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Application Modernization Services Market Worth 16.67 Billion USD by 2022

PUNE, India, October 13, 2017 /PRNewswire/ --

According to a new research report "Application Modernization Services Market by Service (Application Portfolio Assessment, Cloud Application Migration, Application Replatforming, Application Integration, UI Modernization), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 6.87 Billion in 2017 to USD 16.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period.

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Browse 37 Market Data Tables and 32 Figures spread through 119 Pages and in-depth TOC on "Application Modernization Services Market"


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The major driver of the Application Modernization Services Market is the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy, leading to increased deployment of application modernization services.

Application integration service is expected to have the largest market share during the forecast period 

The application integration service is expected to have the largest market share during the forecast period, owing to the growing need for integrating the existing legacy applications and databases with new applications, which exploit the internet, eCommerce, extranet, and other new technologies. The application integration service helps enterprises optimize their IT landscapes, gain business agility, and easily access data from devices and social channels.

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SMEs segment is expected to grow at the fastest rate during the forecast period 

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of the lift-and-shift migration strategy, which enables their businesses to scale and grow faster. SMEs have realized that immediate response, quick business decisions, and customer satisfaction are the most important features needed to expand businesses, generate revenues, and ensure desired outcomes.

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North America is expected to hold the largest market share during the forecast period 

As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This is due to the presence of a large number of application service providers, early start of the application modernization projects, and high adoption rate of emerging technologies, such as big data and cloud computing. North America constitutes developed economies, such as the US and Canada. These countries are significantly advanced in terms of technology and application deployments.

The major vendors covered in the Application Modernization Services Market   include Accenture (Republic of Ireland), Asysco (Netherlands), Atos (France), Bell Integrator (US), Capgemini (UK), Cognizant (US), Fujitsu (Japan), HCL (India), IBM (US), Macrosoft Inc. (US), Micro Focus (US), Oracle (US), Tech Mahindra (India), and UST Global (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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