Application Modernization Services Market TOC
Part 01
Part 02
Part 03
Part 04
Part 05
Part 06
Part 07
Part 08
Part 09
Part 10
Part 11
Part 12
Part 13
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Part 15
Part 16
Part 17
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Part 19
Part 20
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 21
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 22
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 23
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 24
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 25
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 26
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 27
Cross Analysis of Service w.r.t. Industry Vertical (USD Million), 2024-2037
Part 28
Application Modernization Services Market size is estimated at USD 18.01 Billion in 2024 and is expected to reach USD 132.52 Billion by the end of 2037, witnessing around 16.60% CAGR during the forecast period i.e., between 2025-2037.
The growth of the application modernization services market is driven by the increased demand for flexibility and scale that cloud computing provides, as well as the advantages of combining modern technologies with software systems.
Advanced technologies such as cloud computing, microservices, and containerization are used to develop modern applications. In order to facilitate innovation and adaptability in a competitive market, this allows organizations to quickly come up with new features and make use of them.
Additionally, many countries across the globe are promoting the integration of cloud computing. Over the next five years, public cloud spending in Australia is projected to increase by 83 percent. The volume of cloud services in the country is expected to reach 14.9 billion US dollars by 2026.
The growth of the application modernization services market is being driven by an increase in demand for improved software functionality as a result of the changing business environment.
Changes in the business context, where businesses are constantly looking to improve their operational procedures so that they can respond to evolving consumer demands, technical improvements, and increasing competition on the market, lead to a rise in demand for improved software functionality.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
16.6% |
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Base Year Market Size (2024) |
USD 18.01 billion |
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Forecast Year Market Size (2037) |
USD 132.52 billion |
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Regional Scope |
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Industry Vertical (BFSI, Healthcare, IT and Telecom, Retail)
BFSI segment in the application modernization services market is estimated to exceed USD 43.97 Billion by the end of 2037. Ensuring security and compliance with regulations is of utmost importance in the financial services industry.
Securing cloud migration solutions for core banking systems, while complying with strict industry standards, is a priority for modernization services in order to achieve this objective.
The legacy banking system is a platform that has been in place for decades, providing the backend infrastructure of essential financial services such as transaction processing, account registrations, and loan approvals.
Organization Size (Large Companies, Small and Medium Sized Companies)
In application modernization services market, large companies segment is set to reach USD 93.87 Billion by the end of 2037. In order to protect confidential data and mitigate legal risks, big enterprises are operating in very regulated sectors where they must abide by different industry regulations, legislation on the protection of personal data as well as safety standards.
A legacy application may not have the necessary security features, encryption mechanisms, or audit trails, exposing large enterprises to potential security breaches or compliance violations. By implementing advanced encryption, access control, and audit logging directly into applications, AMS providers offer modernization solutions that enhance safety and compliance.
Our in-depth analysis of the global application modernization services market includes the following segments:
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Type |
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Organization Size |
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Industry Vertical |
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North American Market Statistics
North America region in application modernization services market revenue is expected to cross USD 51.28 Billion by the end of 2037. The North America market for application modernization services is driven by rapidly changing IT infrastructure, increasing the number of small and medium-sized organizations as well as rising industrial cyber security solutions, and services.
In addition, innovative cloud computing solutions are offered by growing regional companies at reduced investment and costs of deployment. The region's application modernization services sector is benefiting from these approaches. In 2022, there are more than 8 million small businesses in the United States, according to data.
The increasing demand for IT services in the United States is driving manufacturers and distributors to replace hardware servers with virtual environments, thereby cutting costs.
In the multi-cloud scenario and more sophisticated use of automation, Canada has a high demand.
APAC Excluding Japan Market Analysis
Application modernization services market size for Asia Pacific region is predicted to exceed USD 34.45 Billion by 2037. Significant market growth is expected for the expansion of enterprises in Asia Pacific. Application modernization is encouraged by the existence of a large number of vendors, as well as government investments in technology-related services.
In addition, India's government spending on information technology is expected to reach 11.1% of GDP in 2023, up 10% from 2022. Market expansion is driven by the emergence of new companies in developing countries, such as India.
In order to meet the increasing demand for software services in China, the market is stimulated by population growth, major changes in technology, and intense tech.
India is becoming a global leader in information technology services and solutions. At both domestic and international levels, many Indian companies are offering application modernization services. Application modernization services are provided by Wipro, Infosys, HCL, and others in India. Consequently, the region will be a new opportunity for global firms to pursue their expansion.
To meet the growing demand for software services in South Korea, the penetration of technology in this region is very high, and growth is driven by the increasing population, significant technical progress, and intensive technologies.
Author Credits: Abhishek Verma
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