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(MoneyNewsWire.Net, February 28, 2018 ) The application modernization services market size is expected to grow from USD 6.87 Billion in 2017 to USD 16.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. The major drivers of the market include the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy.
The scope of the report covers the application modernization services market analysis by service, organization size, vertical, and region. The application integration service is expected to have the largest market share during the forecast period, owing to the growing need for integrating the existing legacy applications and databases with new applications, which exploit the internet, eCommerce, extranet, and other new technologies. The application replatforming service is expected to grow at the highest CAGR during the forecast period. The legacy applications do not support new integrations, hence modernizing the applications requires the applications to be deployed on new platforms that offer the required scalability and flexibility for faster application development.
Browse Market Data Tables and In-Depth TOC of the Application Modernization Services Market to 2022 @ https://www.researchcosmos.com/reports/global-application-modernization-services-market-analysis-and-forecast-to-2022-growth-op/3413892
The large enterprises segment is expected to have the largest market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). Large enterprises have dedicated in-house IT resources, and with large IT budgets, they can consider a variety of application modernization strategies. The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the highest rate, owing to the high adoption of the lift-and-shift migration strategy, which enables their businesses to scale and grow faster.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share during the forecast period, owing to the growing adoption of the digital transformation strategy through implementing new technologies and modernizing the existing applications. The manufacturing vertical is expected to grow at the highest rate, owing to the need to improve the operational process, reduce the cost, and roll-out products in a quick time frame, further eliminating the location barriers.
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As per the geographic analysis, North America is expected to hold the largest market share during the forecast period, due to the early adoption of application modernization services and a large number of ongoing application modernization projects in this region. Asia Pacific (APAC) is expected to witness the highest growth rate in the application modernization services market during the forecast period, due to increased spending on improving the infrastructure, and the growing adoption of big data and cloud computing technologies.
The major restraining factor that is limiting the application modernization services market growth is the large investments made on legacy systems. These investments are restricting the deployment of advanced application modernization services technologies. The major vendors profiled in the report include Accenture (Republic of Ireland), Asysco (Netherlands), Atos (France), Bell Integrator (US), Capgemini (UK), Cognizant (US), Fujitsu (Japan), HCL (India), IBM (US), Macrosoft Inc. (US), Micro Focus (US), Oracle (US), Tech Mahindra (India), and UST Global (US).
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