Meticulous Research®, a prominent market research firm, has released a comprehensive report titled ‘Application Modernization Services Market by Type (Consulting, Cloud Migration, UI/UX Modernization, Application Containerization), Deployment Mode (Public, Private), Sector, Organization Size, and Geography—Global Forecast to 2030.' This in-depth report forecasts significant growth for the application modernization services market through the coming years.
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According to the report, the global market is projected to reach $40.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.4% between 2024 and 2030. The driving forces behind this growth include the growing demand for enhanced software features to meet evolving business needs, the need for greater flexibility and scalability in legacy systems, and the trend of modernizing applications through cloud migration.
The report also emphasizes the significance of legacy and mainframe applications, many of which still play critical roles in organizations across various industries. As businesses increasingly adopt omnichannel strategies and containerization, which facilitates quicker and more secure application deployment, new growth opportunities are emerging in the modernization services market.
However, there are challenges, particularly the high costs and complexity involved in modernization projects. Security concerns and a shortage of skilled IT professionals are also highlighted as hurdles that may slow market growth, especially for smaller organizations that lack adequate resources for these transformations.
The report’s segmentation of the market by service type, deployment mode, industry sector, organization size, and geography provides a clear picture of the market landscape. This analysis helps companies understand the key growth areas and where the strongest opportunities lie.
Major players identified in the market include top global tech companies such as IBM Corporation, Microsoft Corporation, Oracle Corporation, and Hewlett Packard Enterprise. In addition, companies like HCL Technologies and Infosys Limited from India, and Capgemini and Atos from Europe, play significant roles in the global modernization services landscape.
Cloud migration services are expected to dominate the market by 2024, driven by the increasing need for agility, flexibility, and improved security in business applications. As a result, the cloud migration segment is also expected to record the highest growth rate over the forecast period, underscoring the trend toward cloud adoption across industries.
Regarding deployment modes, public cloud services are anticipated to capture the largest share of the market in 2024. This is largely due to the affordability and accessibility of public cloud solutions, which are particularly appealing to small and medium-sized enterprises. However, the private cloud segment is expected to grow at a faster rate, as more businesses seek custom, secure environments for their applications.
In terms of industry sectors, the IT and telecom industry is expected to hold the largest market share in 2024. Companies in this sector are driven by the need to improve operational efficiency and customer experience, particularly as they migrate from legacy systems to cloud platforms. However, the BFSI sector is anticipated to record the highest growth rate over the forecast period as financial institutions focus on modernizing their systems to meet customer expectations and regulatory requirements.
From the perspective of organization size, large enterprises are expected to account for the largest share of the market in 2024. These companies face the challenge of maintaining a large number of legacy systems and must modernize to remain competitive. Meanwhile, small and medium-sized enterprises are increasingly adopting modernization solutions due to more affordable cloud services that help streamline this process.
Geographically, North America is expected to dominate the market in 2024, driven by the region’s robust IT infrastructure and the presence of numerous large organizations. However, the Asia-Pacific region is expected to record the highest growth rate during the forecast period. This growth will be fueled by increasing cloud adoption, digital transformation initiatives, and the need to modernize legacy systems in the region.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/application-modernization-services-market-5521
Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, deployment mode, sector, organization size, and geography?
- What is the historical market size for application modernization services across the globe?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, opportunities, and challenges in the global application modernization services market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape in the global application modernization services market?
- What are the recent developments in the global application modernization services market?
- What are the different strategies adopted by the major players in this market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global application modernization services market, and how do they compete with the other players?
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