Application Modernization Services Market Size, Development Strategy, Sales Revenue, Growth Factors, Competitive Landscape and Industry Expansion Strategies 2023
Market Research Future published a research report on “Application Modernization Services Market Research Report-Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – December 7, 2018 /MarketersMedia/ —
Market Insights
Application modernization is crucial service which manages legacy applications and transforms them to become more agile and highly efficient allowing for high performance. Market Research Future has predicted that the global application modernization services market is expected to reach USD 20 billiob by 2023, and a substantial CAGR of 21% during the forecast period of 2017 to 2023.
The growing need for integration of the latest functionalities so as to keep businesses up to date. In order to keep up with changing whims of customers, businesses are using application modernization services to develop innovative sysytems that use new processes and delivery models. Increasing investments in these services from SMEs is expected to propel growth. Additionally, companies are increasingly adopting CRM, ERP and human resource management services to improve over all efficiency.
High invesments in implementations of application modernization services and the lack of appropriately skilled resources pose challenges for the market. However, due to the high adoption rate, and the significant oppurtunity available for growth in the future is likely to propel the market during the forecast period of 2017 to 2023.
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Segmentation:
On the basis of Industry vertical, the market is segmented into media and entertainment, healthcare, banking and financial services, IT & Telecom, manufacturing, government, retail and others. In terms of the industry vertical, the IT & Telecom and BFSI sectors highly eligible to lead the market of Application Modernization Services market. These sectors hold sensitive customer data and also are dedicated to providing rapid customer service, for which the restructuring and modernization of applications are necessary. Apart from banking and financial services, and IT & Telecom, the application modernization is now being applied in various other industrial verticals.
Key Players:
Some of the key players in the Application Modernization Services Market comprise of Accenture PLC (Ireland), Infosys Limited (India), HCL Technologies Limited (India), Sensiple (U.S.), Nous Infosystems Pvt. Ltd (India), DXC Technology Company (U.S.), Happiest Minds Technologies (India), Syntel, Inc (U.S.), Fujitsu Ltd (Japan), Avanade Inc. (U.S.), Espire Infolabs Pvt. Ltd (India), Idexcel, Inc (U.S.), Unisys Corporation (U.S.), Atos SE (France), Bell Integrator, Inc (U.S.), Tech Mahindra Limited (India), Oracle Corporation (U.S.).
Some other vendors include Apps Associates LLC (U.S.), NTT DATA, Inc (U.S.), BDO IT Solution (Canada), Asysco Software B.V (The Netherlands), Micro Focus International Plc (U.K), Macrosoft Inc (U.S.), IBM Corporation (U.S.), Cognizant Technology Solutions Corp (U.S.), Capgemini SE (France), Cyber Infrastructure Pvt. Ltd (India), Wipro Limited (India), Dell Inc (U.S.), DSRC Private Limited (India)
Regional Analysis:
The market of application modernization services is currently being dominated by North America and it will continue to dominate this market forecast period. Following North America is Europe holding second spot regarding market size and growth rate. The growth of application modernization market in North America is largely due to the presence of some of the prominent vendors. Many of the key players are concentrated in the U.S. only and provide services worldwide. Another major factor that fuels the growth of technology-related services is the faster adoption and suitable infrastructure, plying for a growing number of application modernization projects in this region.
On the other hand, Asia Pacific is sure to lead with the highest growth rate. This is majorly due to existing and emerging enterprises in India. India is tending to become one of the leading hubs for IT services and solutions. Many of the enterprises in India are providing application modernization services in and outside the country. Some of the key players from India include, Wipro, Infosys, HCL and others. The growth of IT services organizations in Asia Pacific, especially India is due to huge government spending to improve the IT infrastructure.
Latest Industry News
The General Services Administration (GSA), has issued a notice seeking contractors for application moderniazation services. The GSA is looking to upgrade the payroll systems which serve over 2 million civilian federal employees. GSA hopes to shift it’s operations and maintenence of payroll functions , work schedule and leave managment systems to an innovative commercial solutions by using Software as a Service (SaaS).
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Intended Audience:
• Application Modernization Services providers
• IT providers
• Software vendors
• Retail vendors
• Cloud service providers
• Local/Government Agencies
• Cloud Infrastructure Agencies
• Value-added Resellers
• Research Firms
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Source: MarketersMedia
Release ID: 456248
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