Analysis of Application Modernization Services Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~16.60% During 2024-2037 and Attain ~USD 132.52 billion by 2036
Research Nester’s recent market research analysis on “Application Modernization Services Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitors analysis and a detailed overview of the global application modernization services market in terms of market segmentation by organization size, type, industry vertical, and by region.
Growing Concern for Enhancing Cybersecurity to Promote Global Market Share of Application Modernization Services
The global application modernization services market is estimated to grow majorly on account of the increased focus on enhancing cybersecurity. A growing focus on security and compliance drives the demand for application modernization services.
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The legacy applications are vulnerable to cyber threats, vulnerabilities, and compliance risks because of their weak security features. In order to protect sensitive data, reduce security risks, and ensure regulatory compliance, modernizing legacy applications allows organizations to apply advanced security controls, encryption mechanisms, and frameworks to fulfill legal obligations.
Some of the major growth factors and challenges that are associated with the growth of the global application modernization services market are:
Growth Drivers:
• Surge in Technological Advancement
• Growing Government Initiatives
Challenges:
For companies that want to modernize their legacy applications, security is an important concern. New security risks, which must be carefully managed and dealt with in order to have a positive impact on the overall growth of the market, may arise from modernization services. The process may introduce unintended vulnerabilities that need to be adequately managed and addressed as companies move toward the modernization of their legacy applications. Moreover, high implementation costs are some of the major factors anticipated to hamper the global market size of application modernization services.
By organization size, the global application modernization services market is segmented into large companies and small & medium-sized companies. The large companies segment is to garner the highest revenue of USD 93.87 billion by the end of 2037 by growing at a significant CAGR over the forecast period. The ability to effectively manage this mix of technologies is very important for the success of enterprises in today's business environment. As a result, their modernization needs are more complex and require a high degree of flexibility. In view of this, large enterprises are increasingly adopting hybrid approaches that allow them to selectively modernize legacy applications while exploiting the benefits of cloud-based solutions.
By region, the North America application modernization services market is to generate the highest revenue USD 51.28 billion by the end of 2037. Businesses in the region are increasingly upgrading their old applications, making North America the largest market for application modernization services, due to its robust digital infrastructure ecosystem and a strong use of cloud services.
This report also provides the existing competitive scenario of some of the key players of the global application modernization services market which includes company profiling of International Business Machines Corporation, Capgemini, Cognizant Technology Solutions Corp, HCL Technologies Limited, ScienceSoft USA Corporation, Rocket Software, Damco Group,, and others.
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https://www.researchnester.com/reports/application-modernization-services-market/6110
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