next level.

In the coming years, a number of enterprise clients world over will use the services to bring innovation in customer experiences.

Global Application Modernization Services Market: Regional Outlook

Geographically, North America is one of the most attractive markets and is expected to hold substantial shares of the global market over the forecast period. The prominence of the regional market is attributed to a large number of early adopters and the launch of advanced product offerings in several countries. Meanwhile, Asia Pacific is expected to rise at a prominence pace in the coming years. The growth will be fueled by the accelerated adoption of cloud services and the vastly rising spending on modernizing enterprise infrastructure.

Global Application Modernization Services: Competitive Analysis

A number of players are focused on capitalizing on untapped opportunities in emerging markets, mostly aiming for SMEs, in order to consolidate their shares. Several top players are entering into partnerships and collaborations to launch innovative product offerings, in a move to stay ahead of the pack. Key players operating in the application modernization services market include Oracle Corporation, Atos, Tech Mahindra, IBM, Cognizant, Accenture, and Capgemini SE. 

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?