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.
Growing Need for Business Agility And Faster Time to Market
Benefits of Leveraging Big Data Technologies in the Connected Era
Cloud Computing-A Major Component of Application Modernization Strategy
Large Investments Made On Legacy Systems Delaying the Application Modernization Plans
Increasing Shortage of Skilled Resources for Legacy Technologies
Existence of Large Number of Legacy Applications Offering a Huge Revenue Opportunity
Open-Source Technology Paving the Way for Untapped Possibilities
Application Modernization-A Time-Intensive Process
Architectural And Operational Complexities
Traditional Organizational Culture-A Major Hurdle for the Initiation of the Modernization Process
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview And Industry Trends
6 Application Modernization Services Market Analysis, By Service