HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: October 2017
Report Code: TC 5645

 

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The application modernization services market is expected to grow from USD 5.79 Billion in 2016 to USD 16.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4%. The base year considered for the study is 2016 and the forecast period considered is 2017–2022.

Objectives of the Study

  • To determine and forecast the global application modernization services market on the basis of services, organization sizes, verticals, and regions from 2017 to 2022, and analyze the various macro and microeconomic factors that affect the market growth
  • To forecast the size of the market segments with respect to the 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the application modernization services market (drivers, restraints, opportunities, and challenges)
  • To analyze each submarket with respect to the individual growth trends, prospects, and contributions to the total market
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the application modernization services market
  • To profile the key market players, provide comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials, and illustrate the competitive landscape of the market
  • To track and analyze the competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities in the market

The research methodology used to estimate and forecast the application modernization services market begins with capturing data on key vendor revenues and the market size of the individual segments through secondary sources, such as industry associations and trade journals. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the market from the individual service subsegments. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

The breakdown of the profiles of the primary discussion participants is depicted in the figure below:

Application Modernization Services Market

To know about the assumptions considered for the study, download the pdf brochure

The application modernization services market ecosystem includes players, such as 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).

Key Target Audience

  • Application management service providers
  • Cloud service providers
  • Independent Software Vendors (ISVs)
  • Information Technology (IT) companies
  • Professional and managed service providers
  • System integrators/migration service providers

Scope of the Report

The application modernization services market takes into account several service segments, organization sizes, and verticals, to arrive at the global market size for application modernization services during the forecast period.

By Service

  • Application portfolio assessment
  • Cloud application migration
  • Application replatforming
  • Application integration
  • User Interface (UI) modernization
  • Post-modernization

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • IT and telecom
  • Retail
  • Government
  • Manufacturing
  • Others (education, automotive, and travel and transportation)

By Region

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customization as per the company’s specific requirements. The following customization options are available for the report:

Geographic Analysis

  • Further country-level breakdown of the North American application modernization services market
  • Further country-level breakdown of the European market
  • Further country-level breakdown of the APAC market
  • Further country-level breakdown of the MEA market
  • Further country-level breakdown of the Latin American market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions and Limitations
           2.3.1 Assumptions
           2.3.2 Limitations

3 Executive Summary (Page No. - 23)

4 Premium Insights (Page No. - 26)
    4.1 Attractive Market Opportunities in the Application Modernization Services Market
    4.2 Market Snapshot, By Region (2017 vs 2022)
    4.3 Market By Service (2017 vs 2022)
    4.4 Market By Vertical (2017 vs 2022)
    4.5 Market Investment Scenario

5 Market Overview and Industry Trends (Page No. - 29)
    5.1 Introduction
    5.2 Use Cases
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Growing Need for Business Agility and Faster Time to Market
                    5.3.1.2 Benefits of Leveraging Big Data Technologies in the Connected Era
                    5.3.1.3 Cloud Computing A Major Component of Application Modernization Strategy
           5.3.2 Restraints
                    5.3.2.1 Large Investments Made on Legacy Systems Delaying the Application Modernization Plans
                    5.3.2.2 Increasing Shortage of Skilled Resources for Legacy Technologies
           5.3.3 Opportunities
                    5.3.3.1 Existence of Large Number of Legacy Applications Offering A Huge Revenue Opportunity
                    5.3.3.2 Open-Source Technology Paving the Way for Untapped Possibilities
           5.3.4 Challenges
                    5.3.4.1 Application Modernization A Time-Intensive Process
                    5.3.4.2 Architectural and Operational Complexities
                    5.3.4.3 Traditional Organizational Culture A Major Hurdle for the Initiation of the Modernization Process

6 Application Modernization Services Market Analysis, By Service (Page No. - 35)
    6.1 Introduction
    6.2 Application Portfolio Assessment
    6.3 Cloud Application Migration
    6.4 Application Replatforming
    6.5 Application Integration
    6.6 UI Modernization
    6.7 Post-Modernization

7 Application Modernization Services Market Analysis, By Organization Size (Page No. - 43)
    7.1 Introduction
    7.2 Small and Medium-Sized Enterprises
    7.3 Large Enterprises

8 Application Modernization Services Market Analysis, By Vertical (Page No. - 47)
    8.1 Introduction
    8.2 Banking, Financial Services, and Insurance
    8.3 Healthcare
    8.4 IT and Telecom
    8.5 Retail
    8.6 Government
    8.7 Manufacturing
    8.8 Others

9 Geographic Analysis (Page No. - 55)
    9.1 Introduction
    9.2 North America
    9.3 Europe
    9.4 Asia Pacific
    9.5 Latin America
    9.6 Middle East and Africa

10 Competitive Landscape (Page No. - 71)
     10.1 Market Raking Analysis

11 Company Profiles (Page No. - 72)
(Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments)*
     11.1 Accenture
     11.2 Asysco
     11.3 ATOS
     11.4 Bell Integrator
     11.5 Capgemini
     11.6 Cognizant
     11.7 Fujitsu
     11.8 HCL
     11.9 IBM
     11.10 Macrosoft Inc.
     11.11 Micro Focus
     11.12 Oracle
     11.13 Tech Mahindra
     11.14 Ust Global

*Details on Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 112)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Introducing RT: Real-Time Market Intelligence
     12.4 Available Customization
     12.5 Related Reports
     12.6 Author Details


List of Tables (37 Tables)

Table 1 United States Dollar Exchange Rate, 2014–2017
Table 2 Application Modernization Services Market: Use Cases
Table 3 Services: Market Size, By Type, 2015–2022 (USD Million)
Table 4 Application Portfolio Assessment Market Size, By Region, 2015–2022 (USD Million)
Table 5 Cloud Application Migration Market Size, By Region, 2015–2022 (USD Million)
Table 6 Application Replatforming Market Size, By Region, 2015–2022 (USD Million)
Table 7 Application Integration Market Size, By Region, 2015–2022 (USD Million)
Table 8 UI Modernization Market Size, By Region, 2015–2022 (USD Million)
Table 9 Post-Modernization Market Size, By Region, 2015–2022 (USD Million)
Table 10 Application Modernization Services Market Size, By Organization Size, 2015–2022 (USD Million)
Table 11 Small and Medium-Sized Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 12 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Application Modernization Services Market Size, By Vertical, 2015–2022 (USD Million)
Table 14 Banking, Financial Services, and Insurance: Market Size, By Region, 2015–2022 (USD Million)
Table 15 Healthcare: Market Size, By Region, 2015–2022 (USD Million)
Table 16 IT and Telecom: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Retail: Market Size, By Region, 2015–2022 (USD Million)
Table 18 Government: Market Size, By Region, 2015–2022 (USD Million)
Table 19 Manufacturing: Market Size, By Region, 2015–2022 (USD Million)
Table 20 Other Verticals Market Size, By Region, 2015–2022 (USD Million)
Table 21 Application Modernization Services Market Size, By Region, 2015–2022 (USD Million)
Table 22 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 23 North America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 24 North America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 25 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 26 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 27 Europe: Market Size, By Vertical, 2015–2022 (USD Million)
Table 28 Asia Pacific: Market Size, By Service, 2015–2022 (USD Million)
Table 29 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 30 Asia Pacific: Market Size, By Vertical, 2015–2022 (USD Million)
Table 31 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 32 Latin America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 33 Latin America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 34 Middle East and Africa: Market Size, By Service 2015–2022 (USD Million)
Table 35 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 36 Middle East and Africa: Application Modernization Services Market Size, By Vertical, 2015–2022 (USD Million)
Table 37 Market Ranking By Company, 2017


List of Figures (32 Figures)

Figure 1 Application Modernization Services Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primaries: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Application Modernization Services Market: Assumptions
Figure 8 Market Growth During the Forecast Period
Figure 9 Top 3 Leading Segments of the Application Modernization Services Market in 2017
Figure 10 Growing Need for Business Agility and Availability of Cloud Technology are Driving the Market Toward Growth
Figure 11 Asia Pacific is Expected to Witness the Highest Growth Rate During the Forecast Period
Figure 12 Application Replatforming Service Segment is Expected to Hold the Largest Market Share in 2022
Figure 13 Banking, Financial Services, and Insurance Vertical Would Dominate the Overall Market Share During the Forecast Period
Figure 14 Market Investment Scenario
Figure 15 Application Modernization Services Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Application Replatforming Segment is Expected to Hold the Largest Market Size in the Application Modernization Services Market During the Forecast Period
Figure 17 Large Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 18 Banking, Financial Services, and Insurance Vertical is Expected to Have the Largest Market Size During the Forecast Period
Figure 19 North America is Expected to Have the Largest Market Size for the Application Modernization Services Market During the Forecast Period
Figure 20 Regional Snapshot: Asia Pacific is Expected to Witness the Highest Growth Rate During the Forecast Period
Figure 21 North America: Market Snapshot
Figure 22 Asia Pacific: Market Snapshot
Figure 23 Accenture: Company Snapshot
Figure 24 ATOS: Company Snapshot
Figure 25 Capgemini: Company Snapshot
Figure 26 Cognizant: Company Snapshot
Figure 27 Fujitsu: Company Snapshot
Figure 28 HCL: Company Snapshot
Figure 29 IBM: Company Snapshot
Figure 30 Micro Focus: Company Snapshot
Figure 31 Oracle: Company Snapshot
Figure 32 Tech Mahindra: Company Snapshot

The application modernization services 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. The major drivers of the market include the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy.

The scope of the report covers the application modernization services market analysis by service, organization size, vertical, and region. 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 replatforming service is expected to grow at the highest CAGR during the forecast period. The legacy applications do not support new integrations, hence modernizing the applications requires the applications to be deployed on new platforms that offer the required scalability and flexibility for faster application development.

The large enterprises segment is expected to have the largest market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). Large enterprises have dedicated in-house IT resources, and with large IT budgets, they can consider a variety of application modernization strategies. The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the highest rate, owing to the high adoption of the lift-and-shift migration strategy, which enables their businesses to scale and grow faster.

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share during the forecast period, owing to the growing adoption of the digital transformation strategy through implementing new technologies and modernizing the existing applications. The manufacturing vertical is expected to grow at the highest rate, owing to the need to improve the operational process, reduce the cost, and roll-out products in a quick time frame, further eliminating the location barriers.

Application Modernization Services Market

As per the geographic analysis, North America is expected to hold the largest market share during the forecast period, due to the early adoption of application modernization services and a large number of ongoing application modernization projects in this region. Asia Pacific (APAC) is expected to witness the highest growth rate in the application modernization services market during the forecast period, due to increased spending on improving the infrastructure, and the growing adoption of big data and cloud computing technologies.

The major restraining factor that is limiting the application modernization services market growth is the large investments made on legacy systems. These investments are restricting the deployment of advanced application modernization services technologies. The major vendors profiled in the report 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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