Application Modernization Services Market Size to Grow USD 50440 Million by 2028 at a CAGR of 15.1% | Valuates Reports

BANGALORE, India, Sept. 16, 2022 /PRNewswire/ -- The Global Application Modernization Services Market is Segmented by Type (ADA, COBOL, RPG, Assembler, PowerBuilder, PL/1), by Application (Business Rules Extraction, Emulation, Translation): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Application Modernization Services market is projected to reach USD 50440 Million by 2028 from an estimated USD 21690 Million in 2022, at a CAGR of 15.1% during 2023 and 2028.

Major factors driving the growth of the Application Modernization Services Market:

The growing number of legacy applications and the need for modern software functionalities will drive the growth of the market.

The benefits of application modernization such as reduced costs, security, flexibility, scalability, and faster time to market will lead to wide scale adoption thereby driving the market growth during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL APPLICATION MODERNIZATION SERVICES MARKET

Legacy systems create hurdles in the adoption of newer technologies. Outdated software contains monolithic applications that are difficult to update and expensive to integrate with newer systems. Under such circumstances, companies are adopting emulation strategies that will drive the growth of the application modernization services market. This reduces development costs as the applications are run on commercially available hardware and processes. There is no need of onboarding extra IT staff for running the program thereby reducing operational costs and time in the long run. Moreover, the constraints related to data restrictions are removed completely. Older versions can run on newer systems without the need for a complete overhaul.

COBOL modernizing solutions are gaining prominence as the systems are based on automated technology and the applications can be transferred to any programming language or platform of choice. It reduces end-user restraining and reduces, risks, costs, and possible failures in code rewrites. This will fuel the growth of the global application modernization services market. Business critical systems do not depend on compiler technology and migrate quickly to object-oriented languages like C++ and Java. The transfer also takes place to another COBOL compiler. The application UI is managed properly without screen scraping or damage to back-end architecture. There is negligible disruption as there are no code rewrites, freezing, or halt in development.

The rapidly changing business rules and use cases demand faster and more efficient software functionalities. Industries need to periodically improve their existing processes for maintaining a competitive edge in a rapidly changing environment. This is bolstering the growth of the application modernization services market. Organizations need agile applications and innovative technologies to survive and match the changing consumer expectations.

Enterprises are shifting to cloud-native applications that enable easy architecture, faster time to market, agility, scalability, and secured data. Leveraging these benefits is gradually becoming the norm thereby fueling the demand for the global application modernization services market.

The covid-19 pandemic led to the establishment of remote working facilities and online data access for the majority of the workforce in several industries. In order to keep productivity decline minimal, there is a need for providing robust infrastructure and security support to employees and clients. Ensuring business continuity is the topmost priority spurring the expansion of the application modernization services market. Companies are ramping up migration to modern infrastructure.

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APPLICATION MODERNIZATION SERVICES MARKET SHARE ANALYSIS

Based on type, COBOL is the largest segment in the application modernization market share with 60% penetration.

Based on application, Emulation will maintain dominance in the application modernization market share followed by Translation and Business Rules Extraction.

Based on region, North America will be the most lucrative with a market share of 35%. This is due to the large-scale adoption of cloud platforms and high technological expertise in modernization services. Europe and China are the second largest with a total share of 35%.

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Key Companies:

• Accenture
• Atos
• Bell Integrator
• Capgemini
• Cognizant
• Fujitsu
• HCL
• IBM
• Macrosoft Inc.
• Tech Mahindra
• TCS
• Wipro
• Infosys
• DXC
• Blu Age
• TSRI
• Modern Systems
• Trinity Millennium
• Micro Focus
• Software Mining
• Semantic Designs
• Evolveware
• Mapador
• Fresche Solutions Inc.
• Asysco
• Expersolve
• Metaware
• MOST Technologies
• Freesoft
• Language Portability Solutions.

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