The growth of the global application modernization services market is driven by an increase in the integration of cloud and DevOps technology in application modernization and a rise in demand for improved software functionalities. In addition, the rise in government support for promoting the use of application modernization services is fueling market growth. However, the high implementation cost of application modernization services and the lack of skilled employees with expertise in application modernization hamper the growth of this market. Furthermore, the proliferation of AI and ML technologies and the rise in the trend of microservices architecture are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

According to the report, the global application modernization services industry generated $15.5 billion in 2022 and is anticipated to reach $69.8 billion by 2032, growing at a CAGR of 16.5% from 2023 to 2032.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/11910

Covid-19 scenario:

➢ The application modernization services market has witnessed stable growth during the COVID-19 pandemic, Due to the increasing number of people working remotely and relying on online communication tools, the risk of cyber-attacks increases, making application modernization services solutions more essential for businesses to protect against these threats during the pandemic.

➢ Moreover, several companies are now investing to incorporate advanced and innovative solutions as well as advanced security operations for seamless transfer of condition-based and predictive cyber security requirements, which, in turn, is contributing to the growth of the market.

Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global application modernization services market revenue, owing to the rising adoption of advanced software functionalities in business applications to increase business efficiency. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, owing to an increase in adoption of application modernization services among SMEs across the globe.

Access the full summary at: https://www.alliedmarketresearch.com/application-modernization-services-market-A11545

Based on end user, the BFSI segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global application modernization services market revenue. Due to the increase in usage of integrated AI and automation features, businesses can automate routine tasks such as data entry and customer service. On the other hand, the healthcare segment is expected to maintain its dominance by 2032. However, the IT and telecom segment is expected to portray the most prominent CAGR of 19.8% from 2023 to 2032. , owing to the high rate of technological adoption and increasing demand for high-end security among enterprises.

Leading Market Players

➢ Infosys Limited

➢ Accenture

➢ IBM Corporation

➢ Cognizant

➢ HCL Technologies Limited

➢ Atos SE

➢ Wipro

➢ Tata Consultancy Services Ltd.

➢ Oracle Corporation

➢ DXC Technology Company

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market



About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.



Contact:

David Correa

5933 NE Win Sivers Drive

#205, Portland, OR 97220

United States

Toll-Free: 1-800-792-5285

UK: +44-845-528-1300

Hong Kong: +852-301-84916

India (Pune): +91-20-66346060

Fax: +1-855-550-5975

[email protected]

Web: https://www.alliedmarketresearch.com

Follow Us on: LinkedIn Twitter