Asia-Pacific application modernization tools market is expected to grow from US$ 1.18 Bn in 2018 to US$ 7.04 Bn by the year 2027. This represents a CAGR of 22.1% from the year 2018 to 2027.
End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are a few of the factors driving the application modernization tools market. The paradigm shift of enterprises from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities. In addition to this, the rising technological advancements in cloud computing and storage technology, the power of cloud-based platforms has increased multi-fold during the past few years. Digital transformation implies new business models and engagement models with customers, stakeholders, and partners.
Companies are transforming their business digitally to compete effectively in the digital era. This digital transformation has a high impact on the application modernization tools market growth and is expected to drive the market significantly during the forecast period.
Currently, China is dominating the application modernization tools market in terms of adoption, which in turn boost the demand for application modernization tools market. China is one of the largest markets in APAC and therefore hosts a large number of IT enterprises. Due to the increasing need for better productivity, flexibility, and cost competitiveness, many of the companies in this country are opting for legacy modernization tools and services to meet the growing demand for advanced technologies. According to the Ministry of Industry and Information Technology, China, the IT and software services companies are constantly witnessing the growth and demanding legacy modernization tools and services to enhance their footprint in the country further. The figure given below highlights the revenue share of Rest of Asia-Pacific in the Asia-Pacific application modernization tools market in the forecast period:
Exhibit: Rest of Asia-Pacific Application Modernization Tools Market Revenue and Forecasts to 2027 (US$ Mn)
ASIA-PACIFIC APPLICATION MODERNIZATION TOOLS MARKET - SEGMENTATION
Asia-Pacific Application Modernization Tools Market by Product Type
- COBOL
- ADA
- RPG
- Assembler
- PowerBuilder
- Others
Asia-Pacific Application Modernization Tools Market by Application
- Emulation
- Translation
- Business Rules Extraction
Asia-Pacific Application Modernization Tools Market by Country
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
Asia-Pacific Application Modernization Tools Companies Mentioned
- Advanced Computer Software Group Limited
- Aspire Systems (India) Pvt. Ltd.
- Atos SE
- Deloitte Touche Tohmatsu Limited
- FreeSoft
- IBM Corporation
- Micro Focus International plc
- Mphasis Limited
- Semantic Designs
- Virtusa Corporation
Asia Pacific Application Modernization Tools Market Strategic Insights
Asia Pacific Application Modernization ToolsMarket Report Highlights
| Report Attribute | Details |
| Market size in 2018 | US$ 1.18 Billion |
| Market Size by 2027 | US$ 7.04 Billion |
| CAGR (2018 - 2027) | 22.1% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Product Type
|
|
Regions and Countries Covered
|
|
| Asia-Pacific | China, India, Japan, Australia, Rest of Asia-Pacific |
| Market leaders and key company profiles |
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Asia Pacific Application Modernization Tools Market Country and Regional Insights
