North America application modernization tools market in is expected to grow from US$ 4.25 Bn in 2018 to US$ 16.56 Bn by the year 2027. This represents a CAGR of 16.5% from the year 2018 to 2027.
Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities, and business models. End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are 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 application modernization market significantly during the forecast period.
The Europe Application Modernization Tools Market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Currently, the US is dominating the application modernization tools market in terms of adoption, which in turn boost the demand for application modernization tools market. The US is a technologically developed country; hence, the adoption of advanced technology and IoT is high across various sectors of the country. The country has a presence of diverse industries and is one of the world’s leading high-technology innovators, which further drives the adoption of application modernization tools in the country. Being a technologically advanced country, the US attracts a large number of companies from different sectors to set up their headquarters in the country. With the growing adoption of digital technology in the country, the US accounts for the largest share in the North America application modernization tool market and will continue its dominance over the forecast period.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Europe Application Modernization Tools Market in the market.
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NORTH AMERICA APPLICATION MODERNIZATION TOOLS MARKET – SEGMENTATION
North America Application Modernization Tools Market by Product Type
North America Application Modernization Tools Market by Application
- Business Rules Extraction
North America Application Modernization Tools Market by Country
North America Application Modernization Tools Companies Mentioned
- Advanced Computer Software Group Limited
- Aspire Systems
- Atos SE
- Blu Age
- Deloitte Touche Tohmatsu Limited
- FreeSoft, Inc.
- Language Portability Solutions
- Micro Focus
- Mphasis Limited.
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