CHICAGO, July 7, 2020
CHICAGO, July 7, 2020 /PRNewswire/ -- According to market research report on "Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Replatforming), Cloud Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2025", published by MarketsandMarkets™, the global Application Modernization Services Market size is expected to grow from USD 11.4 billion in 2020 to USD 24.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period.
Key factors driving the Application Modernization Services Market include growth of cloud services, large scale migration of workloads to cloud-based and Service Oriented Structure (SOA), rising focus transforming and modernizing legacy systems, and rise in demand for modern infrastructure to ensure business continuity.
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302 – Tables
47 – Figures
260 – Pages
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By service, the application re-platforming segment to hold the largest market size during the forecast period
The application re-platforming segment to hold the largest market size during the forecast period. Application re-platforming as re-platforming offers faster application delivery and time-to-market, along with flexibility, scalability, faster networking speeds, and reduced TCO. To keep up with rapid technology evolution and the demands of current markets, large organizations are urged to adopt modernization services for their legacy systems, thereby increasing the demand for application migration to cloud and leading re-platforming services to grow.
By cloud deployment mode, hybrid cloud segment to grow at the highest rate during the forecast period
With rapid demand for applications that can reside on different cloud infrastructures with the help of new technologies such as containerization and microservices, has helped increase demand for hybrid cloud infrastructure. It is a must to assess the movement of applications to hybrid cloud, wherein the best of both private and public cloud features can be utilized. Thereby, growing the requirement for hybrid cloud services at a fast pace.
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North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the Application Modernization Services Market by region during the forecast period. The region houses various service providers who are continuously engaged in delivering cloud based, and advanced technology infrastructure and solutions. Increasing need to reduce costs associated with software development and demand for better customer experience is expected to boost the adoption of application modernization services technology in North America.
The Application Modernization Services Market comprises major solution providers, such as Accenture (Ireland), IBM (US), Atos (France), HCL (India), Capgemini (France), Bell Integrator (US), Blu Age (France), Cognizant (US), Aspire Systems (India), Dell (US), DXC Technology (US), EPAM Systems (US), Fujitsu (Japan), Hexaware (India), Infosys (India), Innova Solutions (US), LTI (US), Microfocus (UK), MongoDB (US), NTT Data (Japan), Oracle (US), Softura (US), TCS (India), Virtusa (US), and Wipro (India). The study includes an in-depth competitive analysis of key players in the Application Modernization Services Market with their company profiles, recent developments, and key market strategies.
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