“Application Modernization Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on application modernization services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for application modernization services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The application modernization services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Type: Cobol; ADA; PL/1; RPG; Assembler; PowerBuilder; Others Types
- 2) By Cloud Deployment Mode: Private Cloud; Public Cloud; Hybrid Cloud
- 3) By Application: Post Modernisation; Application Portfolio Assignment; Ui Modernisation; Cloud Application Mitigation; Application Integration; Application Re Platforming
- 4) By Vertical: BFSI; Healthcare and Life Sciences; Telecommunications; IT and ITeS; Retail and Consumer Goods; Government and Public Sector; Energy and Utilities; Manufacturing; Others Vertical
- Companies Mentioned: Accenture PLC; Aspire Systems Inc.; BLU AGE; Dell Inc.; HCL Technologies Limited
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery Format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the application modernization services market are: Accenture PLC, Aspire Systems Inc., BLU AGE, Dell Inc., HCL Technologies Limited, IBM Corporation, Micro Focus International plc, Microsoft Corporation, Oracle Corporation, Bell Integrator, Capgemini SE, Cognizant Technology Solutions Corporation, Asysco Inc., DXC Technology Company, Tech Mahindra Limited, Tata Consultancy Services Limited, Wipro Limited, Infosys Limited, TSRI, Modern Systems Inc., Hexaware Technologies Limited, and EPAM Systems Inc.
The global application modernization services market is expected to grow from $15.63 billion in 2022 to $18.43 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The application modernization services market is expected to grow to $35.80 billion in 2027 at a CAGR of 18.0%.
The application modernization services market includes revenues earned by entities by providing rehosting, rearchitecting and recoding application modernization services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Application modernization refers to the technique of modernizing older software for newer computing methodologies. It helps in increasing agility and innovation, lowering costs and risks to streamline business and facilitate growth. The application modernization services are used to update older software that helps in developing new computing approaches, that includes newer languages, frameworks, and infrastructure platforms.
North America was the largest region in the application modernization services market in 2022. The regions covered in the application modernization services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of application modernization services are COBOL, ADA, PL/1, RPG, assembler, power builder, and other types. COBOL is used to migrate COBOL applications in mass or stages to the target programming language and platform of preference. COBOL stands for Common Business-Oriented Language, a high-level programming language that uses the English language and is designed for business computer programs in industries such as finance and human resources The various cloud development modes are private cloud, public cloud, and hybrid cloud. The various applications are post-modernization, application portfolio assignment, UI modernization, cloud application mitigation, application integration, and application re-platforming. The various verticals are BFSI, healthcare, and life sciences, telecommunications, IT and ITeS, retail and consumer goods, government and public sector, energy and utilities, manufacturing, and other verticals.
A rising number of businesses deploying digital technologies and applications is expected to drive the application modernization services market going forward. Digital technologies refer to electronic technologies, systems, devices, and resources that generate store, or process data. Application modernization services enable businesses to modernize their IT infrastructure and application using cutting-edge technologies. For instance, according to Situation Report, a global poll of IT Leaders and their digital transformation investment strategies by Software AG, a Germany-based software company, in 2020, 97% of IT directors polled stated their organization invested in digital transformation initiatives and that expenditure continued in 2021. Therefore, the rising number of businesses deploying digital technologies and applications drives the application modernization services market.
Technological advancements are a key trend in the application modernization services market. Major companies operating in the market are integrating new technologies such as the SMART Modernization service that works on AI, machine learning, and accelerate digital transformation technology to gain a competitive edge in the market. For instance, in June 2021, Cloudreach, USA based multi-cloud services company, launched SMART Modernization, a new service that includes components such as Sunstone, a unique software platform that uses AI and machine learning, to identify opportunities for application modernization and actively recommends action plans, and DevOps as a Service makes Cloudreach's broad cloud expertise available through a simple and flexible monthly subscription, for modernizing their applications by developing, launching, and maintaining a cloud modernization strategy.
In September 2021, Fresche Solutions, a Canada-based provider of information technology and application modernization services acquired Abacus Solutions LLC for an undisclosed amount. This acquisition strengthens Fresche's commitment to assisting customers in maximizing the potential of their IBM I systems as the cornerstone for IT innovation and digital transformation-while minimizing modernization time, risk, and expense. Abacus Solutions LLC is a US-based provider of information technology hardware and services.
The countries covered in the application modernization services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The application modernization services market research report is one of a series of new reports from The Business Research Company that provides application modernization services market statistics, including application modernization services industry global market size, regional shares, competitors with an application modernization services market share, detailed application modernization services market segments, market trends and opportunities, and any further data you may need to thrive in the application modernization services industry. This application modernization services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Application Modernization Services Market Characteristics
3. Application Modernization Services Market Trends And Strategies
4. Application Modernization Services Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Application Modernization Services Market
- 4.2. Ukraine-Russia War Impact On Application Modernization Services Market
- 4.3. Impact Of High Inflation On Application Modernization Services Market
5. Application Modernization Services Market Size And Growth
- 5.1. Global Application Modernization Services Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Application Modernization Services Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Application Modernization Services Market Segmentation
- 6.1. Global Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cobol
- ADA
- PL/1
- RPG
- Assembler
- PowerBuilder
- Other Types
- 6.2. Global Application Modernization Services Market, Segmentation By Cloud Deployment Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Private Cloud
- Public Cloud
- Hybrid Cloud
- 6.3. Global Application Modernization Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Post Modernisation
- Application Portfolio Assignment
- UI Modernisation
- Cloud Application Mitigation
- Application Integration
- Application Re Platforming
- 6.4. Global Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- BFSI
- Healthcare And Life Sciences
- Telecommunications
- IT And ITeS
- Retail And Consumer Goods
- Government And Public Sector
- Energy And Utilities
- Manufacturing
- Other Verticals
7. Application Modernization Services Market Regional And Country Analysis
- 7.1. Global Application Modernization Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Application Modernization Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Application Modernization Services Market
- 8.1. Asia-Pacific Application Modernization Services Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Application Modernization Services Market
- 9.1. China Application Modernization Services Market Overview
- 9.2. China Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Application Modernization Services Market
- 10.1. India Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Application Modernization Services Market
- 11.1. Japan Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Application Modernization Services Market
- 12.1. Australia Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Application Modernization Services Market
- 13.1. Indonesia Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Application Modernization Services Market
- 14.1. South Korea Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Application Modernization Services Market
- 15.1. Western Europe Application Modernization Services Market Overview
- 15.2. Western Europe Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Application Modernization Services Market
- 16.1. UK Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Application Modernization Services Market
- 17.1. Germany Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Application Modernization Services Market
- 18.1. France Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Application Modernization Services Market
- 19.1. Eastern Europe Application Modernization Services Market Overview
- 19.2. Eastern Europe Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Application Modernization Services Market
- 20.1. Russia Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Application Modernization Services Market
- 21.1. North America Application Modernization Services Market Overview
- 21.2. North America Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Application Modernization Services Market
- 22.1. USA Application Modernization Services Market Overview
- 22.2. USA Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Application Modernization Services Market
- 23.1. South America Application Modernization Services Market Overview
- 23.2. South America Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Application Modernization Services Market
- 24.1. Brazil Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Application Modernization Services Market
- 25.1. Middle East Application Modernization Services Market Overview
- 25.2. Middle East Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Application Modernization Services Market
- 26.1. Africa Application Modernization Services Market Overview
- 26.2. Africa Application Modernization Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Application Modernization Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Application Modernization Services Market Competitive Landscape And Company Profiles
- 27.1. Application Modernization Services Market Competitive Landscape
- 27.2. Application Modernization Services Market Company Profiles
- 27.2.1. Accenture PLC
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Aspire Systems Inc
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. BLU AGE
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Dell Inc
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. HCL Technologies Limited
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Application Modernization Services Market
29. Application Modernization Services Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer