Application Modernization Services Market Insights: Opportunities, Trends, and Forecast Through 2029

Sheetal2324 Feb, 2025Technology

The global market for application modernization services is expected to expand from USD 19.82 billion in 2024 to USD 39.62 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 14.8%. This growth is driven by the rising need for organizations to adapt to a rapidly changing business landscape. Traditionally, businesses relied on legacy systems that were poorly designed, inflexible, and costly to maintain and upgrade. These systems struggled to integrate with emerging technologies like cloud computing and artificial intelligence, leading to operational inefficiencies. However, in recent years, the market has shifted its focus towards alternative solutions that enable organizations to modernize their applications, integrate them into current IT environments, reduce costs, and increase efficiency. This shift is crucial, given the growing emphasis on digital transformation and innovation across industries.