Global Application Development and Modernization Market Overview:
When integrating mobile, cloud, analytics, and security technologies, this application creation and modernization process helps to reduce cost and risk. Application creation and modernization is a strategy for replacing obsolete legacy code with more updated versions while minimizing business disruption. By using rationalization and modernization solutions, application creation and modernization will help maximize the potential of existing business applications.
- Optimization of recurring cost in application modernization
- Growing Need For Business Agility And Faster Time To Market
- High Cost Incurred in Maintaining and Updating the Applications and Integration Issues
- Increased Business Efficiency and Replacement with an Advanced Application
- Evolution Of Open Standards For Software Development
- Lack of IT Skills among Employees
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations.
Some of the key players profiled in the report are Ericsson AB (Sweden), NTT DATA, Inc. (Japan), HCL Technologies Limited (India), Exilant Technologies Private Limited (India), IBM Corporation (United States), Infosys Limited (India), Collabera Inc. (United States), Terra Technology, LLC (United States) and Larsen & Toubro Infotech Limited (India). Analyst at AMA Research see Global Players to retain maximum share of Global Application Development and Modernization market by 2026. Considering Market by End User Industry, the sub-segment i.e. IT & Telecom will boost the Application Development and Modernization market. Considering Market by Services, the sub-segment i.e. Application Management Service will boost the Application Development and Modernization market.
In February 2020, Cognizant entered into a partnership with CECONY to modernize its applications, technology infrastructure, and legacy technology platform. This partnership will focus on enhancing operational efficiencies, enabling greater agility, and improving the customer experience for CECONY customers.
What Can be Explored with the Application Development and Modernization Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Application Development and Modernization Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Application Development and Modernization
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Application Development and Modernization market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Application Development and Modernization market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Application Development and Modernization Services Providers, Cloud Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.