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According to the findings, the market is projected to reach $40.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2030. Key factors driving this growth include businesses' need for improved software functionality, increased demand for more scalable and flexible systems, and the widespread desire to integrate legacy applications into cloud environments.
Moreover, the existence of numerous outdated legacy systems and mainframes in organizations across various industries is further accelerating demand for modernization services. The report also highlights the rising focus on omnichannel integration and the growing trend of using containerization for faster, more secure application deployment.
Challenges do persist in this market, however. High costs and the complexity of modernization projects are often cited as barriers, particularly for smaller firms with limited budgets. Additionally, the report points out that security and privacy concerns, along with a shortage of skilled IT professionals, may slow the adoption of these services in certain regions and industries.
The report provides a detailed segmentation of the market by service type, deployment mode, industry sector, organization size, and region. These categories offer a more nuanced view of how the market is evolving and which areas are showing the most promise.
Several major companies are identified as key players in this rapidly growing market. These include IBM Corporation, Microsoft Corporation, Oracle Corporation, and Hewlett Packard Enterprise, among others. Also, notable contributions from companies based in India, such as HCL Technologies and Infosys Limited, and European firms like Capgemini and Atos, reflect the global nature of the industry.
In terms of service type, the market for cloud migration services is expected to dominate by 2024, as businesses increasingly move their applications to the cloud to improve agility, scalability, and data security. This trend is expected to continue, with cloud migration services also seeing the highest growth rate through 2030.
Regarding deployment mode, public cloud services are projected to capture the largest share of the market in 2024. This dominance is largely due to the cost-effective nature of public cloud solutions and the ease of access they provide to small and medium-sized enterprises (SMEs). However, private cloud services are forecast to grow at a faster pace, particularly in industries with stringent data security requirements.
From a sectoral perspective, the IT and telecom industry is predicted to account for the largest market share in 2024, driven by efforts to enhance efficiency and customer experiences. That said, the BFSI sector is anticipated to experience the highest growth rate during the forecast period, as financial institutions increasingly seek to modernize their systems and adopt cloud technologies.
When looking at organization size, large enterprises are expected to dominate the market in 2024 due to their extensive use of legacy applications and the need to upgrade these systems. Nevertheless, SMEs are quickly catching up, as they are now able to leverage more cost-effective cloud-based solutions that simplify modernization processes.
On the regional front, North America is expected to lead the market in 2024, thanks to the region's advanced IT infrastructure and the presence of many large organizations. Yet, the Asia-Pacific region is predicted to show the highest growth rate during the forecast period, as digital transformation initiatives gain traction and cloud adoption continues to rise.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/application-modernization-services-market-5521
Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, deployment mode, sector, organization size, and geography?
- What is the historical market size for application modernization services across the globe?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, opportunities, and challenges in the global application modernization services market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape in the global application modernization services market?
- What are the recent developments in the global application modernization services market?
- What are the different strategies adopted by the major players in this market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global application modernization services market, and how do they compete with the other players?
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