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Application Modernization Services Market Size is USD 61.5 Billion by 2031 due to increasing demand for Enhanced Scalability and distributed architectures

The SNS Insider report indicates that the Application Modernization Services Market Size was valued at USD 17.6 Billion in 2023 and is expected to reach USD 61.5 Billion by 2031, registering a robust CAGR of 16.9% over the forecast period 2024-2031.

Growing Demand for Application Modernization Services

The growth is primarily driven by the rising integration of cloud and DevOps technologies within application modernization processes, coupled with the increasing demand for enhanced software functionalities. Additionally, government initiatives promoting the adoption of application modernization services are further fueling market expansion.

However, the high implementation costs associated with application modernization and the scarcity of skilled professionals in this domain pose challenges to the market’s growth. Conversely, the proliferation of AI and ML technologies, alongside the increasing popularity of microservices architecture, is anticipated to unlock numerous opportunities for market expansion in the coming years.

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Major The Key Players of Application Modernization Services Market

HCL Technologies Limited, Oracle Corporation, Infosys Limited, DXC Technology Company, IBM Corporation, Cognizant, Accenture, Wipro, Tata Consultancy Services Ltd., Atos SE, and other players

Segmentation Analysis

By Deployment Mode

  • Public Cloud: The public cloud segment dominates the market due to its inherent advantages like scalability, efficiency, and enhanced security compared to traditional on-premises platforms.

By Service Type

  • Cloud Application Migration: Cloud application migration services are witnessing high demand as businesses seek to leverage the agility and cost-effectiveness of cloud platforms.

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Key Market Segments

By Deployment Mode

  • Public Cloud
  • Private Cloud

By Service Type

  • Application Integration
  • Application Portfolio Assessment
  • Cloud Application Migration
  • UI Modernization
  • Application Re-Platforming
  • Post-Modernization

 By Organization Size

  • Large Enterprises
  • Small and Medium Enterprises

By Industry Verticals

  • Energy and Utilities
  • IT and ITeS
  • Retail and Consumer Goods
  • Government and Public Sector
  • Manufacturing
  • BFSI
  • Telecommunication
  • Others

 Impact of Russia-Ukraine War and Economic Slowdown

The Russia-Ukraine war has significantly impacted the Application Modernization Services Market. Supply chain disruptions, rising costs, and overall uncertainty have made implementing AMS solutions more challenging and expensive. The financial services sector, heavily reliant on technology, is facing difficulties in the hardware and software supply chain, leading to increased costs and complexities in application updates.

Furthermore, the global economic slowdown might lead to budget constraints for businesses, potentially impacting their AMS investments. However, the market is also undergoing adjustments that could enhance its resilience, such as a potential shift towards more cost-effective solutions.

Key Regional Developments

North America is expected to witness significant growth in the AMS market, driven by the widespread adoption of cloud computing. Cloud-based platforms offer agility and scalability, making them ideal for modernizing legacy applications. Additionally, businesses in North America increasingly demand agile IT systems to adapt swiftly to evolving business needs, which AMS effectively facilitates.

Future Growth

The Application Modernization Services Market is anticipated to maintain its robust growth trajectory in the coming years, fueled by the continuous demand for improved software functionalities, the increasing adoption of cloud and DevOps technologies, and the growing popularity of AI and ML-powered solutions.

Recent Developments

In January 2023: Capgemini launched Capgemini Invent, a digital innovation and transformation brand, empowering CxOs to shape the future of their businesses.

Application Modernization Services Market
Application Modernization Services Market

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Key Takeaways

  • The rising demand for enhanced software functionalities and seamless cloud integration is driving significant growth in the Application Modernization Services Market.
  • Public cloud deployment and cloud application migration services are witnessing high demand due to their inherent advantages.
  • The Russia-Ukraine war and economic slowdown pose challenges, but the market is adapting through cost-effective solutions and strategic adjustments.
  • North America is expected to lead the market growth driven by cloud computing adoption and the increasing demand for agile IT systems.

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