The application modernization services market size is expected to grow from USD 15.2 billion in 2022 to USD 32.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period. Application modernization services deal with the transfer of legacy applications to new platforms or applications, as well as the integration of new functionality to give the business the newest features. Numerous modernization alternatives are offered by vendors for re-platforming, re-hosting, recoding, rearchitecting, re-engineering, interoperability, replacement, and retirement. The application architecture may also be modified to help choose the best course of action.
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As per vertical, IT and ITeS segment to grow at the highest CAGR during the forecast period
The application modernization services market, by vertical, BFSI, healthcare and life sciences, telecommunication, IT & ITeS, retail & consumer goods, government and public sector, energy & utilities, manufacturing, and other verticals. As per vertical, IT and ITeS industry is expected to grow at the highest CAGR of 17.8% during the forecast period. Application modernization services are designed to lower the ongoing expenses associated with maintaining old apps, enhance their functionality, performance, and security, and ensure that the improved solutions are long-term scalable and simple to manage. Vendors provide end-to-end app modernization services to assist businesses in deriving new value from their old applications while adhering to established software modernization and risk management procedures in IT and ITeS industry. Various software systems are utilized by a lot of software companies to manage resources and improve output. IT and ITeS organizations must stay current with the newest applications in this industry since they operate in highly competitive environments. There are many SMEs and a small number of very large businesses in the IT and ITeS area. Depending on an organization’s size and the complexity of its business processes, application modernization services may be required. This industry is constantly keen to seize digital opportunities. It is updating its old software to support digital client experience. The rising subscriber count and rising usage of various media and digital content technologies are driving the demand for application modernization services throughout this vertical. Compared to conventional, capital-intensive, and cloud-based services, these more agile and adaptable application modernization services are provided through scalable, cost-effective methods. Since the IT and ITeS sector employs a sizable workforce, particularly in North America and Asia Pacific, it requires strong inter-organizational communication to boost organizational agility and efficiency.
As per organization size, SMEs are to grow at the highest CAGR during the forecast period
The application modernization services market has been segmented by organization size into large enterprises and SMEs. As per organization size, SMEs is expected to grow at the highest CAGR of 18.8% during the forecast period. With the increasing number of SMEs worldwide, the requirement for application modernization services is also increasing. These organizations frequently employ aggressive strategic planning to back up and grow their business. They must apply cutting-edge technology solutions and the most recent fashions in their business. Application modernization enables these companies to develop and grow their operations affordably. SME development affects the development of developing economies since they have a large impact on Gross Domestic Product (GDP). SMEs now hold a reduced market share as they lack the proper decision-making structures and resources to choose the best framework and strategy for adopting modernization services. Furthermore, due to considerations including insufficient funding, difficulties maintaining company continuity due to supply chain and travel limitations, a drop in regular demand, and an increase in debts, the current state of the global recession is also anticipated to influence their growth in the future. Therefore, it is anticipated that these firms will use application modernization services to improve agility and substantially lower TCO. In the SMEs category, this is anticipated to accelerate the development of application modernization.
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Legacy modernization extends the lifespan of an organization’s applications while simultaneously utilizing technological advancements instead of completely replacing or retiring an existing system. Many businesses discover that a sizable portion of legacy workloads, underlying platforms, technologies, and conventional development methods are impeding company agility and innovation. This is because many legacy systems were created prior to the emergence of cloud computing, cloud-native development methodologies, Linux containers, and other recent innovations. Many of these workloads, though, continue to be crucial to the business and represent substantial, long-term investments that are difficult to replace or retire.
Some of the major application modernization services market vendors are IBM (US), Accenture (Ireland), HCL Technologies (India), Atos (France), Capgemini (France), Cognizant (US), TCS (India), Bell Integrators (US), Innova Solutions (US), Oracle (US), Microsoft (US), EPAM Systems (US), Aspire Systems (India), NTT Data (Japan), Dell Technologies (US), DXC Technology (US), Infosys (India), LTI (India), Wipro (India), Micro Focus (UK), Fujitsu (Japan), Softura (US), Hexaware Technologies (India), Virtusa (US), and MongoDB (US).
MongoDB is a globally acclaimed NoSQL solution provider. The company offers application modernization to various enterprises by enabling the modernization of their legacy technology infrastructure. Using technologies such as Agile and DevOps, MongoDB provides modernization services to large-scale organizations. MongoDB enables the building of the Application Modernization Factory for its customers by providing advisory, consulting, application governance, and life cycle monitoring. It caters to these services with the help of processes, such as application portfolio assessment, architecture designing, application re-platforming, and application optimization, for legacy systems and mainframes. Further, the fully managed MongoDB database at the core of the MongoDB Atlas developer data platform is accessible in over 95 locations on AWS, Google Cloud, and Microsoft Azure. Atlas is a user-friendly, reasonably priced modern service with features such as serverless instances, auto-scaling, and data dissemination across many clouds. Due to these features, development teams may concentrate on their apps rather than dealing with the hassle of managing their own databases. The company caters to various industry verticals such as public sector, retail, healthcare, manufacturing, and BFSI.
Geomotiv was founded in 2010 and is headquartered in Virginia, US. Geomotiv is an international bespoke software development company with a team of specialists proficient in a wide range of modern technologies. Businesses may accelerate their digital transformation processes and lay the groundwork for future innovation by using Geomotiv to streamline the modernization of their old applications and the migration of their legacy code. By upgrading business applications and implementing Agile methodology, integration-ready APIs, DevOps techniques, Microservices architecture, and Cloud technologies, Geomotiv revitalize any heavy legacy software. Technology experts at Geomotiv present opportunities to package the current legacy software and make it accessible for adaptable open-system platforms via API. They offer low-cost, low-risk legacy system modernization to match user’s needs based on wrapping technology, which keeps the code in the current environment. The company offers various benefits with the help of application modernization services such as encapsulation, re-platforming, rehosting, rearchitecting, reengineering, refactoring, redesigning, and replacing.
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