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 Covid-19 Impact on Application Modernization Services 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 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.
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.).
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)
The prominent players continuously 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.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Application Modernization Services Market
5 Industry Vertical Overview Of Global Application Modernization Services Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
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