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 -- (SBWIRE) -- 05/16/2018 -- Market Overview:
According to Market Research Future, the global application modernization services market is segmented into type, organization size, industry vertical and region.
The Application Modernization Services Market is mainly impacted by certain factors. These factors help in the market growth and generating revenue. The factors include growing need of faster recognition and delivery of services in business, taking at most benefit from data analytics and related technologies, and the growing adoption of cloud computing in various industrial and enterprise applications. By type, the market is segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment.
By organization size, the market is segmented into small and medium enterprises, and large enterprises. Among these, the large enterprises are expected to have the largest market share and will continue to dominate the market during the forecast period. The large enterprises can spend huge amounts on re-platforming, re-hosting, and operational expenses. These enterprises also possess private cloud where there is a reduced risk of security breach. However, the small and medium enterprises are expected to show a higher growth rate, as these organizations are highly adopting application transformation strategies by extensively using cloud computing.
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On the basis of type, the market is segmented into cloud application migration, application re-platforming, application integration, user interface modernization, postmodernization, and application portfolio assessment. On the basis of organization size, the market is segmented into small and medium enterprises, and large enterprises.
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.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific and rest of the world.
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.
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.).
The prominent players constantly keep innovating and investing in research and development to present a cost-effective portfolio. The enterprises have been going through various key developments, including mergers and acquisitions among the key players, enabling the business entities to strengthen their current outreach to their customers.
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- Application Modernization Services providers
- IT providers
- Software vendors
- Retail vendors
- Cloud service providers
- Local/Government Agencies
- Cloud Infrastructure Agencies
- Value-added Resellers
- Research Firms
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