アプリケーションモダナイゼーションサービス市場 – 2029年までの世界予測

Application Modernization Services Market - Global Forecast To 2029

アプリケーションモダナイゼーションサービス市場 - サービスタイプ (クラウドアプリケーションの移行、アプリケーションの再プラットフォーム化、ポスト モダナイゼーション)、アプリケーションタイプ (レガシー、クラウド ホスト、クラウドネイティブ) - 2029年までの世界予測
Application Modernization Services Market by Service Type (Cloud Application Migration, Application Re-Platforming, Post Modernization), Application Type (Legacy, Cloud-hosted, Cloud-native) - Global Forecast to 2029

商品番号 : SMB-29657

出版社MarketsandMarkets
出版年月2025年2月
ページ数307
図表数265
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The Application modernization services market was estimated to be USD 19.82 billion in 2024 to USD 39.62 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 14.8%.

アプリケーションモダナイゼーションサービス市場は、14.8%の年間平均成長率(CAGR)で、2024年に198億2000万米ドルから2029年までに396億2000万米ドルになると推定されています。

There are a few factors owing to which the application modernization services market is experiencing growth. As it is the era of very fast and advanced technological changes, a business cannot afford to take its eyes off the need to renew its old applications in order to stay in business and realize its efficiency. Often when the business has grown sufficiently in scope, coverage and even network, the legacy systems in place can hardly meet current business demands because they are constrained by scale, flexibility and even integration with new age technologies. The increased use of cloud technology is another key driver, with many organizations aiming to utilize cloud providers due to the size and low costs of operations offered by them. As a result of this  digital evolution, companies have been forced to undergo the application transformation since it is important that such applications work well with advanced technologies like Artificial Intelligence, machine language and internet of things.

アプリケーション最新化サービス市場が成長している要因はいくつかあります。非常に速く高度な技術変化の時代であるため、企業はビジネスを継続し、効率性を実現するために、古いアプリケーションを更新する必要性から目を離すことはできません。ビジネスの範囲、対象範囲、さらにはネットワークが十分に拡大すると、規模、柔軟性、さらには新時代のテクノロジーとの統合さえも制限されるため、既存のレガシー システムでは現在のビジネスの需要を満たすことがほとんどできなくなります。クラウドテクノロジーの利用の増加ももう 1 つの主要な推進要因であり、多くの組織がクラウドプロバイダーが提供する運用コストの規模と低さからクラウドプロバイダーの利用を目指しています。このデジタル進化の結果、企業はアプリケーションの変革を余儀なくされています。これは、アプリケーションが人工知能、機械語、モノのインターネットなどの高度なテクノロジーと適切に連携することが重要であるためです。

アプリケーションモダナイゼーションサービス市場 - 2029年までの世界予測
application-modernization-services-market-Overview1

Moreover, with the increasing focus on securing data and compliance, organizations are also actively migrating their deployments to newer versions of applications developed to meet the changing needs of regulations aimed at addressing cybersecurity issues. Additionally, better performance of applications and improving user experience with such applications are another reason for enhanced modernization trends since every business strives to improve how its customers interact with the business digitally. The need to reduce operating costs at the same time increasing agility and speed to market is also a major factor as after application modernization, new features and services can be rolled out at a shorter period. Overall, these are the reasons for the high demand for services concerning application modernization as organizations want to redesign their technological frameworks in response to their strategic objectives and operational effectiveness.

“The Heathcare & Life Sciences vertical is expected to have second largest market size during the forecast period.” The  healthcare and life sciences vertical is expected to hold the second highest market share in the application modernization services market next to telecom through the forecast period as it enhances the demand for advanced digital solutions. Therefore, the healthcare sector is witnessing a great transformation from the ever-growing adoption of electronic health records, telemedicine, and AI-driven diagnostics. It requires more efficient systems of IT that improve operational efficiency and facilitate better patient care while being in step regarding compliance with standards for the regulatory requirements. Demand for cloud solutions that ensure security and scalability along with the integration of new technologies with the existing systems further promotes growth in this space.

“The cloud-native applications segment will witness the highest growth during the forecast period.” In the application modernization services, owing to their vast potential for growth in aspects such as scalability, flexibility, and efficiency over and above the others, cloud-native applications are projected to have a greater increase within the forecasted period. On the other hand, while legacy applications offer services in a nutshell as one piece and more often rely on underlying physical structures, such as servers and data centers, cloud-native applications are cloud-centric and are constructed using enhanced structural designs such as that of microservices, containerized booting and scheduling management systems. This allows players in the industry to be able to change according to the changes in the business environment, increase the resources when need arises and minimize unnecessary operational costs. Besides, the increased use of cloud-based solutions and the maturing of cloud technologies help push the need for cloud-native applications because such solutions have outweighed the market challenges to deliver faster, better results, and optimized user experience. The most important technological trend has also been the continuous and sustained drive towards digitizing businesses’ processes for improved efficiency, which therefore means the development of able and responsive system solutions to the modern need for cloud based solutions will make transition to the more use of cloud-native applications more faster hence this explains the expected higher growth rate of such applications in the application modernization services market.

“Asia Pacific’s highest growth rate during the forecast period.”

The application modernization services market in the forecast period is anticipated to grow at a higher pace in the Asia-Pacific region owing to a number of underlying reasons. One of the reasons is the digital transformation of the region, which has been facilitated by the growing use of cloud computing and other emerging technologies as well as the quest for efficiency by business operations. There is an increase in IT spending and digital activities in countries like China and India, which creates a need for such services to modernize the aging management systems and incorporate new technologies. The growth of the sector is also enhanced by the efforts of global technology providers and the influx of local enterprises which are enhancing competition. The increasing affluence of the population as well as the trend towards a population that is more technologically inclined is another major factor that is increasing the need for sophisticated and high-capacity application modernization services within the region.

Breakdown of primaries

The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:

  • By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
  • By Designation: C-level –50%, D-level – 30%, and Others – 20%
  • By Region: North America – 38%, Europe – 15%, Asia Pacific – 35%, Middle East & Africa – 7%, and Latin America- 5%.

The major players in the Application modernization services market include Oracle (US), IBM (US), Microsoft (US), HCL Technologies (India), Accenture (Ireland), ATOS (France), Capgemini (France), Cognizant (US), TCS (India), Aspire Systems (India), NTT Data Group Corporation (Japan), Infosys (India), Dell Technologies (US), Innova Solutions (US), EPAM Systems  (US), DXC Technology (US), MongoDB (US), LTIMindtree (India), Wipro (India), Rocket Software (US), Fujitsu (Japan), Hexaware Technologies (India), Virtusa (US), Softura (US), CloudHedge (US), D3V Technology (US), Bayshore Intelligence (US), Opinov8 (UK), Icreon (US), Symphony Solutions (Netherlands), Cleveroad (Ukraine), Soft Suave (India), TechAhead (US), and Geomotiv (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their Application modernization services market footprint.

アプリケーションモダナイゼーションサービス市場 - 2029年までの世界予測 ecosystem
application-modernization-services-market-Ecosystem1

Research Coverage

The market study covers the application modernization services market size across different segments. It aims at estimating the market size and the growth potential across different segments, including service types, application types, verticals, and region. The service type includes application portfolio assessment, cloud application migration, application re-platforming, application integration, UI/UX modernization, and post modernization. Further, the application types include legacy applications, cloud-hosted applications, and cloud-native applications. The verticals include BFSI, Healthcrae & Life Sciences, Telecom, IT & ITeS, Retail & eCommerce, Government, Energy & Utilities, Transportation & Logistics, Media & Entertainment, and Manufacturing. The regional analysis of the Application modernization services market covers North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the global Application modernization services market’s revenue numbers and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (rising digital transformation initiatives, demand for flexibility and scalability through cloud computing, rapid technological advancements), restraints (high costs and complexity, legacy system dependencies), opportunities (emerging markets and SMEs, evolution of open standards for software development), and challenges (vendor lock-in and platform dependencies, managing technical debt) influencing the growth of the application modernization services market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the application modernization services market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the application modernization services market across various regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the application modernization services market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players Oracle (US), IBM (US), Microsoft (US), HCL Technologies (India), Accenture (Ireland), ATOS SE (France), Capgemini (France), Cognizant (US), Tata Consultancy Services (India), Aspire Systems (India), NTT Data Group Corporation (Japan), Infosys (India), Dell Technologies (US), Innova Solutions (US), EPAM Systems (US), DXC Technology (US), MongoDB (US), LTIMindtree (India), Wipro (India), Rocket Software (US), Fujitsu (Japan), Hexaware Technologies (India), Virtusa (US), Softura (US), CloudHedge (US), D3V Technology (US), Bayshore Intelligence (US), Opinov8 (UK), Icreon (US), Symphony Solutions (Netherlands), Cleveroad (Ukraine), Soft Suave (India), TechAhead (US), and Geomotiv (US).

Table of Contents

1               INTRODUCTION              30

1.1           STUDY OBJECTIVES       30

1.2           MARKET DEFINITION   30

1.3           STUDY SCOPE   31

1.3.1        MARKET SEGMENTATION           31

1.3.2        INCLUSIONS & EXCLUSIONS       32

1.4           YEARS CONSIDERED      33

1.5           CURRENCY CONSIDERED            33

1.6           STAKEHOLDERS               34

1.7           SUMMARY OF CHANGES               35

2               RESEARCH METHODOLOGY       36

2.1           RESEARCH DATA              36

2.1.1        SECONDARY DATA          37

2.1.2        PRIMARY DATA 37

2.1.2.1    Primary interviews with experts         37

2.1.2.2    Breakdown of primary profiles           38

2.1.2.3    Key insights from industry experts    38

2.2           MARKET SIZE ESTIMATION         39

2.2.1        TOP-DOWN APPROACH                39

2.2.2        BOTTOM-UP APPROACH              40

2.3           DATA TRIANGULATION                43

2.4           LIMITATIONS AND RISK ASSESSMENT   44

2.5           RESEARCH ASSUMPTIONS           44

2.6           LIMITATIONS    44

3               EXECUTIVE SUMMARY  45

4               PREMIUM INSIGHTS       48

4.1           OPPORTUNITIES FOR KEY PLAYERS IN

APPLICATION MODERNIZATION SERVICES MARKET      48

4.2           APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE   48

4.3           APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE        49

4.4           APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL            49

4.5           NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET: TOP THREE SERVICE TYPES AND VERTICALS         50

5               MARKET OVERVIEW AND INDUSTRY TRENDS    51

5.1           INTRODUCTION              51

5.2           MARKET DYNAMICS       51

5.2.1        DRIVERS               52

5.2.1.1    Rise in digital transformation initiatives           52

5.2.1.2    Demand for flexibility and scalability through cloud computing                 52

5.2.1.3    Rapid technological advancements    52

5.2.1.4    Shift toward modernization by cloud-native technologies                 53

5.2.1.5    Stringent regulatory compliance and security 53

5.2.2        RESTRAINTS      53

5.2.2.1    High costs and complexity  53

5.2.2.2    Legacy system dependencies              53

5.2.3        OPPORTUNITIES              54

5.2.3.1    Proliferation of Kubernetes and containerization            54

5.2.3.2    Evolution of open standards for software development 54

5.2.3.3    Emerging markets and SMEs             54

5.2.3.4    Existence of large number of legacy applications            54

5.2.4        CHALLENGES    55

5.2.4.1    Vendor lock-in and platform dependencies     55

5.2.4.2    Managing technical debt     55

5.3           BRIEF HISTORY OF APPLICATION MODERNIZATION SERVICES             55

5.4           ECOSYSTEM ANALYSIS  56

5.5           CASE STUDY ANALYSIS 58

5.5.1        MODERNIZATION OF ATRUVIA AG’S BANKING APPLICATION   58

5.5.2        LEGACY SYSTEMS’ MODERNIZATION FOR BIOPHARMA BY HCL ON AWS                59

5.5.3        APPLICATION MODERNIZATION FOR LEADING MEDICAL LABORATORY RESULTING IN BETTER ROI      60

5.5.4        UNIPER ENERGY’S UK TRADING SOLUTIONS MODERNIZED BY INFOSYS          60

5.6           SUPPLY CHAIN ANALYSIS             61

5.7           REGULATORY LANDSCAPE         62

5.7.1        REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             62

5.7.2        REGULATIONS  67

5.7.2.1    North America      67

5.7.2.1.1 US           67

5.7.2.1.2 Canada   67

5.7.2.2    Europe   67

5.7.2.2.1 UK          67

5.7.2.2.2 Germany                 67

5.7.2.3    Asia Pacific            67

5.7.2.3.1 South Korea           68

5.7.2.3.2 China      68

5.7.2.3.3 Japan      68

5.7.2.3.4 India       68

5.7.2.4    Middle East & Africa            68

5.7.2.4.1 UAE        68

5.7.2.4.2 KSA        68

5.7.2.5    Latin America       68

5.7.2.5.1 Brazil      69

5.7.2.5.2 Mexico   69

5.8           PRICING ANALYSIS          69

5.8.1        AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY SERVICE TYPE   69

5.8.2        INDICATIVE PRICING ANALYSIS, BY SERVICE FEATURE                 71

5.9           PORTER’S FIVE FORCES ANALYSIS           71

5.9.1        THREAT OF NEW ENTRANTS      72

5.9.2        THREAT OF SUBSTITUTES          73

5.9.3        BARGAINING POWER OF BUYERS             73

5.9.4        BARGAINING POWER OF SUPPLIERS       73

5.9.5        INTENSITY OF COMPETITIVE RIVALRY 73

5.10         TECHNOLOGY ANALYSIS             73

5.10.1      KEY TECHNOLOGIES     73

5.10.1.1  Cloud platforms    73

5.10.1.2  Containerization   73

5.10.1.3  DevOps tools and CI/CD pipelines  74

5.10.1.4  Microservices architecture  74

5.10.1.5  API management platforms                74

5.10.1.6  Low-code/No-code platforms            74

5.10.2      ADJACENT TECHNOLOGIES       74

5.10.2.1  Edge computing   74

5.10.2.2  5G and Next-generation networks     74

5.10.2.3  Blockchain             74

5.10.2.4  Quantum computing            74

5.10.2.5  Augmented reality (AR) and virtual reality (VR)            75

5.10.3      COMPLEMENTARY TECHNOLOGIES       75

5.10.3.1  AI/ML integration                75

5.10.3.2  Robotic process automation (RPA)   75

5.10.3.3  Identity and access management (IAM)           75

5.10.3.4  Data lakes and data warehousing       75

5.10.3.5  Enterprise service bus (ESB)              75

5.11         PATENT ANALYSIS          75

5.12         TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES       82

5.13         KEY STAKEHOLDERS AND BUYING CRITERIA     82

5.13.1      KEY STAKEHOLDERS IN BUYING PROCESS           82

5.13.2      BUYING CRITERIA           83

5.14         KEY CONFERENCES AND EVENTS, 2024–2025        84

5.15         TECHNOLOGY ROADMAP FOR APPLICATION MODERNIZATION SERVICES MARKET    84

5.15.1      SHORT-TERM ROADMAP (2023–2025)      84

5.15.2      MID-TERM ROADMAP (2026–2028)            84

5.15.3      LONG-TERM ROADMAP (2029–2030)        85

5.16         BEST PRACTICES IN APPLICATION MODERNIZATION SERVICES MARKET          85

5.16.1      CONDUCT THOROUGH ASSESSMENT   85

5.16.2      DEFINE CLEAR GOALS AND OBJECTIVES              85

5.16.3      DEVELOP MODERNIZATION ROADMAP                85

5.16.4      CHOOSE RIGHT MODERNIZATION APPROACH 85

5.16.5      PRIORITIZE APPLICATIONS FOR MODERNIZATION                 85

5.16.6      OPTIMIZE FOR CLOUD 85

5.16.7      ENSURE CONTINUOUS MONITORING AND OPTIMIZATION                86

5.16.8      ENGAGE STAKEHOLDERS THROUGHOUT PROCESS                 86

5.17         CURRENT AND EMERGING BUSINESS MODELS 86

5.17.1      PLATFORM-AS-A-SERVICE (PAAS)            86

5.17.2      CONSULTATIVE SERVICES MODEL          86

5.17.3      OUTCOME-BASED MODELS        86

5.17.4      OPEN-SOURCE MODEL 86

5.17.5      CO-DEVELOPMENT MODEL       86

5.17.6      AUTOMATED MODELS 86

5.18         APPLICATION MODERNIZATION SERVICE TOOLS, FRAMEWORKS, AND TECHNIQUES          87

5.19         INVESTMENT AND FUNDING SCENARIO               87

5.20         IMPACT OF ARTIFICIAL INTELLIGENCE (AI)/GENERATIVE AI ON APPLICATION MODERNIZATION SERVICES             88

5.20.1      IMPACT OF AI/GENERATIVE AI ON APPLICATION MODERNIZATION SERVICES       88

5.20.2      USE CASES OF GENERATIVE AI IN APPLICATION MODERNIZATION SERVICES       89

5.21         7 ‘R’S OF APPLICATION MODERNIZATION           90

5.21.1      REHOST                90

5.21.2      RE-PLATFORM  90

5.21.3      REFACTOR          90

5.21.4      REVISE 90

5.21.5      REBUILD              90

5.21.6      REPLACE              91

5.21.7      RETIRE 91

6               APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE   92

6.1           INTRODUCTION              93

6.1.1        SERVICE TYPE: MARKET DRIVERS            93

6.1.2        APPLICATION PORTFOLIO ASSESSMENT              95

6.1.2.1    Need for strategic evaluation to streamline modernization paths to drive initial adoption of portfolio assessments            95

6.1.3        CLOUD APPLICATION MIGRATION         96

6.1.3.1    Rapid adoption of cloud infrastructure to support these services as businesses seek scalability and cost-efficiency             96

6.1.4        APPLICATION RE-PLATFORMING             97

6.1.4.1    Demand for performance optimization without complete rewrites                 97

6.1.5        APPLICATION INTEGRATION    98

6.1.5.1    Increase in complexity of hybrid environments to drive need for seamless application integration across cloud and legacy systems                 98

6.1.6        UI/UX MODERNIZATION              99

6.1.6.1    Growth in emphasis on user-centric digital experiences to sustain demand for UI/UX modernization    99

6.1.7        POST-MODERNIZATION SERVICES          100

6.1.7.1    Ongoing need for support in maintaining modernized applications to ensure steady, albeit slower, growth of post-modernization services  100

7               APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE        102

7.1           INTRODUCTION              103

7.1.1        APPLICATION TYPE: MARKET DRIVERS 103

7.1.2        LEGACY APPLICATIONS                104

7.1.2.1    Need to reduce operational costs of legacy applications and integrate with modern technologies; their dominance set to decline as businesses shift to cloud solutions     104

7.1.3        CLOUD-HOSTED APPLICATIONS              105

7.1.3.1    Growth in demand for scalable and cost-efficient IT infrastructure to fuel adoption of cloud-hosted application modernization                 105

7.1.4        CLOUD-NATIVE APPLICATIONS                106

7.1.4.1    Push for innovation, scalability, and speed in digital transformation to drive rapid adoption of cloud-native applications                 106

8               APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL            108

8.1           INTRODUCTION              109

8.1.1        VERTICAL: MARKET DRIVERS    109

8.2           BFSI       111

8.2.1        NEED FOR SECURE, SCALABLE, AND EFFICIENT FINANCIAL SERVICES     111

8.2.2        BFSI: APPLICATION MODERNIZATION SERVICE USE CASES   111

8.2.2.1    Core banking system modernization 111

8.2.2.2    Claims processing overhaul 111

8.2.2.3    Digital customer portals      111

8.2.2.4    Real-time risk management                 111

8.2.2.5    Payment gateway integration              111

8.3           IT & ITES              112

8.3.1        NEED FOR AGILE SERVICE DELIVERY AND TECHNOLOGICAL INTEGRATION            112

8.3.2        IT & ITES: APPLICATION MODERNIZATION SERVICE USE CASES           113

8.3.2.1    ERP cloud migration            113

8.3.2.2    Unified IT management systems       113

8.3.2.3    Customer support systems modernization       113

8.3.2.4    Cloud-native software optimization  113

8.3.2.5    Hybrid cloud management systems   113

8.4           HEALTHCARE & LIFE SCIENCES 114

8.4.1        NEED FOR IMPROVED PATIENT CARE, DIGITAL HEALTH SOLUTIONS, AND EFFICIENT DATA MANAGEMENT                 114

8.4.2        HEALTHCARE & LIFE SCIENCES: APPLICATION MODERNIZATION

SERVICE USE CASES        114

8.4.2.1    EHR cloud migration           114

8.4.2.2    Pharmaceutical research modernization           114

8.4.2.3    Health insurance claims      114

8.4.2.4    Telemedicine platforms       115

8.4.2.5    Medical device connectivity                115

8.5           MANUFACTURING          116

8.5.1        DRIVE TOWARD SMART FACTORIES AND REAL-TIME SUPPLY CHAIN OPTIMIZATION 116

8.5.2        MANUFACTURING: APPLICATION MODERNIZATION SERVICE USE CASES        116

8.5.2.1    Smart factory implementations          116

8.5.2.2    Predictive maintenance solutions      116

8.5.2.3    Integrated supply chain management                116

8.5.2.4    Quality control enhancements            116

8.5.2.5    Collaborative robotics integration      116

8.6           TELECOM            117

8.6.1        RAPID GROWTH OF 5G NETWORKS AND DEMAND

FOR ENHANCED SERVICE DELIVERY      117

8.6.2        TELECOM: APPLICATION MODERNIZATION SERVICE USE CASES           118

8.6.2.1    5G network management modernization          118

8.6.2.2    Cloud-based CRM systems 118

8.6.2.3    Billing system integration   118

8.6.2.4    Network automation             118

8.6.2.5    Self-service Portal modernization      118

8.7           TRANSPORTATION & LOGISTICS              119

8.7.1        DEMAND FOR REAL-TIME VISIBILITY AND OPERATIONAL EFFICIENCY        119

8.7.2        TRANSPORTATION & LOGISTICS: APPLICATION MODERNIZATION SERVICE USE CASES  119

8.7.2.1    Cloud-based fleet management systems           119

8.7.2.2    Integrated warehouse management   119

8.7.2.3    Enhanced shipping portals 119

8.7.2.4    Visibility and responsiveness improvements    119

8.7.2.5    Predictive analytics for demand forecasting     120

8.8           MEDIA & ENTERTAINMENT        120

8.8.1        NEED FOR INNOVATIVE CONTENT DELIVERY AND PERSONALIZED VIEWER EXPERIENCES 120

8.8.2        MEDIA & ENTERTAINMENT: APPLICATION MODERNIZATION SERVICE USE CASES  121

8.8.2.1    Cloud-based Content Delivery Networks         121

8.8.2.2    Personalized User Experiences          121

8.8.2.3    Digital Asset Management Systems  121

8.8.2.4    Enhanced Audience Analytics            121

8.8.2.5    Integrated Marketing Solutions         121

8.9           RETAIL & ECOMMERCE 122

8.9.1        ADOPTION OF PERSONALIZED CUSTOMER EXPERIENCES AND STREAMLINED OPERATIONS              122

8.9.2        RETAIL & ECOMMERCE: APPLICATION MODERNIZATION SERVICE USE CASES  122

8.9.2.1    Cloud-based inventory management 122

8.9.2.2    Customer loyalty program modernization        122

8.9.2.3    POS and eCommerce integration      122

8.9.2.4    Demand forecasting modernization  122

8.9.2.5    Scalable eCommerce platforms          123

8.10         GOVERNMENT 123

8.10.1      NEED FOR ENHANCED CITIZEN ENGAGEMENT AND EFFICIENT SERVICE DELIVERY  123

8.10.2      GOVERNMENT: APPLICATION MODERNIZATION SERVICE USE CASES        124

8.10.2.1  Citizen services cloud migration        124

8.10.2.2  Document management system overhaul         124

8.10.2.3  Inter-agency communication integration          124

8.10.2.4  User-friendly public service apps       124

8.10.2.5  Disaster recovery planning 124

8.11         OTHER VERTICALS         125

8.11.1      OTHER VERTICALS: APPLICATION MODERNIZATION SERVICE USE CASES        125

8.11.1.1  Cloud-based booking systems             125

8.11.1.2  Personalized travel recommendations               125

8.11.1.3  Cloud-based student information systems       125

8.11.1.4  Interactive virtual classrooms             126

8.11.1.5  Adaptive learning platforms                126

9               APPLICATION MODERNIZATION SERVICES MARKET, BY REGION                127

9.1           INTRODUCTION              128

9.2           NORTH AMERICA             129

9.2.1        NORTH AMERICA: MACROECONOMIC OUTLOOK                 129

9.2.2        US           133

9.2.2.1    Rise in prevalence of AI advancements, automation, and next-gen network technologies           133

9.2.3        CANADA               136

9.2.3.1    Government-backed digital initiatives and cloud adoption to fuel modernization across public and private sectors             136

9.3           EUROPE               139

9.3.1        EUROPE: MACROECONOMIC OUTLOOK               139

9.3.2        UK          143

9.3.2.1    Stringent regulations support adoption of application modernization services in UK             143

9.3.3        GERMANY           146

9.3.3.1    Strong focus on Industry 4.0 and smart manufacturing and need for advanced networking solutions    146

9.3.4        FRANCE                147

9.3.4.1    Increased demand for digital services and automation to boost modernization across sectors              147

9.3.5        ITALY    147

9.3.5.1    Transformation of legacy infrastructure, particularly in finance and telecom           147

9.3.6        SPAIN    147

9.3.6.1    Fast-paced digital transformation environment to push modernization across verticals such as retail and government      147

9.3.7        NORDICS             148

9.3.7.1    Strong cloud-native adoption and focus on digital-first strategies to lead modernization efforts              148

9.3.8        REST OF EUROPE             148

9.4           ASIA PACIFIC     148

9.4.1        ASIA PACIFIC: MACROECONOMIC OUTLOOK     149

9.4.2        CHINA  154

9.4.2.1    Significant investments by key players and need for rapid development and adoption of new technologies              154

9.4.3        JAPAN   157

9.4.3.1    Increase in adoption of advanced technologies and integration with AI and automation       157

9.4.4        INDIA    157

9.4.4.1    Growing focus on cloud and network connectivity powered by AI technology              157

9.4.5        AUSTRALIA & NEW ZEALAND     157

9.4.5.1    Stricter data protection regulations to influence development of secure solutions    157

9.4.6        SOUTH KOREA  158

9.4.6.1    Heavy investments by businesses and governments toward digital transformation      158

9.4.7        SOUTHEAST ASIA            158

9.4.7.1    Adoption of cloud-native solutions to act as primary driver of modernization across industries         158

9.4.8        REST OF ASIA PACIFIC   158

9.5           MIDDLE EAST & AFRICA                159

9.5.1        MIDDLE EAST & AFRICA: MACROECONOMIC OUTLOOK                 159

9.5.1.1    MIDDLE EAST   163

9.5.1.2    UAE        166

9.5.1.2.1 Economic Vision 2030’s focus on digital transformation to key driver for modernization in public and private sectors   166

9.5.1.3    KSA        169

9.5.1.3.1 Saudi’s need for digital transformation driven by Vision 2030 agenda    169

9.5.1.4    Kuwait    169

9.5.1.4.1 Modernization and digital infrastructure improvements to boost application modernization services market growth         169

9.5.1.5    Bahrain  170

9.5.1.5.1 Need for cloud-first policies and government-driven digitalization          170

9.5.1.6    Rest of the Middle East       170

9.5.2        AFRICA 170

9.5.2.1    Growing need for digital infrastructure and modernized telecom and financial systems           170

9.6           LATIN AMERICA                171

9.6.1        LATIN AMERICA: MACROECONOMIC OUTLOOK                 171

9.6.2        BRAZIL 175

9.6.2.1    Ongoing investments in telecom infrastructure and modernization projects        175

9.6.3        MEXICO                178

9.6.3.1    Shift toward cloud modernization in public and financial sectors                 178

9.6.4        REST OF LATIN AMERICA             178

10            COMPETITIVE LANDSCAPE         179

10.1         INTRODUCTION              179

10.2         KEY PLAYER STRATEGIES/RIGHT TO WIN            179

10.3         REVENUE ANALYSIS       181

10.4         MARKET SHARE ANALYSIS           182

10.4.1      MARKET RANKING ANALYSIS     183

10.5         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023                 186

10.5.1      STARS   186

10.5.2      EMERGING LEADERS     186

10.5.3      PERVASIVE PLAYERS      186

10.5.4      PARTICIPANTS 186

10.5.5      COMPANY FOOTPRINT: KEY PLAYERS, 2023         188

10.5.5.1  Company footprint               188

10.5.5.2  Service type footprint           189

10.5.5.3  Application type footprint   190

10.5.5.4  Vertical footprint  192

10.5.5.5  Regional footprint                 193

10.6         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023        195

10.6.1      PROGRESSIVE COMPANIES         195

10.6.2      RESPONSIVE COMPANIES            195

10.6.3      DYNAMIC COMPANIES  195

10.6.4      STARTING BLOCKS         195

10.6.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023                 197

10.6.5.1  Key startups/SMEs              197

10.6.5.2  Competitive benchmarking of key startups/SMEs          198

10.7         COMPANY VALUATION AND FINANCIAL METRICS                 199

10.8         BRAND/PRODUCT COMPARISON             200

10.9         COMPETITIVE SCENARIO AND TRENDS                201

10.9.1      PRODUCT LAUNCHES   201

10.9.2      DEALS  202

11            COMPANY PROFILES      205

11.1         KEY PLAYERS     205

11.1.1      IBM        205

11.1.1.1  Business overview 205

11.1.1.2  Products/Solutions/Services offered 206

11.1.1.3  Recent developments           207

11.1.1.3.1                Product launches  207

11.1.1.3.2                Deals      208

11.1.1.4  MnM view              209

11.1.1.4.1                Key strengths        209

11.1.1.4.2                Strategic choices made        210

11.1.1.4.3                Weaknesses and competitive threats 210

11.1.2      MICROSOFT       211

11.1.2.1  Business overview 211

11.1.2.2  Products/Solutions/Services offered 212

11.1.2.3  Recent developments           213

11.1.2.3.1                Product launches  213

11.1.2.3.2                Deals      214

11.1.2.4  MnM view              216

11.1.2.4.1                Key strengths        216

11.1.2.4.2                Strategic choices made        216

11.1.2.4.3                Weaknesses and competitive threats 216

11.1.3      HCL TECHNOLOGIES     217

11.1.3.1  Business overview 217

11.1.3.2  Products/Solutions/Services offered 218

11.1.3.3  Recent developments           219

11.1.3.3.1                Product launches  219

11.1.3.3.2                Deals      221

11.1.3.4  MnM view              223

11.1.3.4.1                Key strengths        223

11.1.3.4.2                Strategic choices made        223

11.1.3.4.3                Weaknesses and competitive threats 223

11.1.4      ACCENTURE      224

11.1.4.1  Business overview 224

11.1.4.2  Platforms/Solutions/Services offered                225

11.1.4.3  Recent developments           226

11.1.4.3.1                Product launches  226

11.1.4.3.2                Deals      227

11.1.4.4  MnM view              229

11.1.4.4.1                Key strengths        229

11.1.4.4.2                Strategic choices made        229

11.1.4.4.3                Weaknesses and competitive threats 229

11.1.5      AWS       230

11.1.5.1  Business overview 230

11.1.5.2  Products/Solutions/Services offered 231

11.1.5.3  Recent developments           233

11.1.5.3.1                Product launches  233

11.1.5.3.2                Deals      233

11.1.5.4  MnM view              233

11.1.5.4.1                Right to win           233

11.1.5.4.2                Strategic choices made        234

11.1.5.4.3                Weaknesses and competitive threats 234

11.1.6      ATOS     235

11.1.6.1  Business overview 235

11.1.6.2  Platforms/Solutions/Services offered                236

11.1.6.3  Recent developments           237

11.1.6.3.1                Product launches  237

11.1.6.3.2                Deals      237

11.1.6.4  MnM view              239

11.1.6.4.1                Key strengths        239

11.1.6.4.2                Strategic choices made        239

11.1.6.4.3                Weaknesses and competitive threats 239

11.1.7      CAPGEMINI        240

11.1.7.1  Business overview 240

11.1.7.2  Platforms/Solutions/Services offered                241

11.1.7.3  Recent developments           242

11.1.7.3.1                Product launches  242

11.1.7.3.2                Deals      242

11.1.7.4  MnM view              245

11.1.7.4.1                Key strengths        245

11.1.7.4.2                Strategic choices made        245

11.1.7.4.3                Weaknesses and competitive threats 245

11.1.8      ORACLE                246

11.1.8.1  Business overview 246

11.1.8.2  Products/Solutions/Services offered 247

11.1.8.3  Recent developments           248

11.1.8.3.1                Product launches  248

11.1.8.3.2                Deals      250

11.1.8.4  MnM view              251

11.1.8.4.1                Key strengths        251

11.1.8.4.2                Strategic choices made        251

11.1.8.4.3                Weaknesses and competitive threats 251

11.1.9      COGNIZANT      252

11.1.9.1  Business overview 252

11.1.9.2  Platforms/Solutions/Services offered                253

11.1.9.3  Recent developments           254

11.1.9.3.1                Product launches  254

11.1.9.3.2                Deals      254

11.1.10   TCS        257

11.1.10.1                 Business overview 257

11.1.10.2                 Platforms/Solutions/Services offered                258

11.1.10.3                 Recent developments           259

11.1.10.3.1             Product launches  259

11.1.10.3.2             Deals      260

11.1.11   INNOVA SOLUTIONS     263

11.1.12   EPAM SYSTEMS 264

11.1.13   ASPIRE SYSTEMS              265

11.1.14   NTT DATA          266

11.1.15   DELL TECHNOLOGIES  267

11.1.16   DXC TECHNOLOGY        268

11.1.17   LTIMINDTREE  269

11.1.18   INFOSYS               270

11.1.19   WIPRO  271

11.1.20   ROCKET SOFTWARE, INC.            273

11.1.21   FUJITSU                274

11.1.22   HEXAWARE TECHNOLOGIES      275

11.1.23   VIRTUSA              276

11.1.24   MONGODB         277

11.2         STARTUPS/SMES              278

11.2.1      SOFTURA             278

11.2.2      CLOUDHEDGE TECHNOLOGIES PVT. LTD.          279

11.2.3      D3V TECHNOLOGY         280

11.2.4      BAYSHORE INTELLIGENCE SOLUTIONS                281

11.2.5      OPINOV8             282

11.2.6      ICREON                283

11.2.7      SYMPHONY SOLUTIONS               284

11.2.8      CLEVEROAD      285

11.2.9      TECHAHEAD      286

11.2.10   GEOMOTIV         287

11.2.11   SOFT SUAVE      288

11.2.12   PALMDIGITALZ                289

11.2.13   AVERISOURCE  290

12            ADJACENT/RELATED MARKETS                292

12.1         INTRODUCTION              292

12.1.1      RELATED MARKETS        292

12.2         CLOUD PROFESSIONAL SERVICES MARKET         292

12.2.1      MARKET DEFINITION   292

12.3         SYSTEM INTEGRATION SERVICES MARKET          297

12.3.1      MARKET DEFINITION   297

13            APPENDIX           300

13.1         DISCUSSION GUIDE        300

13.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                303

13.3         CUSTOMIZATION OPTIONS        305

13.4         RELATED REPORTS         305

13.5         AUTHOR DETAILS           306

LIST OF TABLES

TABLE 1                USD EXCHANGE RATES, 2019–2023            34

TABLE 2                APPLICATION MODERNIZATION SERVICES MARKET: ECOSYSTEM   57

TABLE 3                NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT

AGENCIES, AND OTHER ORGANIZATIONS           62

TABLE 4                EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 63

TABLE 5                ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  64

TABLE 6                ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  66

TABLE 7                AVERAGE SELLING PRICE OF KEY PLAYERS, BY SERVICE TYPE   70

TABLE 8                INDICATIVE PRICING LEVELS OF APPLICATION MODERNIZATION SERVICES       71

TABLE 9                PORTER’S FIVE FORCES IMPACT ON APPLICATION MODERNIZATION

SERVICES MARKET          72

TABLE 10              LIST OF KEY PATENTS   77

TABLE 11              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS  83

TABLE 12              KEY BUYING CRITERIA FOR TOP THREE END USERS   83

TABLE 13              APPLICATION MODERNIZATION SERVICES MARKET: DETAILED

LIST OF CONFERENCES AND EVENTS, 2024–2025                84

TABLE 14              APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2018–2023 (USD MILLION)            94

TABLE 15              APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2024–2029 (USD MILLION)            94

TABLE 16              APPLICATION PORTFOLIO ASSESSMENT SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            95

TABLE 17              APPLICATION PORTFOLIO ASSESSMENT SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            96

TABLE 18              CLOUD APPLICATION MIGRATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            96

TABLE 19              CLOUD APPLICATION MIGRATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            97

TABLE 20              APPLICATION RE-PLATFORMING SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            97

TABLE 21              APPLICATION RE-PLATFORMING SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            98

TABLE 22              APPLICATION INTEGRATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            98

TABLE 23              APPLICATION INTEGRATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            99

TABLE 24              UI/UX MODERNIZATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            99

TABLE 25              UI/UX MODERNIZATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            100

TABLE 26              POST-MODERNIZATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            100

TABLE 27              POST-MODERNIZATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            101

TABLE 28              APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE,

2018–2023 (USD MILLION)            104

TABLE 29              APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE,

2024–2029 (USD MILLION)            104

TABLE 30              LEGACY APPLICATION MODERNIZATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            105

TABLE 31              LEGACY APPLICATION MODERNIZATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            105

TABLE 32              CLOUD-HOSTED APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2018–2023 (USD MILLION) 106

TABLE 33              CLOUD-HOSTED APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2024–2029 (USD MILLION) 106

TABLE 34              CLOUD-NATIVE APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2018–2023 (USD MILLION) 107

TABLE 35              CLOUD-NATIVE APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2024–2029 (USD MILLION) 107

TABLE 36              APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            110

TABLE 37              APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            110

TABLE 38              APPLICATION MODERNIZATION SERVICES MARKET IN BFSI, BY REGION,

2018–2023 (USD MILLION)            112

TABLE 39              APPLICATION MODERNIZATION SERVICES MARKET IN BFSI, BY REGION,

2024–2029 (USD MILLION)            112

TABLE 40              APPLICATION MODERNIZATION SERVICES MARKET IN IT & ITES, BY REGION, 2018–2023 (USD MILLION)                 113

TABLE 41              APPLICATION MODERNIZATION SERVICES MARKET IN IT & ITES, BY REGION, 2024–2029 (USD MILLION)                 114

TABLE 42              APPLICATION MODERNIZATION SERVICES MARKET IN HEALTHCARE &

LIFE SCIENCES, BY REGION, 2018–2023 (USD MILLION)   115

TABLE 43              APPLICATION MODERNIZATION SERVICES MARKET IN HEALTHCARE &

LIFE SCIENCES, BY REGION, 2024–2029 (USD MILLION)   115

TABLE 44              APPLICATION MODERNIZATION SERVICES MARKET IN MANUFACTURING,

BY REGION, 2018–2023 (USD MILLION)   117

TABLE 45              APPLICATION MODERNIZATION SERVICES MARKET IN MANUFACTURING,

BY REGION, 2024–2029 (USD MILLION)   117

TABLE 46              APPLICATION MODERNIZATION SERVICES MARKET IN TELECOM, BY REGION, 2018–2023 (USD MILLION)                 118

TABLE 47              APPLICATION MODERNIZATION SERVICES MARKET IN TELECOM, BY REGION, 2024–2029 (USD MILLION)                 119

TABLE 48              TRANSPORTATION & LOGISTICS: APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2018–2023 (USD MILLION) 120

TABLE 49              TRANSPORTATION & LOGISTICS: APPLICATION MODERNIZATION SERVICES MARKET, BY REGION, 2024–2029 (USD MILLION) 120

TABLE 50              APPLICATION MODERNIZATION SERVICES MARKET IN MEDIA & ENTERTAINMENT, BY REGION, 2018–2023 (USD MILLION) 121

TABLE 51              APPLICATION MODERNIZATION SERVICES MARKET IN MEDIA & ENTERTAINMENT, BY REGION, 2024–2029 (USD MILLION) 122

TABLE 52              APPLICATION MODERNIZATION SERVICES MARKET IN RETAIL & ECOMMERCE,

BY REGION, 2018–2023 (USD MILLION)   123

TABLE 53              APPLICATION MODERNIZATION SERVICES MARKET IN RETAIL & ECOMMERCE,

BY REGION, 2024–2029 (USD MILLION)   123

TABLE 54              APPLICATION MODERNIZATION SERVICES MARKET IN GOVERNMENT, BY REGION, 2018–2023 (USD MILLION)            124

TABLE 55              APPLICATION MODERNIZATION SERVICES MARKET IN GOVERNMENT, BY REGION, 2024–2029 (USD MILLION)            125

TABLE 56              APPLICATION MODERNIZATION SERVICES MARKET IN OTHER VERTICALS,

BY REGION, 2018–2023 (USD MILLION)   126

TABLE 57              APPLICATION MODERNIZATION SERVICES MARKET IN OTHER VERTICALS,

BY REGION, 2024–2029 (USD MILLION)   126

TABLE 58              APPLICATION MODERNIZATION SERVICES MARKET, BY REGION,

2018–2023 (USD MILLION)            128

TABLE 59              APPLICATION MODERNIZATION SERVICES MARKET, BY REGION,

2024–2029 (USD MILLION)            128

TABLE 60              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)       130

TABLE 61              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)       131

TABLE 62              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2018–2023 (USD MILLION)           131

TABLE 63              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2024–2029 (USD MILLION)           131

TABLE 64              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY VERTICAL, 2018–2023 (USD MILLION)               132

TABLE 65              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY VERTICAL, 2024–2029 (USD MILLION)               132

TABLE 66              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY, 2018–2023 (USD MILLION)               133

TABLE 67              NORTH AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY, 2024–2029 (USD MILLION)               133

TABLE 68              US: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2018–2023 (USD MILLION)            134

TABLE 69              US: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2024–2029 (USD MILLION)            134

TABLE 70              US: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)                 134

TABLE 71              US: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)                 135

TABLE 72              US: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            135

TABLE 73              US: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            136

TABLE 74              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 137

TABLE 75              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 137

TABLE 76              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            137

TABLE 77              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            138

TABLE 78              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            138

TABLE 79              CANADA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            139

TABLE 80              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 140

TABLE 81              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 140

TABLE 82              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            141

TABLE 83              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            141

TABLE 84              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            141

TABLE 85              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            142

TABLE 86              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY/SUBREGION, 2018–2023 (USD MILLION)    142

TABLE 87              EUROPE: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY/SUBREGION, 2024–2029 (USD MILLION)    143

TABLE 88              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2018–2023 (USD MILLION)            144

TABLE 89              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2024–2029 (USD MILLION)            144

TABLE 90              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)                 144

TABLE 91              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)                 145

TABLE 92              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            145

TABLE 93              UK: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            146

TABLE 94              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 151

TABLE 95              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 151

TABLE 96              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            151

TABLE 97              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            152

TABLE 98              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2018–2023 (USD MILLION)                 152

TABLE 99              ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2024–2029 (USD MILLION)                 153

TABLE 100            ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY/SUBREGION, 2018–2023 (USD MILLION)    153

TABLE 101            ASIA PACIFIC: APPLICATION MODERNIZATION SERVICES MARKET,

BY COUNTRY/SUBREGION, 2024–2029 (USD MILLION)    154

TABLE 102            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 154

TABLE 103            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 155

TABLE 104            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            155

TABLE 105            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            155

TABLE 106            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            156

TABLE 107            CHINA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            156

TABLE 108            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY SERVICE TYPE, 2018–2023 (USD MILLION)      160

TABLE 109            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY SERVICE TYPE, 2024–2029 (USD MILLION)      160

TABLE 110            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2018–2023 (USD MILLION)           160

TABLE 111            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2024–2029 (USD MILLION)           161

TABLE 112            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY VERTICAL, 2018–2023 (USD MILLION)               161

TABLE 113            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY VERTICAL, 2024–2029 (USD MILLION)               162

TABLE 114            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY SUBREGION, 2018–2023 (USD MILLION)           162

TABLE 115            MIDDLE EAST & AFRICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY SUBREGION, 2024–2029 (USD MILLION)           162

TABLE 116            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 163

TABLE 117            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 164

TABLE 118            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            164

TABLE 119            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            164

TABLE 120            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2018–2023 (USD MILLION)                 165

TABLE 121            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2024–2029 (USD MILLION)                 165

TABLE 122            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY COUNTRY, 2018–2023 (USD MILLION)                 166

TABLE 123            MIDDLE EAST: APPLICATION MODERNIZATION SERVICES MARKET, BY COUNTRY, 2024–2029 (USD MILLION)                 166

TABLE 124            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2018–2023 (USD MILLION)            167

TABLE 125            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE,

2024–2029 (USD MILLION)            167

TABLE 126            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            167

TABLE 127            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            168

TABLE 128            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            168

TABLE 129            UAE: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            169

TABLE 130            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)       172

TABLE 131            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)       172

TABLE 132            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2018–2023 (USD MILLION)           172

TABLE 133            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET,

BY APPLICATION TYPE, 2024–2029 (USD MILLION)           173

TABLE 134            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2018–2023 (USD MILLION) 173

TABLE 135            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL, 2024–2029 (USD MILLION) 174

TABLE 136            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY COUNTRY, 2018–2023 (USD MILLION) 174

TABLE 137            LATIN AMERICA: APPLICATION MODERNIZATION SERVICES MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 174

TABLE 138            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2018–2023 (USD MILLION)                 175

TABLE 139            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY SERVICE TYPE, 2024–2029 (USD MILLION)                 176

TABLE 140            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2018–2023 (USD MILLION)            176

TABLE 141            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY APPLICATION TYPE, 2024–2029 (USD MILLION)            176

TABLE 142            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2018–2023 (USD MILLION)            177

TABLE 143            BRAZIL: APPLICATION MODERNIZATION SERVICES MARKET, BY VERTICAL,

2024–2029 (USD MILLION)            177

TABLE 144            OVERVIEW OF STRATEGIES ADOPTED BY KEY APPLICATION MODERNIZATION SERVICES PLAYERS      179

TABLE 145            APPLICATION MODERNIZATION SERVICES MARKET: DEGREE OF COMPETITION    183

TABLE 146            SERVICE TYPE FOOTPRINT, 2023               189

TABLE 147            APPLICATION TYPE FOOTPRINT, 2023   190

TABLE 148            VERTICAL FOOTPRINT, 2023       192

TABLE 149            REGIONAL FOOTPRINT, 2023      193

TABLE 150            APPLICATION MODERNIZATION SERVICES MARKET: KEY STARTUPS/SMES, 2023      197

TABLE 151            APPLICATION MODERNIZATION SERVICES MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, 2023   198

TABLE 152            APPLICATION MODERNIZATION SERVICES MARKET:

PRODUCT LAUNCHES, JANUARY 2022–AUGUST 2024        201

TABLE 153            APPLICATION MODERNIZATION SERVICES MARKET: DEALS,

JANUARY 2022–AUGUST 2024       203

TABLE 154            IBM: COMPANY OVERVIEW         205

TABLE 155            IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED             206

TABLE 156            IBM: PRODUCT LAUNCHES         207

TABLE 157            IBM: DEALS        208

TABLE 158            MICROSOFT: COMPANY OVERVIEW        211

TABLE 159            MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED    212

TABLE 160            MICROSOFT: PRODUCT LAUNCHES        213

TABLE 161            MICROSOFT: DEALS       214

TABLE 162            HCL TECHNOLOGIES: COMPANY OVERVIEW                 217

TABLE 163            HCL TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED    218

TABLE 164            HCL TECHNOLOGIES: PRODUCT LAUNCHES                 219

TABLE 165            HCL TECHNOLOGIES: DEALS     221

TABLE 166            ACCENTURE: COMPANY OVERVIEW       224

TABLE 167            ACCENTURE: PRODUCTS/SOLUTIONS/SERVICES OFFERED    225

TABLE 168            ACCENTURE: PRODUCT LAUNCHES       226

TABLE 169            ACCENTURE: DEALS       227

TABLE 170            AWS: COMPANY OVERVIEW        230

TABLE 171            AWS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             231

TABLE 172            AWS: PRODUCT LAUNCHES        233

TABLE 173            AWS: DEALS       233

TABLE 174            ATOS: COMPANY OVERVIEW      235

TABLE 175            ATOS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             236

TABLE 176            ATOS: PRODUCT LAUNCHES      237

TABLE 177            ATOS: DEALS     237

TABLE 178            CAPGEMINI: COMPANY OVERVIEW         240

TABLE 179            CAPGEMINI: PRODUCTS/SOLUTIONS/SERVICES OFFERED    241

TABLE 180            CAPGEMINI: PRODUCT LAUNCHES         242

TABLE 181            CAPGEMINI: DEALS        242

TABLE 182            ORACLE: COMPANY OVERVIEW                246

TABLE 183            ORACLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             247

TABLE 184            ORACLE: PRODUCT LAUNCHES                 248

TABLE 185            ORACLE: DEALS                250

TABLE 186            COGNIZANT: COMPANY OVERVIEW       252

TABLE 187            COGNIZANT: PRODUCTS/SOLUTIONS/SERVICES OFFERED    253

TABLE 188            COGNIZANT: PRODUCT LAUNCHES       254

TABLE 189            COGNIZANT: DEALS       254

TABLE 190            TCS: COMPANY OVERVIEW         257

TABLE 191            TCS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             258

TABLE 192            TCS: PRODUCT LAUNCHES         259

TABLE 193            TCS: DEALS        260

TABLE 194            CLOUD PROFESSIONAL SERVICES MARKET, BY SERVICE TYPE,

2019–2022 (USD MILLION)            293

TABLE 195            CLOUD PROFESSIONAL SERVICES MARKET, BY SERVICE TYPE,

2023–2028 (USD MILLION)            293

TABLE 196            CLOUD PROFESSIONAL SERVICES MARKET, BY SERVICE MODEL,

2019–2022 (USD MILLION)            293

TABLE 197            CLOUD PROFESSIONAL SERVICES MARKET, BY SERVICE MODEL,

2023–2028 (USD MILLION)            294

TABLE 198            CLOUD PROFESSIONAL SERVICES MARKET, BY DEPLOYMENT MODEL,

2019–2022 (USD MILLION)            294

TABLE 199            CLOUD PROFESSIONAL SERVICES MARKET, BY DEPLOYMENT MODEL,

2023–2028 (USD MILLION)            294

TABLE 200            CLOUD PROFESSIONAL SERVICES MARKET, BY ORGANIZATION SIZE,

2019–2022 (USD MILLION)            294

TABLE 201            CLOUD PROFESSIONAL SERVICES MARKET, BY ORGANIZATION SIZE,

2023–2028 (USD MILLION)            295

TABLE 202            CLOUD PROFESSIONAL SERVICES MARKET, BY VERTICAL,

2019–2022 (USD MILLION)            295

TABLE 203            CLOUD PROFESSIONAL SERVICES MARKET, BY VERTICAL,

2023–2028 (USD MILLION)            296

TABLE 204            CLOUD PROFESSIONAL SERVICES MARKET, BY REGION,

2019–2022 (USD MILLION)            296

TABLE 205            CLOUD PROFESSIONAL SERVICES MARKET, BY REGION,

2023–2028 (USD MILLION)            296

TABLE 206            SYSTEM INTEGRATION SERVICES MARKET, BY SERVICE TYPE,

2017–2022 (USD MILLION)            297

TABLE 207            SYSTEM INTEGRATION SERVICES MARKET, BY SERVICE TYPE,

2023–2028 (USD MILLION)            297

TABLE 208            SYSTEM INTEGRATION SERVICES MARKET, BY VERTICAL,

2017–2022 (USD MILLION)            298

TABLE 209            SYSTEM INTEGRATION SERVICES MARKET, BY VERTICAL,

2023–2028 (USD MILLION)            298

TABLE 210            SYSTEM INTEGRATION SERVICES MARKET, BY REGION,

2017–2022 (USD MILLION)            298

TABLE 211            SYSTEM INTEGRATION SERVICES MARKET, BY REGION,

2023–2028 (USD MILLION)            299

LIST OF FIGURES

FIGURE 1              APPLICATION MODERNIZATION SERVICES MARKET SEGMENTATION           31

FIGURE 2              APPLICATION MODERNIZATION SERVICES MARKET: RESEARCH DESIGN     36

FIGURE 3              BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY TYPE,

DESIGNATION, AND REGION     38

FIGURE 4              KEY INDUSTRY INSIGHTS             38

FIGURE 5              APPLICATION MODERNIZATION SERVICES MARKET: TOP-DOWN AND

BOTTOM-UP APPROACHES         39

FIGURE 6              APPROACH 1 (SUPPLY SIDE): REVENUE OF VENDORS IN APPLICATION MODERNIZATION SERVICES MARKET               40

FIGURE 7              APPROACH 2 (DEMAND SIDE): APPLICATION MODERNIZATION SERVICES MARKET    41

FIGURE 8              MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE ANALYSIS             41

FIGURE 9              MARKET SIZE ESTIMATION USING BOTTOM-UP APPROACH         42

FIGURE 10            DATA TRIANGULATION                43

FIGURE 11            APPLICATION MODERNIZATION SERVICES MARKET, 2022–2029 (USD MILLION)        46

FIGURE 12            APPLICATION MODERNIZATION SERVICES MARKET OVERVIEW, BY REGION, 2024   47

FIGURE 13            RAPID ADOPTION OF CLOUD TECHNOLOGIES AND NEED FOR OPERATIONAL AGILITY TO DRIVE MARKET GROWTH             48

FIGURE 14            CLOUD APPLICATION MIGRATION SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD    48

FIGURE 15            CLOUD-HOSTED APPLICATIONS TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD                 49

FIGURE 16            BFSI VERTICAL TO ACCOUNT FOR LARGEST MARKET SHARE

DURING FORECAST PERIOD       49

FIGURE 17            CLOUD APPLICATION MIGRATION AND TELECOM SEGMENTS TO ACCOUNT

FOR SIGNIFICANT MARKET SHARES IN 2024         50

FIGURE 18            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: APPLICATION MODERNIZATION SERVICES MARKET               51

FIGURE 19            EVOLUTION OF APPLICATION MODERNIZATION SERVICES       55

FIGURE 20            KEY PLAYERS IN APPLICATION MODERNIZATION SERVICES MARKET ECOSYSTEM          58

FIGURE 21            APPLICATION MODERNIZATION SERVICES MARKET: SUPPLY CHAIN ANALYSIS         61

FIGURE 22            AVERAGE SELLING PRICES OF KEY PLAYERS, BY SERVICE TYPE (USD)      69

FIGURE 23            APPLICATION MODERNIZATION SERVICES MARKET:

PORTER’S FIVE FORCES ANALYSIS           72

FIGURE 24            PATENT ANALYSIS FOR APPLICATION MODERNIZATION SERVICES, 2013–2023  76

FIGURE 25            TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES           82

FIGURE 26            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS  82

FIGURE 27            KEY BUYING CRITERIA FOR TOP THREE END USERS   83

FIGURE 28            APPLICATION MODERNIZATION SERVICE TOOLS, FRAMEWORKS, AND TECHNIQUES          87

FIGURE 29            INVESTMENT AND FUNDING SCENARIO, 2022–2024 (USD MILLION)       87

FIGURE 30            USE CASES OF GENERATIVE AI IN APPLICATION MODERNIZATION SERVICES       89

FIGURE 31            CLOUD APPLICATION MIGRATION SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD                 93

FIGURE 32            CLOUD-NATIVE SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD      103

FIGURE 33            TELECOM SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD          109

FIGURE 34            NORTH AMERICA: MARKET SNAPSHOT 130

FIGURE 35            ASIA PACIFIC: MARKET SNAPSHOT          150

FIGURE 36            REVENUE ANALYSIS OF KEY PLAYERS, 2019–2023 (USD MILLION) 181

FIGURE 37            SHARE OF LEADING COMPANIES IN APPLICATION MODERNIZATION

SERVICES MARKET, 2023                182

FIGURE 38            MARKET RANKING ANALYSIS OF TOP FIVE PLAYERS              183

FIGURE 39            APPLICATION MODERNIZATION SERVICES MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023                 187

FIGURE 40            COMPANY FOOTPRINT, 2023      188

FIGURE 41            APPLICATION MODERNIZATION SERVICES MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023        196

FIGURE 42            FINANCIAL METRICS OF KEY APPLICATION

MODERNIZATION SERVICES VENDORS, 2024       199

FIGURE 43            COMPANY VALUATION OF KEY APPLICATION MODERNIZATION SERVICES VENDORS, 2024 (USD BILLION)                 199

FIGURE 44            BRAND/PRODUCT COMPARISON             200

FIGURE 45            IBM: COMPANY SNAPSHOT         206

FIGURE 46            MICROSOFT: COMPANY SNAPSHOT        212

FIGURE 47            HCL TECHNOLOGIES: COMPANY SNAPSHOT                 218

FIGURE 48            ACCENTURE: COMPANY SNAPSHOT       225

FIGURE 49            AWS: COMPANY SNAPSHOT        231

FIGURE 50            ATOS: COMPANY SNAPSHOT     236

FIGURE 51            CAPGEMINI: COMPANY SNAPSHOT         241

FIGURE 52            ORACLE: COMPANY SNAPSHOT                247

FIGURE 53            COGNIZANT: COMPANY SNAPSHOT       253

FIGURE 54            TCS: COMPANY SNAPSHOT         258