According
to new market research report "Application
Modernization Services Market by Service (Application Portfolio
Assessment, Cloud Application Migration, Application Replatforming, Application
Integration, UI Modernization), Organization Size, Vertical, and Region -
Global Forecast to 2022", 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 driver of the application modernization
services market is the growing need for business agility and faster time to
market, leveraging big data technologies, and adopting cloud computing in the
application modernization strategy, leading to increased deployment of
application modernization services.
Browse and
in-depth TOC on “Application Modernization Services Market”
37
- Tables
32
- Figures
119
- Pages
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Application integration service is expected to have
the largest market share during the forecast period
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 integration
service helps enterprises optimize their IT landscapes, gain business agility,
and easily access data from devices and social channels.
SMEs segment is expected to grow at the fastest rate during
the forecast period
The Small and
Medium-sized Enterprises (SMEs) segment is expected to grow at the fastest rate
during the forecast period, owing to the high adoption of the lift-and-shift
migration strategy, which enables their businesses to scale and grow faster.
SMEs have realized that immediate response, quick business decisions, and
customer satisfaction are the most important features needed to expand
businesses, generate revenues, and ensure desired outcomes.
North America is expected to hold the largest market
share during the forecast period
As per the
geographic analysis, North America is expected to hold the largest market share
during the forecast period. This is due to the presence of a large number of
application service providers, early start of the application modernization
projects, and high adoption rate of emerging technologies, such as big data and
cloud computing. North America constitutes developed economies, such as the US
and Canada. These countries are significantly advanced in terms of technology
and application deployments.
The major vendors
covered in the application modernization services market 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).
Opportunities
Existence of Large Number of Legacy Applications
Offering A Huge Revenue Opportunity
Open-Source Technology Paving the Way for Untapped
Possibilities
Challenges
Application Modernization A Time-Intensive Process
Architectural and Operational Complexities
Traditional Organizational Culture A Major Hurdle
for the Initiation of the Modernization Process
Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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