Portland, OR, April 21, 2021 (GLOBE NEWSWIRE) – Allied Market Research published a report entitled, “European market for application modernization services by service (Application portfolio estimation, cloud application migration, application re-platforming, application integration and user interface modernization and post-modernization services), application mode (private cloud, public cloud and hybrid cloud), enterprise size (large and small enterprises and medium enterprises) and the industrial vertical (BFSI, health, IT and telecommunications, retail, public and public sector, energy and utilities, manufacturing and others): European Analysis of Opportunities and Forecast of Industry, 2020 – 2027. “ According to the report, the European app modernization services industry generated $ 2.14 billion in 2019 and is estimated to reach $ 6.60 billion by 2027, witnessing a CAGR of 15.1% from 2020 to 2027. years.
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Drivers, limitations and opportunities
The rise in demand for cloud computing, the adoption of big data analytics software to take advantage of big data and the need to replace older versions are driving the growth of the European market for application modernization services. However, the lack of a skilled IT workforce and ever-changing trends are hampering market growth. On the other hand, the need for modernized infrastructure and digital transformation represent new opportunities in the coming years.
Impact of Covid-19 on the European market of application modernization services:
- Thanks to the sudden lock-in imposed by governments, the implementation of application modernization services has been stopped or slowed down in European countries.
- With organizations adopting a culture of “work from home”, innovative cloud-based solutions have been adopted that ensure data availability and agility, while updating business processes. Thus, the demand for application modernization services would increase after locking.
- As companies realized the importance of agile methodology and cloud computing for business continuity during pandemics, demand will increase after Covid-19 for business continuity and seamless remote operation.
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The re-platform segment of the application to maintain its leading status until 2027
Based on services, the re-application platform segment accounted for the largest share of the European application modernization services market in 2019, holding more than a quarter of the total market share, and will retain its leading status over the forecast period. This is due to the fast delivery of applications and fast marketing, along with faster network speeds, scalability and flexibility. However, the application portfolio appraisal segment is projected to show the highest CAGR of 19.8% from 2020 to 2027, due to the growing need to assist IT executives in setting up efficient and business-based streamlining programs, improving efficiency and reducing costs.
A segment of the public cloud to maintain a dominant share during the forecast period
Based on the mode of implementation, the public cloud segment contributed the largest market share in the European application modernization services market, accounting for almost two-fifths of the total share in 2019, and is expected to maintain a dominant share over the forecast period. This is attributed to its cheaper nature that vendors offer services such as data storage and software. However, the hybrid cloud segment is expected to grow at the fastest CAGR of 18.9% over the forecast period. This is due to its scalability, agility and control over critical data.
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Austria will grow at the fastest pace
Based on the country, it is estimated that Austria will show the highest CAGR of 17.4% from 2020 to 2027, thanks to the application of advanced technologies to increase productivity and redesign existing applications. However, the United Kingdom contributed the largest share of revenue in 2019, accounting for more than one-fifth of the total market share of the European application modernization services, and will maintain its leading role over the forecast period.
Market players grab the biggest pie
- Aspire Systems
- Bell Integrator
- Blue Age
- DXC technology company
- HCL Technologies Limited
- IBM Corporation
- Micro focus
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About Allied market research:
Allied Market Research (AMR) is the market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global companies, as well as small and medium-sized enterprises, with the unsurpassed quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and advice to assist its clients in making strategic business decisions and achieving sustainable growth in their market domains. AMR offers its services in 11 industries, including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and energy, semiconductors and electronics, automobiles and transportation, ICT and media, Space and Defense Industry and BFSI.
We are in a professional corporate relationship with various companies and this helps us to extract market data that help us to generate accurate research data tables and confirm the ultimate accuracy in our market forecasting. Allied Market Research Executive Director Pawan Kumar it is key to inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. All the data presented in the reports we published were extracted through primary interviews with the top officials of the leading companies in question. Our secondary data acquisition methodology includes in-depth online and offline research and interviews with industry experts and analysts.
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