The Application Modernization Services Market was valued at USD 17.6 billion in 2023 and is projected to reach USD 61.5 billion by 2031, growing at a CAGR of 16.9% during the forecast period from 2024 to 2031.

Application modernization services involve updating legacy applications to enhance their efficiency, scalability, and security. This market has seen significant growth due to the increasing use of mobile payments and digital wallets, which simplify transactions for users. According to Christine Wagner of Fidelity National Information Services, Inc., the use of mobile wallets for point-of-sale transactions is expected to grow by 60% in 2021. Additionally, a Gartner report indicates that 59% of companies plan to invest in application modernization services in 2023, up from 50% in 2022. This rising trend in digital wallet usage is expected to further drive the demand for application modernization services.

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Some of Major Key Players:

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As businesses increasingly adopt cloud-based applications, there is a growing need to enhance application performance through code optimization, infrastructure migration, and the use of caching and load-balancing techniques. Legacy applications often have security vulnerabilities that can be mitigated through modernization efforts, such as migrating to more secure platforms and implementing robust security controls. The market for application modernization services is poised for significant growth, fueled by demands for improved performance, cost reduction, and security. Additional factors influencing this growth include the rising use of AI, the popularity of microservices architecture, and the demand for agile development.

Key Drivers:

• Growing Adoption of Mobile Services: The widespread use of smartphones and mobile devices for internet access and daily tasks drives the demand for application modernization.
• Increasing Use of Artificial Intelligence (AI): AI technologies are becoming integral to modern applications, further boosting the need for modernization services.

Restraints:

• Risk of Disruption: Application modernization can disrupt business operations if not managed properly, posing a concern for organizations that require continuous application availability.

Opportunities:

• Increasing Adoption of DevOps: DevOps methodologies, which integrate development, operations, and security teams, create opportunities for modernization services by automating application deployment and providing better visibility into application infrastructure.
• Growing Demand for Security: Enhanced security needs drive the adoption of modernization services, as businesses seek to fortify their applications against emerging threats.

Segmentation:

• By Deployment Mode:

  • Public Cloud
  • Private Cloud

• By Service Type:

  • Application Integration
  • Application Portfolio Assessment
  • Cloud Application Migration
  • UI Modernization
  • Application Re-Platforming
  • Post-Modernization

• By Organization Size:

  • Large Enterprises
  • Small and Medium Enterprises (SMEs)

• By Industry Vertical:

  • Energy and Utilities
  • IT and IT-enabled Services (ITeS)
  • Retail and Consumer Goods
  • Government and Public Sector
  • Manufacturing
  • Banking, Financial Services, and Insurance (BFSI)
  • Telecommunications

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