Summary

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%. 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.
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.

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:

1. 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.
2. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the application modernization services market.
3. Market Development: Comprehensive information about lucrative markets – the report analyses the application modernization services market across various regions.
4. Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the application modernization services market.
5. 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).

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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