The global application development and modernization (ADM) market is expected to achieve a significant growth trajectory in the coming years. Future Market Insight predicts that by 2033, the market is anticipated to reach a staggering value of US$ 40,694.1 million, exhibiting an impressive CAGR of 11.9%. This projection represents a substantial rise compared to its estimated worth of US$ 13,180.9 million in 2023.
The imperative for organizations to undergo digital transformation drives the demand for ADM. By modernizing applications, businesses can harness emerging technologies and maintain their competitiveness in the market. The widespread adoption of cloud computing has escalated the need for application development and modernization services. This demand stems from organizations aiming to optimize and migrate their applications to the cloud for enhanced efficiency.
Many organizations struggle with outdated and inefficient legacy systems. Modernizing these systems becomes paramount to improving performance, scalability, and user experience. The ability to swiftly develop and deploy new applications and features is crucial for organizations to meet evolving customer demands. ADM empowers organizations to become more agile in their software development and deployment processes.
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Legacy systems often impose significant maintenance and support costs. ADM allows organizations to optimize costs by streamlining and automating processes, reducing manual efforts, and maximizing the utilization of cloud resources. ADM focuses on enhancing user experiences by designing intuitive and user-friendly interfaces. This focus ensures improved customer engagement and satisfaction.
With the proliferation of smartphones, mobile application development has become essential for businesses to reach and engage with their customers effectively. In an era of sophisticated cyber threats, application security, and compliance have gained paramount importance. ADM assists organizations in building robust and secure applications that adhere to industry regulations and standards.
The exponential growth of data generated by organizations necessitates the development of applications capable of efficiently collecting, processing, and analyzing data. ADM enables the creation of data-driven applications. The adoption of DevOps practices and agile development methodologies has witnessed substantial growth. ADM supports these approaches by providing tools and processes that facilitate faster and more efficient development cycles.
The rise of IoT has fueled the application development and modernization market, enabling the seamless connection and management of IoT devices, data collection, and real-time insights. The integration of AI and ML technologies into applications enables intelligent automation, predictive analytics, and personalized experiences. ADM facilitates the development and seamless integration of AI/ML capabilities.
Different industries have unique requirements that necessitate the development of tailored applications. ADM empowers organizations to build industry-specific solutions that address their distinct challenges and opportunities. Modern applications need to be scalable and flexible to accommodate evolving business needs. ADM enables the development of applications that can seamlessly scale and adapt to changing requirements.
Key Takeaways from the Application Development and Modernization Market
- The application development and modernization industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 9.1% through 2033.
- The United States held a 15.6% share of the global application development and modernization industry in 2022.
- With a CAGR of 10.4% over the forecast period, India is predicted to develop rapidly in the application development and modernization industry.
- In 2022, Japan had a 5.4% share of the global application development and modernization industry.
- China’s application development and modernization industry is expected to flourish speedily, registering a CAGR of 12.2% over the forecast period.
- Germany accounted for 10.3% of the global application development and modernization industry in 2022.
Competitive Landscape in the Application Development and Modernization Market
Key players are actively engaged in developing and enhancing software solutions to meet the evolving needs of businesses. They are focusing on innovative technologies like cloud computing, artificial intelligence, and low-code platforms to accelerate application development, improve scalability, and deliver seamless user experiences. These companies are also investing in automation and DevOps practices to streamline the development and modernization processes.
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Recent Developments by Key Players
In April 2023, vFunction introduced vFunction Continuous Modernization Manager (CMM). It is the first product designed specifically for application architects and developers. CMM continuously monitors and detects application architecture drift issues. Its aim is to prevent technical debt meltdowns. Software architects can now shift left and proactively identify application architecture anomalies. CMM helps determine architectural baselines and set thresholds. This product joins vFunction Assessment Hub and vFunction Modernization Hub. They are part of the company’s Application Modernization Platform.
In May 2022, HCL Technologies launched the Kubernetes Migration Platform (KMP). The goal is to help organizations accelerate application modernization. KMP assists in migrating workloads from legacy on-premises and Cloud Foundry environments. It enables migration to modern Kubernetes-based platforms. The approach is repeatable, reliable, and cost-effective. When compared to manual options, organizations can mitigate risk and perform migrations up to 120 times faster.
Key players:
- Ericsson AB
- NTT DATA, Inc.
- HCL Technologies Limited
- Exilant Technologies Private Limited
- Interglobe Technologies Private Limited
- IBM Corporation
- Infosys Limited
- Collabera Inc.
- Terra Technology, LLC
- Larsen & Toubro Infotech Limited.
Key Segments Profiled in the Application Development and Modernization (ADM) Market Survey
By Service:
- Application Management Service
- Application Maintenance Service
- Application Modernization Service
- Application Development Service
- Quality Assurance Service
By Verticals:
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Manufacturing
- Government
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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