Application Modernization Services Market - Introduction
- Application modernization services are services used in the transformation of new applications in a business. Application modernization is majorly used in cloud-based re-platforming, re-engineering, and re-hosting, and integrates the new functionalities and application architecture into the business process.
- Application modernization services help companies to create new business value by using existing business application programs. Application modernization services helps to improve the application performance with a new version of the application that is compatible with newly updated operating systems and hardware systems.
- Legacy applications can hinder an enterprise's digital transformation and also reduce the efficiency of the business process. It is more complicated and requires costly maintenance for running the legacy application without any execution issues.
- Service providers offer application modernization services in supply chain management, order processing, marketing campaign management, financial management, and invoice and billing management.
- Application modernization services are majorly adopted by manufacturing, automobile, and oil & gas industries for smooth execution of business processes, and the adoption is expected to increase during the forecast period.
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Key Drivers of the Application Modernization Services Market
- Increasing adoption of advanced software functionalities in business applications to increase business efficiency is expected to drive the growth of the application modernization services market. Companies are investing in advanced technologies to maintain their technological growth with changing customer demands. Technological advancement is also expected to boost the growth of the application modernization services market.
- Companies are investing in cloud platforms and re-hosting to use legacy applications, which is expected to create better business opportunities for service providers of application modernization services.
Compatibility or integration issues of selected application for modernizing services with applications among the business process expected to hinder the market
- Companies are using application modernizing services for selected applications which further creates compatibility issues with other legacy applications. This may restrain the growth of the application modernization services market.
- Lack of skilled employees for legacy technologies among enterprises is also expected to hamper the growth of the application modernization services market.
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Impact of COVID-19 on the Global Application Modernization Services Market
- Most new start-ups and market leading companies are adopting the work from home business model to operate all business operations. In such a scenario, companies are reducing the spending on technologically advanced platforms to maintain the cash flow during the pandemic situation. IT sectors are facing issues regarding project payments during the lockdown period, further leading to delay in customized projects of customers.
- Demand for application modernization services is expected to decrease during lockdown conditions; but demand is set to increase after stabilization of global market conditions.
North America to Hold Major Share of the Global Application Modernization Services Market
- North America holds a prominent share of the application modernization services market due to increasing investment by companies on advanced business applications and hardware to increase the efficiency of production and business operations.
- The application modernization services market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing adoption of application modernization services among manufacturing companies and IT companies and also increasing investment by major players to provide services in these regions.
Key Players Operating in the Global Application Modernization Services Market
- IBM Corporation
IBM Corporation is a leading global company that engages in the manufacture and marketing of diverse products including computer hardware, middleware, and software, besides providing hosting and IT consulting services. IBM Corporation operates through five business segments: banking and finance; government; healthcare; gaming, media & entertainment; and retail and telecommunications
- Accenture, plc.
Accenture plc provides consulting, technology, and outsourcing services worldwide. It’s Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, enhance business results through industry-specific solutions; and serve clients in communications, electronics, high technology, media, and entertainment industries.
Other key players operating in the global application modernization services market include Bell Integrator Inc., Cognizant Technology Solutions Corporation, EPAM Systems, Inc., Fujitsu Limited, Infosys Limited, Hexaware Technologies, Micro Focus International plc., NTT DATA Corporation, and Oracle Corporation.
Global Application Modernization Services Market: Research Scope
Global Application Modernization Services Market, by Service Type
- Application Re-platforming
- Application Portfolio Assessment
- Cloud Application Migration
- UI Modernization
- Application Integration
- Post Modernization
Global Application Modernization Services Market, by Deployment
- Private Cloud
- Public Cloud
- Hybrid Cloud
Global Application Modernization Services Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Application Modernization Services Market, by Industry
- IT & Telecom
- Retail & Consumer Goods
- Transportation & Logistic
Global Application Modernization Services Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.