Fast Facts: App Modernization Market Blazing A Trail

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

As enterprises race to join the mobile transformation movement, many show concern for how to properly move the present into the future by way of modernizing the applications that have helped business workflows for decades.

A new report from MarketsandMarkets shows that space is gaining traction and growth as the application modernization services market is expected to grow from $6.87 billion to $16.67 billion by 2022, with a CAGR of 19.4%.

“The major driver of the application modernization services market is the growing need for business agility and faster time to market, leveraging big data technologies, and adopting cloud computing in the application modernization strategy, leading to increased deployment of application modernization services,” the report stated.

The largest market share will come from the application integration services area, thanks to the growing need for integrating existing legacy applications and databases with new applications. Additionally, it’s the SMEs that will grow at the fastest rate during the forecast period, and North America will have the largest market share during the next half decade.

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