Application Modernization Services Market size to cross $65 Bn by 2032

Application Modernization Services Market size is slated to reach USD 65 billion by 2032, according to a new research report by Global Market Insights Inc.
 

High costs associated with utilizing old applications will boost the market growth. Maintaining outdated programs have several expenses, some of which are more obvious than others. The maintenance cost of legacy systems is the highest. A surprisingly amount of IT budgets are allocated only to maintaining firms’ antiquated systems. Therefore, many organizations are looking to transition from mainframe-based systems to distributed environments in order to save money and increase agility. Distributed systems frequently offer a more cost-effective option to the mainframe in addition to a more flexible architecture.

Need for re-platforming in SMEs

Application modernization services market share from the re-platforming segment is projected to exceed USD 10 billion by 2032. The market for re-platforming is anticipated to have the largest service type share. SMEs are using re-platforming attributed to its automatic routing, greater scalability, enhanced security, and scaling. Replatformed apps can be patched at the app runtime, application, embedded OS levels, and file system without experiencing any interruptions.
 

Wide-ranging benefits of hybrid cloud

The application modernization services industry from the hybrid cloud segment will record over 10% CAGR between 2023 and 2032. Businesses are using hybrid cloud to host their apps and data on the platform. It offers the best balance of security, cost-effectiveness, and performance. Due to these features, the demand for hybrid clouds is rising quickly.
 

Browse key industry insights spread across 200 pages with 313 market data tables and 32 figures & charts from the report, “Application Modernization Services Market Size By Type (Application Portfolio Assessment, Cloud Application Migration, Re-Platforming, Application Integration, UI Modernization, Post-Modernization), By Deployment, Organization Size, Application & Global Forecast, 2023-2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/application-modernization-services-market
 

Growth in the telecommunications sector to drive market expansion

The application modernization services industry from the telecommunications segment is estimated to be worth USD 5 billion by 2032. Telecom firms all over the world are significantly advancing toward modernization and innovation in order to remain competitive. These companies are motivated by technology to upgrade their aging systems, enhance the client experience, and stay ahead of the competition. In response to these issues, telcos are increasingly embracing app modernization as a way to improve their operations and services.
 

Migration of SMEs to cloud across Asia Pacific

Asia Pacific application modernization services market size is poised to surpass USD 15 billion by 2032. With the migration of SMEs and the integration of cloud computing technologies, Asia Pacific is predicted to grow over the coming years. The regional market is set to be driven by the increased use of application modernization in the telecommunications, automotive, and oil & gas industries. With the growing demand for autonomous vehicles and electric vehicles in the region.
 

Competitive landscape of the industry

Some of the leading companies involved in the application modernization services market include Infosys Limited, TATA Consultancy Services Limited, IBM Corporation, Dell Inc., Microsoft Corporation, Oracle Corporation, Cognizant, Wipro, NTT Data Corporation, HCL Technologies Limited, Capgemini, Softura, Ernst & Young Global Limited, and EPAM Solutions Hub. Companies are working on partnerships and joint ventures to improve their business share. In November 2022, TCS expanded its collaboration with Randstad to speed up the cloud rationalization and application modernization processes.