The Market Reports

Synopsis
The global market for IT Modernization Service was estimated to be worth US$ 30730 million in 2024 and is forecast to a readjusted size of US$ 64730 million by 2031 with a CAGR of 11.4% during the forecast period 2025-2031.
IT Modernization Service refers to the process of updating and upgrading an organization's information technology infrastructure, systems, and processes to align with current industry standards and best practices. This may involve migrating legacy systems to cloud-based platforms, implementing new software and hardware solutions, enhancing cybersecurity measures, and improving overall efficiency and performance. By modernizing their IT environment, organizations can increase productivity, reduce costs, enhance security, and better position themselves for future growth and innovation.
The IT Modernization Service Market has been witnessing significant growth and transformation in recent times.This growth is reflective of the overall IT modernization service market as businesses across industries recognize the need to update their IT infrastructure.​
Major sales regions for IT modernization services span globally, with North America often leading the pack. The region has a high concentration of technology - savvy enterprises and a culture that readily adopts new IT solutions. The presence of major technology hubs like Silicon Valley further fuels the demand for IT modernization. Europe also holds a substantial market share, driven by its large - scale enterprises and a focus on digital transformation to remain competitive globally. Asia - Pacific is emerging as a rapidly growing market. Countries like China and India have a booming technology startup scene and large enterprises that are increasingly investing in IT modernization to enhance efficiency and competitiveness.​
The market concentration in the IT modernization service space is somewhat fragmented. There are numerous players, ranging from large global technology service providers to niche, specialized firms. Key players include industry giants such as Accenture, IBM, and Capgemini. These companies have a wide range of IT modernization service offerings, from cloud migration and application modernization to infrastructure upgrade services. They leverage their global presence, large talent pools, and extensive technological expertise to capture a significant portion of the market. However, smaller, more specialized firms are also making inroads by offering highly customized solutions, often focusing on specific industries or technologies.​
Market opportunities in IT modernization are abundant. The increasing adoption of cloud computing presents a huge opportunity. This growth is further spurred by the integration of artificial intelligence (AI) and machine learning (ML) into cloud services, which many organizations are eager to adopt. Additionally, the development of industry - specific cloud platforms, or "industry clouds," is another significant opportunity. These platforms are tailored to the unique data and regulatory needs of industries like finance, healthcare, and retail, and are expected to see a high adoption rate.
However, the market also faces several challenges. One major challenge is the threat landscape, especially as more IT operations move to the cloud. According to a recent security survey, over 80% of new security breaches were found in the cloud. Data breaches, such as the one suffered by the Pentagon due to a misconfiguration in their cloud environment, highlight the importance of robust security measures. Another challenge is the shortage of skilled developers, which impacts the implementation of low - code and no - code development platforms that are part of the IT modernization trend.​
Future product trends in IT modernization services will likely revolve around sustainability. Technology providers like AWS, Google, and Microsoft are all planning to become carbon - neutral or negative within the next ten years. This will drive the development of more energy - efficient cloud data centers, which may rely on renewable energy sources like wind and solar. Additionally, enhanced edge computing and the integration of Internet of Things (IoT) devices will continue to be a trend. With the advent of 5G technology, edge computing can fully benefit from the cloud, enabling real - time analytics and alerts through IoT devices in various sectors such as retail, manufacturing, and entertainment.
This report aims to provide a comprehensive presentation of the global market for IT Modernization Service, focusing on the total sales revenue, key companies market share and ranking, together with an analysis of IT Modernization Service by region & country, by Type, and by Application.
The IT Modernization Service market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding IT Modernization Service.
Market Segmentation
By Company
IBM
CGI
Accenture
Wipro
TCS
Capgemini
Cognizant
HCL Technologies
Tech Mahindra
Fujitsu
Atos
Infosys
DXC Technology
RSM
NTT DATA
HPE
EPAM
Mphasis
Leidos
AWS
Maximus
Innova Solutions
IGT Solutions
UST
Deloitte
PwC
Sparkhound
Mindbowser Infosolutions
USmax Corporation
Infopulse
Veritis Group
Auxis
Aspire Systems
Cloud4C
Chameleon
SHI
AWS
Innowise
Technik
Rocket Software
Eagle Hill
ScienceSoft
Radixweb
Computer Task Group
TierPoint
TEKsystems
CDW
Denodo
Bridgenext
UST
CBTS
Sun Technologies
Nutanix
Segment by Type
Application Modernization
Infrastructure Modernization
Data Modernization
Business Process Modernization
Segment by Application
Government
BFSI
Manufacturing
Telecom and Media
Healthcare
Other
By Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Netherlands
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size. This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of IT Modernization Service company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Revenue of IT Modernization Service in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Revenue of IT Modernization Service in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product revenue, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Index